Public Service Enterprise (NYSE: PEG) reported Q1 EPS of $1.08, $0.08 better than the analyst estimate of $1.00.

Ralph Izzo, chairman, president and chief executive officer commented that "we delivered a solid quarter to begin the year, reflecting the benefits of our continued investments to enhance New Jersey energy infrastructure and a full quarter inclusive of PSE&G\'s 2018 distribution rate case settlement. This year, earnings from PSE&G are expected to contribute approximately 75% of total forecast operating earnings, as we continue to execute on our $12-$17 billion capital investment programs. The addition of the Keys and Sewaren generating stations has added to Power's increasingly efficient and clean fleet, which continues to reliably supply the market with flexible, dispatchable generation."

Ralph Izzo added, "We continue to align our business objectives with New Jersey's energy and environmental policy goals. Our current capital spending plans and proposed investments in Clean Energy and Energy Strong II are perfect examples of that alignment. Also key is the need to keep the customer bill as low as possible. On that front, PSE&G will return $380 million of additional tax reform savings in 2019 primarily related to excess accumulated deferred income taxes in transmission and distribution rates. These tax flow backs will further moderate customer bills, as the utility continues to improve the reliability and resiliency of its T&D system, modernize aging energy infrastructure, and advance the state's clean energy goals in a low interest rate environment."

"On April 18, the New Jersey Board of Public Utilities (BPU) voted to award Zero Emission Certificates, or ZECs, to PSEG\'s three New Jersey nuclear power plants: Hope Creek and Salem 1 and Salem 2. The BPU decision will preserve over 90% of New Jersey\'s carbon free source of power, save New Jersey electricity customers hundreds of millions of dollars in what would have been higher energy costs, save thousands of jobs, and prevent a significant increase in environmentally damaging air emissions."

"As we outlined earlier this year, PSEG expects to grow non-GAAP Operating Earnings by over 4% at the mid-point of our guidance of $3.15 - $3.35 per share. Notably, PSE&G will represent over 90% of our planned capital investment program over the 2019-2023 timeframe. This is projected to produce 7% to 9% compound annual growth in rate base over this period, from a starting point of $19 billion at year-end 2018."

GUIDANCE:

Public Service Enterprise sees FY2019 EPS of $3.12-$3.35, versus the consensus of $3.26.

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