$1.06 PER SHARE
NET INCOME
$1.31 PER SHARE
NON-GAAP OPERATING EARNINGS
Reaffirms 2024 Non-GAAP Operating Earnings
Guidance of $3.60 - $3.70 Per Share
NEWARK, N.J., April 30,
2024 /PRNewswire/ -- Public Service Enterprise Group
(NYSE: PEG) reported the following results for the first quarter of
2024:
PSEG Consolidated (unaudited)
First Quarter Comparative Results
|
|
Income
|
Diluted Earnings Per Share
|
($ millions, except per
share amounts)
|
1Q 2024
|
1Q 2023
|
1Q 2024
|
1Q 2023
|
Net Income
|
$532
|
$1,287
|
$1.06
|
$2.58
|
Reconciling
Items
|
125
|
(592)
|
0.25
|
(1.19)
|
Non-GAAP Operating
Earnings
|
$657
|
$695
|
$1.31
|
$1.39
|
Average
Shares
|
|
|
500
|
500
|
|
|
|
See Attachments 7 and 8
for a complete list of items excluded from Net Income in the
determination of non-GAAP Operating Earnings.
|
"We are off to a solid start in 2024,
with PSEG's first-quarter results consistent with our
expectations to deliver full-year 2024 non-GAAP Operating Earnings
guidance of $3.60 to $3.70 per share. As expected, continued
rate base growth from investments focused on infrastructure
replacement are being offset by higher investment-related expense
that will build over the balance of 2024 as we await resolution of
our pending distribution rate case later this year. In
addition, the nuclear production tax credit went into effect on
January 1, 2024, which is expected to
provide our nuclear fleet with downside price protection through
2032. We also anticipate realizing most of the increase in
PSEG Power's gross margin for 2024 during the second half of the
year," said Ralph LaRossa, PSEG's
chair, president and CEO.
LaRossa added, "On the operations side, PSE&G
met the challenge of quickly restoring service to tens of thousands
of customers following a severe rain and windstorm early in the
year and maintained reliable service through the wettest first
quarter to occur in New Jersey in
the last decade. PSEG Nuclear also operated well during the
quarter, posting a capacity factor of 96.8% and supplying
New Jersey and the region with 8.2
TWh of reliable, carbon-free baseload energy.
"We continue to execute on our long-term strategy
to grow PSEG's non-GAAP Operating Earnings in the range of 5% to 7%
annually through 2028 by investing in energy infrastructure to
support greater electrification of transportation, homes and
workplaces, while also reducing greenhouse gas emissions and
helping customers lower their bills through our award-winning
energy efficiency programs.
"Our nuclear fleet continues to provide the
business with the flexibility to fund its regulated investments, as
it also pursues multiple growth paths such as thermal uprates,
license extension, hydrogen pilots, and data center power sales,
all of which would be incremental to our long-term, forecasted
growth rate guidance. PSEG is also continuing to pursue
competitive transmission opportunities in the PJM region, including
opportunities to support New
Jersey's offshore wind efforts by developing pre-build
infrastructure.
"PSEG will continue to prioritize a solid balance
sheet, which enables us to fund our five-year regulated capital
investment plan totaling $18 billion
to $21 billion without the need to
issue new equity or sell assets, and to consistently grow our
annual shareholder dividend. PSEG recently declared its first
quarter dividend of $0.60 per share,
representing an indicative annualized increase of $0.12 per share for 2024."
PSEG Results by Segment
Public Service
Electric and Gas
First Quarter Comparative Results
|
($ millions, except per
share amounts)
|
1Q 2024
|
1Q 2023
|
Net Income
|
$488
|
$487
|
Net Income Per Share
(EPS)
|
$0.98
|
$0.98
|
Non-GAAP Operating
Earnings
|
$488
|
$492
|
Non-GAAP Operating
EPS
|
$0.98
|
$0.99
|
PSE&G's first quarter results benefited from
growth in investments with current rate recovery in Transmission,
which were offset by higher depreciation and interest expense
associated with Electric and Gas distribution investments awaiting
rate recovery in our pending rate case, as well as higher O&M
costs and the cessation of OPEB related credits, compared with the
first quarter of 2023. PSE&G invested approximately
$0.8 billion during the first quarter
and is on track with its planned 2024 regulated capital investment
program of approximately $3.4
billion, with a focus on infrastructure modernization and
decarbonization initiatives.
A procedural schedule is available that outlines
the milestone dates in the pending PSE&G base electric and gas
distribution rate case, which is expected to be resolved later in
2024.
PSEG Power &
Other
First Quarter Comparative Results
|
($ millions, except per
share amounts)
|
1Q 2024
|
1Q 2023
|
Net Income
|
$44
|
$800
|
Net Income Per Share
(EPS)
|
$0.08
|
$1.60
|
Non-GAAP Operating
Earnings
|
$169
|
$203
|
Non-GAAP Operating
EPS
|
$0.33
|
$0.40
|
PSEG Power & Other results for the quarter
primarily reflect the impact of the scheduled refueling outage at
our 100%-owned Hope Creek nuclear plant, as well as higher taxes,
the impact of which is timing that will reverse by year end.
In addition, the quarter also reflected the positive impact of the
federal nuclear production tax credit, effective January 1, 2024. We also
anticipate realizing most of the increase in the 2024 gross margin
over 2023's gross margin during the second half of the year based
upon the shape of our underlying hedges. This will differ
from 2023, when most of the step-up in the average hedged price was
realized in the first quarter.
PSEG will host a conference call to review its
first quarter 2024 results, earnings guidance, and other matters
with the financial community at 11:00 a.m.
ET today. Please register to access this event by
visiting:
https://investor.pseg.com/investor-news-and-events.
Media Relations:
|
Investor Relations:
|
Marijke
Shugrue
862-465-1445
Marijke.Shugrue@pseg.com
|
Carlotta
Chan
973-430-6565
Carlotta.Chan@pseg.com
|
About PSEG
Public Service Enterprise Group (PSEG) (NYSE:
PEG) is a predominantly regulated infrastructure company focused on
a clean energy future. Guided by its Powering Progress vision, PSEG
aims to power a future where people use less energy, and it's
cleaner, safer and delivered more reliably than ever. With a
continued focus on sustainability, PSEG has appeared on the
Dow Jones Sustainability North America Index for 16 consecutive
years. PSEG is included on the 2023-2024 list of U.S. News'
Best Companies to Work For. PSEG's businesses include Public
Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long
Island (https://corporate.pseg.com).
Non-GAAP Financial Measures
Management uses non-GAAP Operating Earnings in its internal
analysis, and in communications with investors and analysts, as a
consistent measure for comparing PSEG's financial performance
to previous financial results. Non-GAAP Operating Earnings exclude
the impact of gains (losses) associated with the Nuclear
Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and
other material infrequent items.
See Attachments 7 and 8 for a complete list of
items excluded from Net Income in the determination of non-GAAP
Operating Earnings. The presentation of non-GAAP Operating Earnings
is intended to complement and should not be considered an
alternative to the presentation of Net Income, which is an
indicator of financial performance determined in accordance with
GAAP. In addition, non-GAAP Operating Earnings as presented in this
release may not be comparable to similarly titled measures used by
other companies.
Due to the forward-looking nature of non-GAAP
Operating Earnings guidance, PSEG is unable to reconcile this
non-GAAP financial measure to the most directly comparable GAAP
financial measure because comparable GAAP measures are not
reasonably accessible or reliable due to the inherent difficulty in
forecasting and quantifying measures that would be required for
such reconciliation. Namely, we are not able to reliably project
without unreasonable effort MTM and NDT gains (losses), for future
periods due to market volatility. These items are uncertain, depend
on various factors, and may have a material impact on our future
GAAP results.
Forward-Looking Statements
Certain of the matters discussed in this report
about our and our subsidiaries' future performance, including,
without limitation, future revenues, earnings, strategies,
prospects, consequences, and all other statements that are not
purely historical constitute "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements are subject to risks and
uncertainties, which could cause actual results to differ
materially from those anticipated. Such statements are based on
management's beliefs as well as assumptions made by and information
currently available to management. When used herein, the words
"anticipate," "intend," "estimate," "believe," "expect," "plan,"
"should," "hypothetical," "potential," "forecast," "project,"
variations of such words and similar expressions are intended to
identify forward-looking statements. Factors that may cause actual
results to differ are often presented with the forward-looking
statements themselves. Other factors that could cause actual
results to differ materially from those contemplated in any
forward-looking statements made by us herein are discussed in
filings we make with the United States Securities and Exchange
Commission (SEC), including our Annual Report on Form 10-K and
subsequent reports on Form 10-Q and Form 8-K. These factors
include, but are not limited to:
- any inability to successfully develop, obtain regulatory
approval for, or construct transmission and distribution, and our
nuclear generation projects;
- the physical, financial and transition risks related to climate
change, including risks relating to potentially increased
legislative and regulatory burdens, changing customer preferences
and lawsuits;
- any equipment failures, accidents, critical operating
technology or business system failures, natural disasters, severe
weather events, acts of war, terrorism or other acts of violence,
sabotage, physical attacks or security breaches, cyberattacks or
other incidents that may impact our ability to provide safe and
reliable service to our customers;
- any inability to recover the carrying amount of our long-lived
assets;
- disruptions or cost increases in our supply chain, including
labor shortages;
- any inability to maintain sufficient liquidity or access
sufficient capital on commercially reasonable terms;
- the impact of cybersecurity attacks or intrusions or other
disruptions to our information technology, operational or other
systems;
- a material shift away from natural gas toward increased
electrification and a reduction in the use of natural gas;
- failure to attract and retain a qualified workforce;
- increases in the costs of equipment, materials, fuel, services
and labor;
- the impact of our covenants in our debt instruments and credit
agreements on our business;
- adverse performance of our defined benefit plan trust funds and
Nuclear Decommissioning Trust Fund and increases in funding
requirements and pension costs;
- any inability to extend certain significant contracts on terms
acceptable to us;
- development, adoption and use of Artificial Intelligence by us
and our third-party vendors;
- fluctuations in, or third-party default risk in wholesale power
and natural gas markets, including the potential impacts on the
economic viability of our generation units;
- our ability to obtain adequate nuclear fuel supply;
- changes in technology related to energy generation,
distribution and consumption and changes in customer usage
patterns;
- third-party credit risk relating to our sale of nuclear
generation output and purchase of nuclear fuel;
- any inability to meet our commitments under forward sale
obligations and Regional Transmission Organization rules;
- the impact of changes in state and federal legislation and
regulations on our business, including PSE&G's ability to
recover costs and earn returns on authorized investments;
- PSE&G's proposed investment projects or programs may not be
fully approved by regulators and its capital investment may be
lower than planned;
- our ability to receive sufficient financial support for our
New Jersey nuclear plants from the
markets, production tax credit and/or zero emission certificates
program;
- adverse changes in and non-compliance with energy industry
laws, policies, regulations and standards, including market
structures and transmission planning and transmission returns;
- risks associated with our ownership and operation of nuclear
facilities, including increased nuclear fuel storage costs,
regulatory risks, such as compliance with the Atomic Energy Act and
trade control, environmental and other regulations, as well as
operational, financial, environmental and health and safety
risks;
- changes in federal and state environmental laws and regulations
and enforcement;
- delays in receipt of, or an inability to receive, necessary
licenses and permits and siting approvals; and
- changes in tax laws and regulations.
All of the forward-looking statements made in
this report are qualified by these cautionary statements and we
cannot assure you that the results or developments anticipated by
management will be realized or even if realized, will have the
expected consequences to, or effects on, us or our business,
prospects, financial condition, results of operations or cash
flows. Readers are cautioned not to place undue reliance on these
forward-looking statements in making any investment decision.
Forward-looking statements made in this report apply only as of the
date of this report. While we may elect to update forward-looking
statements from time to time, we specifically disclaim any
obligation to do so, even in light of new information or future
events, unless otherwise required by applicable securities
laws.
The forward-looking statements contained in this
report are intended to qualify for the safe harbor provisions of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.
From time to time, PSEG and PSE&G release important
information via postings on their corporate Investor Relations
website at https://investor.pseg.com. Investors and other
interested parties are encouraged to visit the Investor Relations
website to review new postings. You can sign up for automatic
email alerts regarding new postings at the bottom of the webpage at
https://investor.pseg.com or by navigating to the Email Alerts
webpage here. The information on https://investor.pseg.com and
https://investor.pseg.com/resources/email-alerts/default.aspx is
not incorporated herein and is not part of this press release or
the Form 8-K to which it is an exhibit.
|
Attachment
1
|
Public Service
Enterprise Group Incorporated
|
Consolidating
Statements of Operations
|
(Unaudited, $
millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG
Power
& Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
2,760
|
|
$
(445)
|
|
$
2,333
|
|
$
872
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
997
|
|
(445)
|
|
928
|
|
514
|
|
Operation and
Maintenance
|
|
783
|
|
-
|
|
465
|
|
318
|
|
Depreciation and
Amortization
|
|
295
|
|
-
|
|
257
|
|
38
|
|
|
Total Operating
Expenses
|
|
2,075
|
|
(445)
|
|
1,650
|
|
870
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
685
|
|
-
|
|
683
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
Net Gains (Losses) on
Trust Investments
|
|
95
|
|
-
|
|
-
|
|
95
|
Net Other Income
(Deductions)
|
|
35
|
|
(1)
|
|
16
|
|
20
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
19
|
|
-
|
|
19
|
|
-
|
Interest
Expense
|
|
(205)
|
|
1
|
|
(138)
|
|
(68)
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
629
|
|
-
|
|
580
|
|
49
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax
Expense
|
|
(97)
|
|
-
|
|
(92)
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
532
|
|
$
-
|
|
$
488
|
|
$
44
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
125
|
|
-
|
|
-
|
|
125
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
657
|
|
$
-
|
|
$
488
|
|
$
169
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
1.06
|
|
$
-
|
|
$
0.98
|
|
$
0.08
|
|
Reconciling Items
Excluded from Net Income (b)
|
|
0.25
|
|
-
|
|
-
|
|
0.25
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
1.31
|
|
$
-
|
|
$
0.98
|
|
$
0.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended
March 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PSEG
|
|
Eliminations
|
|
PSE&G
|
|
PSEG
Power
& Other(a)
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUES
|
|
$
3,755
|
|
$
(565)
|
|
$
2,293
|
|
$
2,027
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
Energy Costs
|
|
1,082
|
|
(565)
|
|
984
|
|
663
|
|
Operation and
Maintenance
|
|
743
|
|
-
|
|
460
|
|
283
|
|
Depreciation and
Amortization
|
|
282
|
|
-
|
|
244
|
|
38
|
|
|
Total Operating
Expenses
|
|
2,107
|
|
(565)
|
|
1,688
|
|
984
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
1,648
|
|
-
|
|
605
|
|
1,043
|
|
|
|
|
|
|
|
|
|
|
|
Income from Equity
Method Investments
|
|
1
|
|
-
|
|
-
|
|
1
|
Net Gains (Losses) on
Trust Investments
|
|
46
|
|
-
|
|
-
|
|
46
|
Net Other Income
(Deductions)
|
|
42
|
|
(1)
|
|
21
|
|
22
|
Net Non-Operating
Pension and OPEB Credits (Costs)
|
|
28
|
|
-
|
|
28
|
|
-
|
Interest
Expense
|
|
(180)
|
|
1
|
|
(113)
|
|
(68)
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME
TAXES
|
|
1,585
|
|
-
|
|
541
|
|
1,044
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax
Expense
|
|
(298)
|
|
-
|
|
(54)
|
|
(244)
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
1,287
|
|
$
-
|
|
$
487
|
|
$
800
|
|
Reconciling Items
Excluded from Net Income(b)
|
|
(592)
|
|
-
|
|
5
|
|
(597)
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
695
|
|
$
-
|
|
$
492
|
|
$
203
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$
2.58
|
|
$
-
|
|
$
0.98
|
|
$
1.60
|
|
Reconciling Items
Excluded from Net Income (b)
|
|
(1.19)
|
|
-
|
|
0.01
|
|
(1.20)
|
OPERATING EARNINGS
(non-GAAP)
|
|
$
1.39
|
|
$
-
|
|
$
0.99
|
|
$
0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes activities
at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services
Corporation and the Parent
|
|
|
|
|
|
(b) See Attachments 7
and 8 for details of items excluded from Net Income to compute
Operating Earnings (non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment
2
|
|
|
Public Service
Enterprise Group Incorporated
|
|
|
Capitalization
Schedule
|
|
|
(Unaudited, $
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
2024
|
|
2023
|
|
DEBT
|
|
|
|
|
|
|
Commercial Paper and
Loans
|
$
525
|
|
$
949
|
|
|
Long-Term
Debt*
|
21,264
|
|
19,284
|
|
|
|
Total Debt
|
21,789
|
|
20,233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
Common Stock
|
5,003
|
|
5,018
|
|
|
Treasury
Stock
|
(1,366)
|
|
(1,379)
|
|
|
Retained
Earnings
|
12,250
|
|
12,017
|
|
|
Accumulated Other
Comprehensive Loss
|
(169)
|
|
(179)
|
|
|
|
Total Stockholders'
Equity
|
15,718
|
|
15,477
|
|
|
|
Total
Capitalization
|
$
37,507
|
|
$
35,710
|
|
|
|
|
|
|
|
|
|
|
*Includes current
portion of Long-Term Debt
|
|
|
|
|
|
|
Attachment
3
|
Public Service
Enterprise Group Incorporated
|
Condensed
Consolidated Statements of Cash Flows
|
(Unaudited, $
millions)
|
|
|
Three Months
Ended March 31,
|
|
2024
|
|
2023
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net
Income
|
$
532
|
|
$
1,287
|
Adjustments to
Reconcile Net Income to Net Cash Flows
|
|
|
|
From
Operating Activities
|
129
|
|
550
|
NET CASH PROVIDED BY
(USED IN) OPERATING ACTIVITIES
|
661
|
|
1,837
|
|
|
|
|
NET CASH PROVIDED BY
(USED IN) INVESTING ACTIVITIES
|
(785)
|
|
(714)
|
|
|
|
|
NET CASH PROVIDED BY
(USED IN) FINANCING ACTIVITIES
|
1,249
|
|
(380)
|
|
|
|
|
Net Change in Cash,
Cash Equivalents and Restricted Cash
|
1,125
|
|
743
|
|
|
|
|
Cash, Cash
Equivalents and Restricted Cash at Beginning of
Period
|
99
|
|
511
|
Cash, Cash
Equivalents and Restricted Cash at End of Period
|
$
1,224
|
|
$
1,254
|
|
Attachment
4
|
|
|
Public Service
Electric & Gas Company
|
|
|
Retail
Sales
|
|
|
(Unaudited)
|
|
|
March 31,
2024
|
|
|
|
|
|
|
|
|
|
|
Electric
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
|
|
Sales (millions
kWh)
|
Ended
|
|
2023
|
|
|
|
Residential
|
3,089
|
|
5 %
|
|
|
|
Commercial &
Industrial
|
6,542
|
|
1 %
|
|
|
|
Other
|
100
|
|
2 %
|
|
|
|
Total
|
9,731
|
|
3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Sold and
Transported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
|
|
Sales (millions
therms)
|
Ended
|
|
2023
|
|
|
|
Firm
Sales
|
|
|
|
|
|
|
Residential
Sales
|
657
|
|
6 %
|
|
|
|
Commercial &
Industrial
|
446
|
|
7 %
|
|
|
|
Total Firm
Sales
|
1,103
|
|
6 %
|
|
|
|
|
|
|
|
|
|
|
Non-Firm
Sales*
|
|
|
|
|
|
|
Commercial &
Industrial
|
174
|
|
23 %
|
|
|
|
Total Non-Firm
Sales
|
174
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
1,277
|
|
8 %
|
|
|
|
|
|
|
|
|
|
|
*Contract Service Gas
rate included in non-firm sales
|
|
|
|
|
|
|
|
|
|
|
|
Weather
Data*
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Change
vs.
|
|
|
|
|
Ended
|
|
2023
|
|
|
|
Degree Days -
Actual
|
2,110
|
|
9 %
|
|
|
|
Degree Days -
Normal
|
2,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Winter weather as
defined by heating degree days (HDD) to serve as a measure for the
need for heating. For each
day, HDD is calculated as HDD = 65°F – the average hourly daily
temperature. The measures use data provided by
the National Oceanic and Atmospheric Administration based on
readings from Newark Liberty International Airport.
Comparisons to normal are based on twenty years of historic
data.
|
|
|
Attachment
5
|
|
Nuclear Generation
Measures
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
GWh
Breakdown
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
2024
|
|
2023
|
|
Nuclear - NJ
|
5,337
|
|
5,494
|
|
Nuclear - PA
|
2,864
|
|
2,886
|
|
|
|
8,201
|
|
8,380
|
Attachment
6
|
|
Public Service
Enterprise Group Incorporated
|
|
Statistical
Measures
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
|
2024
|
|
2023
|
|
Weighted Average Common
Shares Outstanding (millions)
|
|
|
|
|
|
Basic
|
|
|
|
499
|
|
497
|
|
|
Diluted
|
|
|
|
500
|
|
500
|
|
|
|
|
|
|
|
|
|
|
Stock Price at End of
Period
|
|
|
$66.78
|
|
$62.45
|
|
|
|
|
|
|
|
|
|
|
Dividends Paid per
Share of Common Stock
|
|
$0.60
|
|
$0.57
|
|
|
|
|
|
|
|
|
|
|
Dividend
Yield
|
|
|
|
3.6 %
|
|
3.7 %
|
|
|
|
|
|
|
|
|
|
|
Book Value per Common
Share
|
|
|
$31.54
|
|
$29.64
|
|
|
|
|
|
|
|
|
|
|
Market Price as a
Percent of Book Value
|
|
|
212 %
|
|
211 %
|
|
|
Attachment
7
|
|
Public Service
Enterprise Group Incorporated
|
|
Consolidated
Operating Earnings (non-GAAP) Reconciliation
|
|
|
|
|
|
|
|
|
Reconciling
Items
|
|
|
|
|
2024
|
|
2023
|
|
|
|
|
($ millions,
Unaudited)
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
532
|
|
$
1,287
|
|
|
|
(Gain) Loss on Nuclear
Decommissioning Trust (NDT)
|
|
|
|
|
|
|
Fund Related Activity,
pre-tax
|
(95)
|
|
(42)
|
|
|
|
(Gain) Loss on
Mark-to-Market (MTM), pre-tax(a)
|
258
|
|
(772)
|
|
|
|
Lease Related Activity,
pre-tax
|
(4)
|
|
-
|
|
|
|
Exit Incentive Program
(EIP), pre-tax
|
-
|
|
11
|
|
|
|
Income Taxes related to
Operating Earnings (non-GAAP) reconciling items(b)
|
(34)
|
|
211
|
|
|
Operating Earnings
(non-GAAP)
|
$
657
|
|
$
695
|
|
|
|
|
|
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in millions)
|
500
|
|
500
|
|
|
|
|
($ Per Share Impact
-
Diluted, Unaudited)
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
1.06
|
|
$
2.58
|
|
|
|
(Gain) Loss on NDT Fund
Related Activity, pre-tax
|
(0.19)
|
|
(0.08)
|
|
|
|
(Gain) Loss on MTM,
pre-tax(a)
|
0.52
|
|
(1.55)
|
|
|
|
Lease Related Activity,
pre-tax
|
(0.01)
|
|
-
|
|
|
|
EIP, pre-tax
|
-
|
|
0.02
|
|
|
|
Income Taxes related to
Operating Earnings (non-GAAP) reconciling items(b)
|
(0.07)
|
|
0.42
|
|
|
Operating Earnings
(non-GAAP)
|
$
1.31
|
|
$
1.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes the
financial impact from positions with forward delivery
months
|
|
|
|
|
|
|
(b) Income tax effect
calculated at the statutory rate except for qualified NDT related
activity, which records an additional
20% trust tax on income (loss) from qualified NDT Funds, and lease
related activity
|
|
Attachment
8
|
PSE&G Operating
Earnings (non-GAAP) Reconciliation
|
|
|
|
|
|
|
Reconciling
Items
|
|
|
2024
|
|
2023
|
|
($ millions,
Unaudited)
|
|
|
|
|
Net
Income
|
$
488
|
|
$
487
|
EIP, pre-tax
|
-
|
|
7
|
Income Taxes related to
Operating Earnings (non-GAAP) reconciling items
|
-
|
|
(2)
|
Operating Earnings
(non-GAAP)
|
$
488
|
|
$
492
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in millions)
|
500
|
|
500
|
|
|
|
|
PSEG Power &
Other Operating Earnings (non-GAAP) Reconciliation
|
|
|
|
|
|
|
Reconciling
Items
|
|
|
2024
|
|
2023
|
|
($ millions,
Unaudited)
|
|
|
|
|
Net
Income
|
$
44
|
|
$
800
|
(Gain) Loss on NDT Fund
Related Activity, pre-tax
|
(95)
|
|
(42)
|
(Gain) Loss on MTM,
pre-tax(a)
|
258
|
|
(772)
|
Lease Related Activity,
pre-tax
|
(4)
|
|
-
|
EIP, pre-tax
|
-
|
|
4
|
Income Taxes related to
Operating Earnings (non-GAAP) reconciling
items(b)
|
(34)
|
|
213
|
Operating Earnings
(non-GAAP)
|
$
169
|
|
$
203
|
|
|
|
|
PSEG Fully Diluted
Average Shares Outstanding (in millions)
|
500
|
|
500
|
|
|
|
|
(a) Includes the
financial impact from positions with forward delivery
months.
|
|
|
|
(b) Income tax effect
calculated at the statutory rate except for qualified NDT related
activity, which records an additional
20% trust tax on income (loss) from qualified NDT Funds, and lease
related activity.
|
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SOURCE PSEG