Public Service Enterprise Q1 Earnings Miss, Revenues Increase Y/Y

Public Service Enterprise Group Incorporated PEG, or PSEG, reported first-quarter 2025 adjusted earnings of $1.43 per share, which missed the Zacks Consensus Estimate of $1.46 by 2.1%. However, earnings improved 9.2% from the prior-year reported figure of $1.31 per share. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)

The company reported GAAP earnings per share (EPS) of $1.18 compared with $1.06 in the corresponding period of 2024.

PEG’s Total Revenues

Operating revenues in the first quarter totaled $3.22 billion, which beat the Zacks Consensus Estimate of $2.85 billion by 13%. The top line also increased 16.7% from the year-ago figure of $2.76 billion.

Public Service Enterprise Group Incorporated Price, Consensus and EPS Surprise

Public Service Enterprise Group Incorporated price-consensus-eps-surprise-chart | Public Service Enterprise Group Incorporated Quote

Sales Volume of PEG

Electric sales volumes totaled 9,969 million kilowatt-hours, which improved 2% year over year. On the other hand, gas sales volumes increased 7% to 1,372 million therms.

Under electric sales, residential sales volumes totaled 3,290 million kilowatt-hours, up 6% from the prior-year figure. Its commercial and industrial sales volumes accounted for 6,578 million kilowatt-hours, registering a year-over-year improvement of 1%.

Other sales amounted to 101 million kilowatt-hours, up 1% from the year-ago recorded number.

Total gas sales witnessed a year-over-year increase of 13% in firm sales volumes. Non-firm gas sales volumes declined 25%.

Highlights of PEG’s Release

The operating income totaled $797 million in the first quarter compared with $685 million in the year-ago period. This indicated a year-over-year increase of 16.4%.

Total operating expenses were $2.43 billion, up 16.9% from the year-ago actual.

Interest expenses amounted to $241 million, which increased 17.6% year over year.

Segmental Performance of PEG

PSE&G: This segment’s net income totaled $546 million, up from $488 million recorded in the first quarter of 2024.

PSEG Power & Other: Adjusted operating income for this unit amounted to $172 million compared with $169 million in the prior-year quarter.

Financial Update of PEG

The long-term debt (including the current portion of the long-term debt) as of March 31, 2025, was $23 billion compared with $21.11 billion as of Dec. 31, 2024.

The net cash flow from operating activities amounted to $1.05 billion during the first three months of 2025 compared with $0.66 billion during the first three months of 2024.

PEG’s 2025 Guidance

PEG reaffirmed its 2025 EPS guidance. It expects adjusted earnings to be in the range of $3.94-$4.06 per share. The Zacks Consensus Estimate for earnings is currently pegged at $4.01 per share, which lies just above the midpoint of the company’s guided range.

Zacks Rank

PEG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Utility Releases

NextEra Energy, Inc. NEE reported first-quarter 2025 adjusted earnings of 99 cents per share, which beat the Zacks Consensus Estimate of 97 cents by 2.1%. The company reported operating revenues of $6.24 billion, which lagged the consensus estimate of $7.34 billion by 14.9%.

FirstEnergy FE reported first-quarter 2025 operating earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 11.7%. The company reported operating revenues of $3.77 billion, which surpassed the consensus estimate of $3.65 billion by 3.2%.

CMS Energy Corporation CMS reported first-quarter 2025 earnings of $1.02 per share, which missed the Zacks Consensus Estimate of $1.05 by 2.9%. The company reported operating revenues of $2.45 billion, which beat the consensus estimate of $2.24 billion by 8.9%.

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