Public Service Enterprise ( (PEG) ) has released its Q4 earnings. Here is a breakdown of the information Public Service Enterprise presented to its investors.
Public Service Enterprise Group (PSEG) is a regulated infrastructure company operating New Jersey’s largest utility, serving millions of electric and gas customers, and owning a fleet of nuclear power units. The company is a member of the S&P 500 Index and is recognized for its sustainability efforts.
In its 2024 earnings report, PSEG announced a net income of $1,772 million, translating to $3.54 per share, and non-GAAP operating earnings of $1,839 million or $3.68 per share. The company highlighted its strategic achievements, including regulatory approvals and infrastructure investments.
Key financial metrics showed a decrease in net income compared to 2023, but an increase in non-GAAP operating earnings. PSEG achieved several strategic goals, such as settling its first electric and gas distribution base rate case in six years and obtaining approval for a $2.9 billion investment in the Clean Energy Future – Energy Efficiency II Program. The company also completed the installation of smart meters and implemented mechanisms to stabilize future financial results.
Looking ahead, PSEG’s management has provided a 2025 non-GAAP operating earnings guidance range of $3.94 to $4.06 per share, indicating a potential 9% increase at the midpoint. The company plans to invest $3.8 billion in regulated investments, focusing on infrastructure modernization and energy efficiency, with a long-term growth outlook supported by a robust capital spending plan.