Public Service Enterprise (PEG) Tops Q4 EPS by 1c; Offers FY19 EPS Mid-Point Guidance Above Consensus

Public Service Enterprise (NYSE: PEG) reported Q4 EPS of $0.56, $0.01 better than the analyst estimate of $0.55.

"We closed 2018 with solid operating and financial performance, with full-year non-GAAP Operating Earnings per share 6.5% above 2017 results" said Ralph Izzo, Chairman, President and Chief Executive Officer. "We achieved important regulatory and policy objectives during 2018 including the settlement of PSE&G's distribution base rate case, supporting the economic viability of our New Jersey nuclear units with the state's passage of Zero Emission Certificates (ZECs) that recognize their carbon free attributes, and the landmark filing of PSE&G's $3.6 billion Clean Energy Future proposal in support of New Jersey's Clean Energy policy goals. As we continue our progress in executing PSEG's $12-$17 billion capital program over the 2019 to 2023 period building critical energy infrastructure, including the Gas System Modernization Program II (GSMP II) and Energy Strong II (ES II), PSEG is also focused on our Powering Progress initiatives designed to bring the power of energy efficiency to more of our customers. Throughout 2018, our dedicated workforce responded to challenging weather and system conditions with operational excellence, and executed on a full regulatory and policy agenda. As a result of these efforts, we are well positioned to continue executing our capital investment programs to provide long-term benefits for our customers and to create value for our shareholders. The recent action by the Board of Directors to increase the common dividend by $0.08 to the indicative annual rate of $1.88 per share underscores our dual commitment to maintain financial strength and drive growth initiatives."

GUIDANCE:

Public Service Enterprise sees FY2019 EPS of $3.15-$3.35, versus the consensus of $3.22.

For earnings history and earnings-related data on Public Service Enterprise (PEG) click here.

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