Public Service Enterprise beats Q4 profit estimates on lower operating expenses

Public Service Enterprise

26/02/2024 13:43

Feb 26 (Reuters) - U.S. energy company Public Service
Enterprise Group  PEG.N  narrowly beat fourth-quarter profit
estimates on Monday, benefiting from lower operating expenses.
    The company posted an adjusted profit of 54 cents per share
for the quarter ended Dec. 31, beating the analysts' average
estimate of 52 cents per share, according to LSEG data.
    Operating expenses for the quarter fell 12% to $1.9 billion
from a year earlier, on the back of lower energy costs. 
    Other utility peers such as Southern Co  SO.N  and WEC
Energy  WEC.N  also beat profit estimates, as utility companies
continue to bring down operating expenses amid a high-interest
rate environment.
    Public Service Enterprise Group's operating revenue fell 17%
to $2.6 billion during the quarter, primarily driven by a
decline in its largest business unit Public Service Electric and
Gas (PSE&G). 
    PSE&G, the unit involved in the transmission and
distribution of electricity and natural gas to customers in New
Jersey, posted an 8.7% decline in quarterly operating revenue to
$1.8 billion, compared with a year earlier.  
    The company reaffirmed its 2024 adjusted profit forecast to
the range of $3.60 per share to $3.70 per share, compared with
$3.48 per share reported for 2023.

 (Reporting by Kabir Dweit in Bengaluru; Editing by Shweta
Agarwal)
 ((Kabir.Dweit@thomsonreuters.com;))