Public Service Enterprise (NYSE: PEG) reported Q4 EPS of $0.64, $0.03 better than the analyst estimate of $0.61. Revenue for the quarter came in at $2.48 billion versus the consensus estimate of $2.68 billion.

"Our full year 2019 non-GAAP Operating Earnings results rose by 5% over the prior year and delivered on our objective to grow regulated operations to represent three quarters of PSEG's non-GAAP Operating Earnings. The continued focus on operating excellence and cost discipline also contributed to PSEG's ability to exceed the mid-point of our 2019 full-year earnings guidance" said Ralph Izzo, Chairman, President and Chief Executive Officer.

"During 2019, PSE&G settled its Energy Strong II (ES II) proposal with an $842 million program to continue work on improving resiliency and hardening energy infrastructure. PSEG continues to align its long-term business strategy with New Jersey's progressive clean energy policies, which the state recently underscored in its 2019 Energy Master Plan outlining key strategies to reach the Murphy Administration's goal of 100% clean energy by 2050. Central to this is PSE&G's landmark $3.5 billion Clean Energy Future filing, pending review before the New Jersey Board of Public Utilities (BPU), which was filed to support implementation of New Jersey's 2018 Clean Energy Act."

"2019 was a busy and productive year in other respects as well. PSEG Power secured three years of support from Zero Emission Certificates (ZECs) awarded to our New Jersey nuclear units to recognize their carbon free attributes and enable their continued operation and economic viability. We also completed our combined cycle gas turbine (CCGT) construction program with the addition of Bridgeport Harbor 5, and sold Power's interests in Keystone and Conemaugh, moving us closer to eliminating coal in our generating mix by mid-2021."

"PSEG's capital allocation remains consistent with our intention to keep growing our regulated operations. We have outlined a $12 to $16 billion capital program over the 2020 to 2024 period with the majority of the spend focused on updating critical utility infrastructure, which includes four years of remaining work under ES II and the second phase of the Gas System Modernization Program (GSMP II). PSEG's 2020-2024 capital plan also includes a portion of PSE&G's $3.5 billion, six-year Clean Energy Future filing comprised of four programs that promote Energy Efficiency (EE), Energy Cloud - advanced metering infrastructure (AMI), Electric Vehicles and Energy Storage in New Jersey, which remains under review by the BPU. In addition, we have identified incremental reliability and resiliency investments anticipated in the 2024 timeframe that we intend to seek approval for under the third phase of existing infrastructure programs."

"We finished 2019 well positioned to execute on our policy, regulatory and Environmental, Social and Governance priorities. PSEG recently adopted the Sustainability Accounting Standards Board (SASB) disclosure practice and incorporated the U.N. Sustainable Development Goals in our 2019 Sustainability Report. PSEG Power adopted a Net Zero by 2050 goal in July, assuming advancements in technology, public policy and customer behavior. And this coming April, we expect to issue our first Climate Report using science based targets and reporting under the Task Force on Climate-related Financial Disclosures (TCFD) framework."

"The combination of our investment programs, operational excellence mindset, prudent financial management and dedicated workforce continues to produce long-term benefits for 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 $1.96 per share highlights our commitment to our shareholders while maintaining the financial strength needed to pursue growth initiatives."

GUIDANCE:

Public Service Enterprise sees FY2020 EPS of $3.30-$3.50, versus the consensus of $3.40.

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