Utility firm PSEG beats Q3 profit expectations on higher power pricing

Public Service Enterprise

03/11/2025 12:40

Overview

PSEG Q3 adjusted EPS of $1.13 beats analyst expectations

Net income for Q3 rises to $622 mln from $520 mln in 2024

Company narrows 2025 non-GAAP earnings guidance to $4.00-$4.06 per share

Outlook

PSEG narrows 2025 non-GAAP operating earnings guidance to $4.00-$4.06 per share

Company reaffirms 5%-7% non-GAAP operating earnings growth outlook through 2029

PSEG plans $22.5 bln to $26 bln capital investment over five years

Result Drivers

NEW RATES - PSEG's Q3 results reflect the impact of new electric and gas rates from the October 2024 base rate case settlement

REGULATED INVESTMENTS - PSEG invested $1 bln in Q3 and $2.7 bln YTD in energy infrastructure and efficiency programs

NUCLEAR OPERATIONS - Hope Creek unit completed a 499-day run, extending its fuel cycle to 24 months for increased output

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q3 OPERATING Revenue
$3.22 bln
Q3 Adjusted EPS
Beat
$1.13
$1.01 (15 Analysts)
Q3 Net Income
$622 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 14 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the multiline utilities peer group is "buy"

Wall Street's median 12-month price target for Public Service Enterprise Group Inc is $89.00, about 9.5% above its October 31 closing price of $80.56

The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 21 three months ago

Press Release: ID:nPn8BJcpza

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)