PSEG 2Q Profit Narrowly Beats Wall Street
Public Service Enterprise Group (NYSE:PEG), parent company of PSEG power, was down more than 3% Friday after reporting a drop from the prior year in second quarter revenue, driven mostly by weak demand and low energy prices.
The electric power producer posted a net income of $224 million, or 44 cents a share, compared with $311, or 61 cents a share, in the same quarter last year. Excluding special items, earnings were 65 cents, just ahead of average analyst estimates of 64 cents, according to a Thomson Reuters poll.
Revenue for the Newark, New Jersey-based company was $2.46 billion, down from $2.56 billion last year, and falling short of the Street’s view of $2.68 billion.
PSEG CEO Ralph Izzo said the company continues to be affected by “weak economic conditions and low energy prices,” though he noted an increase in electric and gas rates driven by the early summer’s heat wave, has caused the company to reaffirm its full-year view of $3 to $3.25 a share.