PSEG ANNOUNCES SECOND QUARTER 2024 RESULTS
PSEG reported Q2 2024 results with net income of $0.87 per share and non-GAAP operating earnings of $0.63 per share. The company reaffirmed its full-year 2024 non-GAAP operating earnings guidance of $3.60 to $3.70 per share. PSE&G invested $0.9 billion in Q2, bringing year-to-date capital spending to $1.7 billion. PSEG Power & Other results reflect the positive impact of the federal nuclear production tax credit, offset by higher costs from a scheduled refueling outage. The company maintains its five-year non-GAAP operating earnings growth outlook of 5% to 7% through 2028 and plans a $19 billion to $22.5 billion capital investment program over the same period without issuing new equity or selling assets.
PSEG ha riportato i risultati del Q2 2024 con un utile netto di 0,87 $ per azione e utili operativi non-GAAP di 0,63 $ per azione. L'azienda ha confermato le previsioni di utili operativi non-GAAP per l'intero anno 2024 tra 3,60 $ e 3,70 $ per azione. PSE&G ha investito 0,9 miliardi di dollari nel Q2, portando la spesa in conto capitale da inizio anno a 1,7 miliardi di dollari. I risultati di PSEG Power & Other riflettono l'impatto positivo del credito d'imposta federale per la produzione nucleare, compensato da costi più elevati a causa di una pianificata fermata per rifornimento. L'azienda mantiene le prospettive di crescita degli utili operativi non-GAAP per i prossimi cinque anni tra il 5% e il 7% fino al 2028 e prevede un programma di investimenti in conto capitale tra 19 miliardi e 22,5 miliardi di dollari nello stesso periodo senza emettere nuovi titoli o vendere attivi.
PSEG informó los resultados del Q2 2024 con un ingreso neto de 0,87 $ por acción y ganancias operativas no-GAAP de 0,63 $ por acción. La compañía reafirmó su guía de ganancias operativas no-GAAP para todo el año 2024 de 3,60 $ a 3,70 $ por acción. PSE&G invirtió 0,9 mil millones de dólares en el Q2, llevando el gasto de capital acumulado a 1,7 mil millones de dólares. Los resultados de PSEG Power & Other reflejan el impacto positivo del crédito fiscal federal por producción nuclear, compensado por costos más altos debido a una parada de reabastecimiento programada. La empresa mantiene su perspectiva de crecimiento de ganancias operativas no-GAAP del 5% al 7% para los próximos cinco años hasta 2028 y planea un programa de inversión de capital de 19 mil millones a 22,5 mil millones de dólares durante el mismo período sin emitir nuevas acciones ni vender activos.
PSEG는 2024년 2분기 실적을 보고하면서 주당 0.87달러의 순이익과 주당 비-GAAP 운영 수익 0.63달러를 기록했습니다. 회사는 2024년 전체 연도 비-GAAP 운영 수익 가이던스를 3.60달러에서 3.70달러로 재확인했습니다. PSE&G는 2분기에 9억 달러를 투자하여 올해 누적 자본 지출을 17억 달러로 증가시켰습니다. PSEG 전력 및 기타 결과는 연방 핵 생산 세액 공제의 긍정적 영향을 반영하며, 예정된 연료 보충 정비로 인한 더 높은 비용으로 상쇄되었습니다. 회사는 2028년까지 5%에서 7%의 비-GAAP 운영 수익 성장 전망을 유지하며, 동일 기간 동안 190억 달러에서 225억 달러의 자본 투자 프로그램을 계획하고 있으며, 새로운 주식을 발행하거나 자산을 판매하지 않을 예정입니다.
PSEG a rapporté les résultats du T2 2024 avec un revenu net de 0,87 $ par action et des bénéfices opérationnels non-GAAP de 0,63 $ par action. La société a réaffirmé ses prévisions de bénéfices opérationnels non-GAAP pour l'ensemble de l'année 2024 de 3,60 $ à 3,70 $ par action. PSE&G a investi 0,9 milliard de dollars au T2, portant les dépenses en capital depuis le début de l'année à 1,7 milliard de dollars. Les résultats de PSEG Power & Other reflètent l'impact positif du crédit d'impôt fédéral pour la production nucléaire, contrebalancé par des coûts plus élevés dus à une interruption de recharge programmée. La société maintient sa perspective de croissance des bénéfices opérationnels non-GAAP de 5 % à 7 % d'ici 2028 et envisage un programme d'investissement en capital de 19 milliards à 22,5 milliards de dollars sur la même période sans émettre de nouveaux titres ni vendre d'actifs.
PSEG berichtete über die Ergebnisse des Q2 2024 mit einem Nettoergebnis von 0,87 $ pro Aktie und nicht-GAAP Betriebseinnahmen von 0,63 $ pro Aktie. Das Unternehmen bestätigte seine gesamten nicht-GAAP Betriebseinnahmenprognosen für 2024 zwischen 3,60 $ und 3,70 $ pro Aktie. PSE&G investierte im Q2 0,9 Milliarden Dollar, wodurch die Kapitalausgaben seit Jahresbeginn auf 1,7 Milliarden Dollar stiegen. Die Ergebnisse von PSEG Power & Other spiegeln die positive Wirkung des federal nuclear production tax credit wider, die durch höhere Kosten aufgrund einer geplanten Betankungsstilllegung ausgeglichen wurde. Das Unternehmen hält an den Prognosen für das Wachstum nicht-GAAP Betriebseinnahmen über einen Zeitraum von fünf Jahren zwischen 5% und 7% bis 2028 fest und plant ein Kapitalinvestitionsprogramm im Umfang von 19 bis 22,5 Milliarden Dollar über denselben Zeitraum ohne die Ausgabe neuer Aktien oder den Verkauf von Vermögenswerten.
- Reaffirmed full-year 2024 non-GAAP Operating Earnings guidance of $3.60 to $3.70 per share
- PSE&G invested $1.7 billion year-to-date, on track with full-year plan of $3.4 billion
- Positive impact from federal nuclear production tax credit effective January 1, 2024
- Five-year non-GAAP Operating Earnings growth outlook of 5% to 7% through 2028
- Planned $19 billion to $22.5 billion capital investment program without need for new equity or asset sales
- Q2 2024 net income decreased to $0.87 per share from $1.18 in Q2 2023
- Q2 2024 non-GAAP operating earnings decreased to $0.63 per share from $0.70 in Q2 2023
- Higher operation and maintenance costs, depreciation, and interest expense at PSE&G
- Increasing regulatory lag prior to rate case conclusion
- Higher costs related to scheduled refueling outage at Hope Creek nuclear plant
Insights
PSEG's Q2 2024 results present a mixed picture. The company reported
Key points to consider:
- PSE&G invested
$0.9 billion in Q2, bringing year-to-date capital spending to$1.7 billion , on track with the full-year plan of$3.4 billion . - The company is experiencing regulatory lag prior to the conclusion of their rate case later this year, which is impacting current results.
- PSEG Power & Other benefited from the new federal nuclear production tax credit, effective January 1, 2024, but this was offset by higher costs from a scheduled refueling outage.
- Management expects to realize most of the increase in 2024 gross margin over 2023 in the second half of the year, particularly in Q4.
The company's five-year outlook remains positive, with a projected
PSEG's Q2 results highlight several important industry trends:
- Grid Resilience: The company's ability to handle extreme conditions, including an early summer heat wave and a significant earthquake, with minimal disruption underscores the importance of ongoing infrastructure investments.
- Energy Efficiency: PSE&G's focus on award-winning energy efficiency offerings aligns with broader industry trends towards demand-side management and sustainability.
- Nuclear Power: The impact of the new federal nuclear production tax credit on PSEG Power & Other's results demonstrates the ongoing importance of nuclear energy in the clean energy transition.
- Data Center Growth: The increase in new business requests and feasibility studies from potential data center customers signals a growing trend that could drive significant load growth and system investment needs.
- Electric Vehicle Charging: The mention of increased EV charging as a driver of future load growth aligns with broader electrification trends in the transportation sector.
These trends suggest that PSEG is well-positioned to capitalize on major shifts in the energy landscape, particularly in areas of grid modernization, clean energy and electrification. However, the company will need to navigate regulatory challenges and manage the timing of investments carefully to optimize returns in this evolving environment.
Reaffirms Full-Year 2024 Non-GAAP Operating Earnings Guidance
NEWARK, N.J., July 30, 2024 /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) reported the following results for the second quarter of 2024:
PSEG Consolidated (unaudited) | |||||
Income | Diluted Earnings | ||||
($ millions, except per share amounts) | 2Q 2024 | 2Q 2023 | 2Q 2024 | 2Q 2023 | |
Net Income | |||||
Reconciling Items | (121) | (240) | (0.24) | (0.48) | |
Non-GAAP Operating Earnings | |||||
Average Shares | 500 | 500 | |||
See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings. |
"PSEG's financial results for the second quarter 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
LaRossa added, "PSEG Power successfully completed the scheduled refueling outage at our
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
PSEG Results by Segment
Public Service Electric and Gas | ||
($ millions, except per share amounts) | 2Q 2024 | 2Q 2023 |
Net Income | ||
Net Income Per Share (EPS) | ||
Non-GAAP Operating Earnings | ||
Non-GAAP Operating EPS | ||
PSE&G's second quarter results benefited from incremental investment in Transmission, clause-based system modernization and Energy Efficiency programs, which were offset by higher operation and maintenance costs, as well as higher depreciation and interest expense. The year-over-year trajectory was expected as we experience growing regulatory lag prior to the conclusion of our rate case later this year. PSE&G invested approximately
PSEG Power & Other | ||
($ millions, except per share amounts) | 2Q 2024 | 2Q 2023 |
Net Income | ||
Net Income Per Share (EPS) | ||
Non-GAAP Operating Earnings | ||
Non-GAAP Operating EPS | ||
PSEG Power & Other results for the quarter primarily reflect the positive impact of the federal nuclear production tax credit, which took effect January 1, 2024, offset by higher costs related to the scheduled refueling outage at our
PSEG will host a conference call to review its second 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 | Carlotta Chan 973-430-6565 |
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
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 8 and 9 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 June 30, 2024 | |||||||||||||
PSEG | Eliminations | PSE&G | PSEG Power | ||||||||||
OPERATING REVENUES | $ 2,423 | $ (124) | $ 1,863 | $ 684 | |||||||||
OPERATING EXPENSES | |||||||||||||
Energy Costs | 732 | (124) | 683 | 173 | |||||||||
Operation and Maintenance | 824 | - | 466 | 358 | |||||||||
Depreciation and Amortization | 285 | - | 247 | 38 | |||||||||
Total Operating Expenses | 1,841 | (124) | 1,396 | 569 | |||||||||
OPERATING INCOME | 582 | - | 467 | 115 | |||||||||
Income from Equity Method Investments | 1 | - | - | 1 | |||||||||
Net Gains (Losses) on Trust Investments | 7 | - | - | 7 | |||||||||
Net Other Income (Deductions) | 47 | (2) | 16 | 33 | |||||||||
Net Non-Operating Pension and OPEB Credits (Costs) | 18 | - | 19 | (1) | |||||||||
Interest Expense | (218) | 2 | (141) | (79) | |||||||||
INCOME BEFORE INCOME TAXES | 437 | - | 361 | 76 | |||||||||
Income Tax (Expense) Benefit | (3) | - | (59) | 56 | |||||||||
NET INCOME | $ 434 | $ - | $ 302 | $ 132 | |||||||||
Reconciling Items Excluded from Net Income(b) | (121) | - | - | (121) | |||||||||
OPERATING EARNINGS (non-GAAP) | $ 313 | $ - | $ 302 | $ 11 | |||||||||
Earnings Per Share | |||||||||||||
NET INCOME | $ 0.87 | $ - | $ 0.60 | $ 0.27 | |||||||||
Reconciling Items Excluded from Net Income(b) | (0.24) | - | - | (0.24) | |||||||||
OPERATING EARNINGS (non-GAAP) | $ 0.63 | $ - | $ 0.60 | $ 0.03 | |||||||||
Three Months Ended June 30, 2023 | |||||||||||||
PSEG | Eliminations | PSE&G | PSEG Power | ||||||||||
OPERATING REVENUES | $ 2,421 | $ (143) | $ 1,662 | $ 902 | |||||||||
OPERATING EXPENSES | |||||||||||||
Energy Costs | 604 | (143) | 551 | 196 | |||||||||
Operation and Maintenance | 744 | - | 429 | 315 | |||||||||
Depreciation and Amortization | 279 | - | 240 | 39 | |||||||||
Total Operating Expenses | 1,627 | (143) | 1,220 | 550 | |||||||||
OPERATING INCOME | 794 | - | 442 | 352 | |||||||||
Net Gains (Losses) on Trust Investments | 57 | - | - | 57 | |||||||||
Net Other Income (Deductions) | 49 | (1) | 23 | 27 | |||||||||
Net Non-Operating Pension and OPEB Credits (Costs) | 29 | - | 28 | 1 | |||||||||
Interest Expense | (185) | 1 | (123) | (63) | |||||||||
INCOME BEFORE INCOME TAXES | 744 | - | 370 | 374 | |||||||||
Income Tax Expense | (153) | - | (34) | (119) | |||||||||
NET INCOME | $ 591 | $ - | $ 336 | $ 255 | |||||||||
Reconciling Items Excluded from Net Income(b) | (240) | - | 5 | (245) | |||||||||
OPERATING EARNINGS (non-GAAP) | $ 351 | $ - | $ 341 | $ 10 | |||||||||
Earnings Per Share | |||||||||||||
NET INCOME | $ 1.18 | $ - | $ 0.67 | $ 0.51 | |||||||||
Reconciling Items Excluded from Net Income(b) | (0.48) | - | 0.01 | (0.49) | |||||||||
Share Differential(b) | - | - | - | - | |||||||||
OPERATING EARNINGS (non-GAAP) | $ 0.70 | $ - | $ 0.68 | $ 0.02 | |||||||||
(a) Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent. | |||||||||||||
(b) See Attachments 8 and 9 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP). | |||||||||||||
Attachment 2 | |||||||||||||
Public Service Enterprise Group Incorporated | |||||||||||||
Consolidating Statements of Operations | |||||||||||||
(Unaudited, $ millions, except per share data) | |||||||||||||
Six Months Ended June 30, 2024 | |||||||||||||
PSEG | Eliminations | PSE&G | PSEG Power | ||||||||||
OPERATING REVENUES | $ 5,183 | $ (569) | $ 4,196 | $ 1,556 | |||||||||
OPERATING EXPENSES | |||||||||||||
Energy Costs | 1,729 | (569) | 1,611 | 687 | |||||||||
Operation and Maintenance | 1,607 | - | 931 | 676 | |||||||||
Depreciation and Amortization | 580 | - | 504 | 76 | |||||||||
Total Operating Expenses | 3,916 | (569) | 3,046 | 1,439 | |||||||||
OPERATING INCOME | 1,267 | - | 1,150 | 117 | |||||||||
Income from Equity Method Investments | 1 | - | - | 1 | |||||||||
Net Gains (Losses) on Trust Investments | 102 | - | - | 102 | |||||||||
Net Other Income (Deductions) | 82 | (3) | 32 | 53 | |||||||||
Net Non-Operating Pension and OPEB Credits (Costs) | 37 | - | 38 | (1) | |||||||||
Interest Expense | (423) | 3 | (279) | (147) | |||||||||
INCOME BEFORE INCOME TAXES | 1,066 | - | 941 | 125 | |||||||||
Income Tax (Expense) Benefit | (100) | - | (151) | 51 | |||||||||
NET INCOME | $ 966 | $ - | $ 790 | $ 176 | |||||||||
Reconciling Items Excluded from Net Income(b) | 4 | - | - | 4 | |||||||||
OPERATING EARNINGS (non-GAAP) | $ 970 | $ - | $ 790 | $ 180 | |||||||||
Earnings Per Share | |||||||||||||
NET INCOME | $ 1.93 | $ - | $ 1.58 | $ 0.35 | |||||||||
Reconciling Items Excluded from Net Income(b) | 0.01 | - | - | 0.01 | |||||||||
OPERATING EARNINGS (non-GAAP) | $ 1.94 | $ - | $ 1.58 | $ 0.36 | |||||||||
Six Months Ended June 30, 2023 | |||||||||||||
PSEG | Eliminations | PSE&G | PSEG Power | ||||||||||
OPERATING REVENUES | $ 6,176 | $ (708) | $ 3,955 | $ 2,929 | |||||||||
OPERATING EXPENSES | |||||||||||||
Energy Costs | 1,686 | (708) | 1,535 | 859 | |||||||||
Operation and Maintenance | 1,487 | - | 889 | 598 | |||||||||
Depreciation and Amortization | 561 | - | 484 | 77 | |||||||||
Total Operating Expenses | 3,734 | (708) | 2,908 | 1,534 | |||||||||
OPERATING INCOME | 2,442 | - | 1,047 | 1,395 | |||||||||
Income from Equity Method Investments | 1 | - | - | 1 | |||||||||
Net Gains (Losses) on Trust Investments | 103 | - | - | 103 | |||||||||
Net Other Income (Deductions) | 91 | (2) | 44 | 49 | |||||||||
Net Non-Operating Pension and OPEB Credits (Costs) | 57 | - | 56 | 1 | |||||||||
Interest Expense | (365) | 2 | (236) | (131) | |||||||||
INCOME BEFORE INCOME TAXES | 2,329 | - | 911 | 1,418 | |||||||||
Income Tax Expense | (451) | - | (88) | (363) | |||||||||
NET INCOME | $ 1,878 | $ - | $ 823 | $ 1,055 | |||||||||
Reconciling Items Excluded from Net Income(b) | (832) | - | 10 | (842) | |||||||||
OPERATING EARNINGS (non-GAAP) | $ 1,046 | $ - | $ 833 | $ 213 | |||||||||
Earnings Per Share | |||||||||||||
NET INCOME | $ 3.76 | $ - | $ 1.65 | $ 2.11 | |||||||||
Reconciling Items Excluded from Net Income(b) | (1.67) | - | 0.02 | (1.69) | |||||||||
OPERATING EARNINGS (non-GAAP) | - | - | - | - | |||||||||
OPERATING EARNINGS (non-GAAP) | $ 2.09 | $ - | $ 1.67 | $ 0.42 | |||||||||
(a) Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent. | |||||||||||||
(b) See Attachments 8 and 9 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP). | |||||||||||||
Attachment 3 | |||||||||
Public Service Enterprise Group Incorporated | |||||||||
Capitalization Schedule | |||||||||
(Unaudited, $ millions) | |||||||||
June 30, | December 31, | ||||||||
2024 | 2023 | ||||||||
DEBT | |||||||||
Commercial Paper and Loans | $ 879 | $ 949 | |||||||
Long-Term Debt* | 20,519 | 19,284 | |||||||
Total Debt | 21,398 | 20,233 | |||||||
STOCKHOLDERS' EQUITY | |||||||||
Common Stock | 5,020 | 5,018 | |||||||
Treasury Stock | (1,408) | (1,379) | |||||||
Retained Earnings | 12,385 | 12,017 | |||||||
Accumulated Other Comprehensive Loss | (173) | (179) | |||||||
Total Stockholders' Equity | 15,824 | 15,477 | |||||||
Total Capitalization | $ 37,222 | $ 35,710 | |||||||
*Includes current portion of Long-Term Debt | |||||||||
Attachment 4 | |||
Public Service Enterprise Group Incorporated | |||
Condensed Consolidated Statements of Cash Flows | |||
(Unaudited, $ millions) | |||
Six Months Ended June 30, | |||
2024 | 2023 | ||
Cash Flows From Operating Activities | |||
Net Income | $ 966 | $ 1,878 | |
Adjustments to Reconcile Net Income to Net Cash Flows | |||
From Operating Activities | 177 | 531 | |
Net Cash Provided By (Used In) Operating Activities | 1,143 | 2,409 | |
Net Cash Provided By (Used In) Investing Activities | (1,612) | (1,119) | |
Net Cash Provided By (Used In) Financing Activities | 515 | (1,204) | |
Net Change in Cash, Cash Equivalents and Restricted Cash | 46 | 86 | |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 99 | 511 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | $ 145 | $ 597 | |
Attachment 5 | |||||||||
Public Service Electric & Gas Company | |||||||||
Retail Sales | |||||||||
(Unaudited) | |||||||||
June 30, 2024 | |||||||||
Electric Sales | |||||||||
Three Months | Change vs. | Six Months | Change vs. | ||||||
Sales (millions kWh) | Ended | 2023 | Ended | 2023 | |||||
Residential | 3,369 | 20 % | 6,458 | 12 % | |||||
Commercial & Industrial | 6,377 | 8 % | 12,919 | 4 % | |||||
Other | 71 | 0 % | 171 | 1 % | |||||
Total | 9,817 | 12 % | 19,548 | 7 % | |||||
Gas Sold and Transported | |||||||||
Three Months | Change vs. | Six Months | Change vs. | ||||||
Sales (millions therms) | Ended | 2023 | Ended | 2023 | |||||
Firm Sales | |||||||||
Residential Sales | 199 | 8 % | 856 | 6 % | |||||
Commercial & Industrial | 160 | 5 % | 606 | 7 % | |||||
Total Firm Sales | 359 | 7 % | 1,462 | 6 % | |||||
Non-Firm Sales* | |||||||||
Commercial & Industrial | 191 | (1 %) | 365 | 9 % | |||||
Total Non-Firm Sales | 191 | 365 | |||||||
Total Sales | 550 | 4 % | 1,827 | 7 % | |||||
*Contract Service Gas rate included in non-firm sales | |||||||||
Weather Data* | |||||||||
Three Months | Change vs. | Six Months | Change vs. | ||||||
Ended | 2023 | Ended | 2023 | ||||||
THI Hours - Actual | 5,893 | 99 % | 5,898 | 100 % | |||||
THI Hours - Normal | 4,152 | 4,173 | |||||||
Degree Days - Actual | 402 | 20 % | 2,512 | 10 % | |||||
Degree Days - Normal | 489 | 3,046 | |||||||
*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. |
Attachment 6 | ||||||||||||||||||||
Nuclear Generation Measures | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
GWh Breakdown | GWh Breakdown | |||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||
Nuclear - NJ | 4,178 | 4,872 | 9,515 | 10,366 | ||||||||||||||||
Nuclear - PA | 2,828 | 2,855 | 5,692 | 5,741 | ||||||||||||||||
7,006 | 7,727 | 15,207 | 16,107 | |||||||||||||||||
Attachment 7 | |||||||||||
Public Service Enterprise Group Incorporated | |||||||||||
Statistical Measures | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Weighted Average Common Shares Outstanding (millions) | |||||||||||
Basic | 498 | 497 | 498 | 497 | |||||||
Diluted | 500 | 500 | 500 | 500 | |||||||
Stock Price at End of Period | |||||||||||
Dividends Paid per Share of Common Stock | |||||||||||
Dividend Yield | 3.3 % | 3.6 % | |||||||||
Book Value per Common Share | |||||||||||
Market Price as a Percent of Book Value | 232 % | 207 % | |||||||||
Attachment 8 | |||||||||||
Public Service Enterprise Group Incorporated | |||||||||||
Consolidated Operating Earnings (non-GAAP) Reconciliation | |||||||||||
Reconciling Items | Three Months Ended | Six Months Ended | |||||||||
June 30, | June 30, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
($ millions, Unaudited) | |||||||||||
Net Income | $ 434 | $ 591 | $ 966 | $ 1,878 | |||||||
(Gain) Loss on Nuclear Decommissioning Trust (NDT) | |||||||||||
Fund Related Activity, pre-tax | (13) | (58) | (108) | (100) | |||||||
(Gain) Loss on Mark-to-Market (MTM), pre-tax(a) | (159) | (296) | 99 | (1,068) | |||||||
Lease Related Activity, pre-tax | - | - | (4) | - | |||||||
Exit Incentive Program (EIP), pre-tax | - | 9 | - | 20 | |||||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) | 51 | 105 | 17 | 316 | |||||||
Operating Earnings (non-GAAP) | $ 313 | $ 351 | $ 970 | $ 1,046 | |||||||
PSEG Fully Diluted Average Shares Outstanding (in millions) | 500 | 500 | 500 | 500 | |||||||
($ Per Share Impact - Diluted, Unaudited) | |||||||||||
Net Income | $ 0.87 | $ 1.18 | $ 1.93 | $ 3.76 | |||||||
(Gain) Loss on NDT Fund Related Activity, pre-tax | (0.03) | (0.12) | (0.22) | (0.20) | |||||||
(Gain) Loss on MTM, pre-tax(a) | (0.32) | (0.59) | 0.20 | (2.14) | |||||||
Lease Related Activity, pre-tax | - | - | (0.01) | - | |||||||
EIP, pre-tax | - | 0.02 | - | 0.04 | |||||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) | 0.11 | 0.21 | 0.04 | 0.63 | |||||||
Operating Earnings (non-GAAP) | $ 0.63 | $ 0.70 | $ 1.94 | $ 2.09 | |||||||
(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 | |||||||||||
Attachment 9 | |||||||||
PSE&G Operating Earnings (non-GAAP) Reconciliation | |||||||||
Three Months Ended | Six Months Ended | ||||||||
Reconciling Items | June 30, | June 30, | |||||||
2024 | 2023 | 2024 | 2023 | ||||||
($ millions, Unaudited) | |||||||||
Net Income | $ 302 | $ 336 | $ 790 | $ 823 | |||||
EIP, pre-tax | - | 7 | - | 14 | |||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) | - | (2) | - | (4) | |||||
Operating Earnings (non-GAAP) | $ 302 | $ 341 | $ 790 | $ 833 | |||||
PSEG Fully Diluted Average Shares Outstanding (in millions) | 500 | 500 | 500 | 500 | |||||
PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation | |||||||||
Three Months Ended | Six Months Ended | ||||||||
Reconciling Items | June 30, | June 30, | |||||||
2024 | 2023 | 2024 | 2023 | ||||||
($ millions, Unaudited) | |||||||||
Net Income | $ 132 | $ 255 | $ 176 | $ 1,055 | |||||
(Gain) Loss on NDT Fund Related Activity, pre-tax | (13) | (58) | (108) | (100) | |||||
(Gain) Loss on MTM, pre-tax(a) | (159) | (296) | 99 | (1,068) | |||||
Lease Related Activity, pre-tax | - | - | (4) | - | |||||
EIP, pre-tax | - | 2 | - | 6 | |||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) | 51 | 107 | 17 | 320 | |||||
Operating Earnings (non-GAAP) | $ 11 | $ 10 | $ 180 | $ 213 | |||||
PSEG Fully Diluted Average Shares Outstanding (in millions) | 500 | 500 | 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 | |||||||||
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SOURCE PSEG
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