NEWARK, N.J. - Public Service Enterprise Group (NYSE:PEG) reported third quarter earnings that beat analyst expectations, as the utility benefited from higher distribution margins and nuclear production tax credits.
PSEG posted adjusted earnings of $0.90 per share, exceeding the consensus estimate of $0.87. Revenue rose to $2.64 billion, surpassing analyst projections of $2.43 billion.
The company narrowed its full-year 2024 adjusted earnings guidance to $3.64-$3.68 per share, compared to its previous range of $3.60-$3.70.
"PSEG posted solid operating and financial results for the third quarter and year-to-date period, enabling us to narrow our original full-year 2024 non-GAAP Operating Earnings guidance," said Ralph LaRossa, chair, president and CEO of PSEG.
PSE&G, the company's regulated utility, saw earnings decline slightly to $0.76 per share from $0.80 a year ago. Higher distribution margins were offset by increased depreciation and interest expenses ahead of a recent rate case approval.
PSEG Power & Other, which includes the company's merchant generation business, swung to earnings of $0.14 per share compared to $0.05 last year. Results benefited from improved energy margins and the federal nuclear production tax credit that took effect in January.
The company highlighted recent regulatory approvals, including a $505 million annual revenue increase for PSE&G and authorization for $1.9 billion in energy efficiency investments through 2027.
PSEG invested $1 billion in infrastructure during the quarter and expects to modestly exceed its original $3.5 billion capital plan for 2024.
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