PSEG reports Q2 non-GAAP EPS 63c, consensus 63c

Reports Q2 revenue $2.42B, consensus $2.05B. “PSEG’s financial results for Q2 and first half are in line with our expectations for the full year, enabling us to reaffirm our full-year 2024 non-GAAP Operating Earnings guidance range of $3.60-$3.70 per share,” said CEO Ralph LaRossa. “PSEG responded well to the extreme conditions we experienced during the quarter, which included an early summer heat wave and one of the strongest earthquakes in New Jersey history, with minimal system disruption…Through the first six months of the year, our results are as expected, recognizing that PSE&G’s distribution rate case remains pending, as well as the benefit of the new PTC which began in January 2024. We are also re-affirming our five-year, non-GAAP Operating Earnings growth outlook of 5% to 7% through 2028, which does not reflect growth opportunities at our nuclear fleet. Importantly, our solid balance sheet supports the execution of PSEG’s five-year capital investment program of $19B-$22.5B over the same period – without the need to issue new equity or sell assets – and provides the opportunity for consistent and sustainable dividend growth.”