Public Service Enterprise Group Incorporated PEG or PSEG reported fourth-quarter 2023 adjusted earnings of 54 cents per share, which beat the Zacks Consensus Estimate of 53 cents by 1.9%. However, earnings declined 15.6% from the prior-year reported figure.

The company reported quarterly GAAP earnings per share (EPS) of $1.10 in the fourth quarter of 2023 compared with $1.58 in the corresponding period of 2022.

For 2023, the company reported adjusted EPS of $3.48 compared with $3.47 in 2022. The full-year bottom line also beat the consensus estimate by a penny.

Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise

Public Service Enterprise Group Incorporated price-consensus-eps-surprise-chart | Public Service Enterprise Group Incorporated Quote

 

Total Revenues

Operating revenues in the fourth quarter totaled $2,605 million, which beat the Zacks Consensus Estimate of $2,005 million by 29.9%. The top line, however, declined 17% from the year-ago quarter’s $3,139 million.

For 2023, the company generated operating revenues worth $11.24 billion, up from $9.8 billion in 2022. The full-year top line also beat the consensus estimate of $10.64 billion.

Sales Volume

In the reported quarter, electric sales volumes totaled 9,082 million kilowatt-hours, while gas sales volumes came in at 946 million therms.

Under electric sales, residential sales volumes were 2,805 million kilowatt-hours, up 5% from the prior-year quarter’s figure. Its commercial and industrial sales volumes accounted for 6,181 million kilowatt-hours, registering a year-over-year decline of 5%.

Other sales amounted to 96 million kilowatt-hours, down 1% from the year-ago quarter’s level.

Total gas sales volumes witnessed a decrease of 9% in firm sales volumes and an increase of 13% in the non-firm sales volumes of gas from the year-ago quarter’s reported figure.

Highlights of the Release

The operating income came in at $692 million in the fourth quarter of 2023 compared with $964 million in the year-ago quarter, indicating a year-over-year decline of 28.2%. Total operating expenses were $1,913 million, down 12% from the year-ago quarter’s reported actuals.

Segmental Performance

PSE&G: This segment’s adjusted income totaled $296 million.

PSEG Power & Other: Adjusted operating loss amounted to $25 million compared with $34 million in the prior-year quarter.

Financial Update

The long-term debt (including the current portion of the long-term debt) as of Dec 31, 2023, was $20,233 million compared with $20,270 million as of Dec 31, 2022.

PSEG generated $3,806 million in cash from operations during 2023 compared with $1,503 million in the prior-year period.