Public Service Enterprise Q1 Profit Tops Expectations
Public Service Enterprise Group Inc. (NYSE: PEG) reported upbeat earnings for the first quarter on Friday.
The Newark, New Jersey-based company reported a quarterly profit of $586 million, or $1.15 per share, versus a year-ago profit of $386 million, or $0.76 per share. Excluding items, the company's operating earnings rose to $1.04 per share from $1.01 per share. However, analysts were projecting earnings of $0.95 per share.
Operating earnings for PSEG Power slipped to $278 million for the first quarter, from $293 million in the year-ago quarter. PSEG Enterprise/Other posted operating earnings of $9 million, versus operating earnings of $8 million.
"PSEG performed extremely well in the first quarter," said Ralph Izzo, chairman, president and chief executive officer. "PSE&G is delivering on the promise of its expanded distribution and transmission investment program, while the reliable performance of PSEG Power's generating assets and its gas market expertise during one of the coldest winters on record helped us deliver value for our customers."
PSEG reaffirmed its outlook for the full year. The company expects FY adjusted earnings of $2.75 to $2.95 per share.
PSEG shares fell 0.41 percent to $41.37 at 11:00 a.m. ET.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.