Public Service Enterprise beats Q3 profit estimates boosted by power and gas unit

Public Service Enterprise

31/10/2023 13:03

Oct 31 (Reuters) - Energy company Public Service
Enterprise Group  PEG.N  on Tuesday beat third-quarter profit
estimates, boosted by a robust performance at its power and gas
distribution unit.
    The company said its core subsidiary, Public Service
Electric and Gas, posted adjusted operating earnings of $403
million compared with $399 million last year.
    The unit, which serves more than 4 million electric and gas
customers, benefited from growth in transmission and
distribution margins and lower operating and maintenance
expenses, PSEG said.
    The Newark, New Jersey-based company's revenue rose 8% to
$2.46 billion from a year earlier, beating analysts' average
estimate of $2.14 billion, according to LSEG.
    PSEG reaffirmed its full-year operating earnings forecast
range of $3.40 - $3.50 per share, but expects capital spending
to be slightly higher-than-previously expected at $3.7 billion.
    The company reported operating earnings of 85 cents per
share, beating analysts' estimates of 75 cents per share,
according to LSEG.
    
    
    
        
  

 (Reporting by Roshia Sabu; Editing by Tasim Zahid)
 ((Roshia.Sabu@thomsonreuters.com;))