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reported upbeat earnings for the second quarter on Friday.
The Newark, New Jersey-based company posted a quarterly net income of $345 million, or $0.68 per share, versus $212 million, or $0.42 per share, in the year-ago period. Excluding non-recurring items, the company's operating earnings climbed to $0.57 per share from $0.49 per share.
Its revenue rose 2.9 percent year-over-year to $2.31 billion. However, analysts were expecting earnings of $0.54 per share on revenue of $2.26 billion.
Operating earnings for PSE&G rose to $167 million, from $151 million in the year-ago quarter. Operating earnings for PSEG Power climbed to $110 million from $87 million, while operating earnings for PSEG Enterprise/Other gained to $12 million from $7 million.
PSEG closed the quarter with $597 million of cash.
"We reported strong results for the second quarter," said Ralph Izzo, chairman, president and chief executive officer. He went on to say, "Our businesses performed well. PSE&G's expanded investment program is successfully translating into improvements in customer satisfaction at the same time operational improvements at PSEG Power supported increased output."
PSEG now projects full-year earnings of $2.80 to $2.95 per share, versus prior outlook of $2.75 to $2.95 per share.
PSEG shares gained 1.43 percent to close at $41.26 yesterday.
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