$1.10 PER SHARE OF NET INCOME
Non-GAAP Operating Earnings of $0.97 Per Share
Re-Affirms Non-GAAP Operating Earnings Guidance $3.00 - $3.20 Per Share
PSE&G $1.9 Billion Settlement of GSMP II Program Aligned with Forecast Growth

Category:

Monday, April 30, 2018 7:39 am EDT

Dateline:

NEWARK, N.J.

(April 30, 2018 – Newark, NJ) Public Service Enterprise Group (NYSE: PEG) reported today Net Income for the first quarter of 2018 of $558 million, or $1.10 per share as compared to Net Income of $114 million, or $0.22 per share, in the first quarter of 2017. Non-GAAP Operating Earnings for the first quarter of 2018 were $492 million, or $0.97 per share, compared to non-GAAP Operating Earnings for the first quarter of 2017 of $466 million, or $0.92 per share. Prior year results included costs related to the early retirement of the Hudson and Mercer generating stations and a reserve for the impairment of leveraged leases.

Ralph Izzo, chairman, president and chief executive officer, commented that “we have begun 2018 with solid results. Our service area experienced four consecutive Nor’easters in March that wreaked havoc on trees and power lines. PSEG employees, once again, rose to the challenge, efficiently and safely completing PSE&G and PSEG-Long Island customer restorations and then assisted neighboring utilities with their restoration efforts. The diversity of PSEG’s generating fleet was also responsive to the extremes in weather that ranged from the near-zero temperatures experienced in January to the very mild weather in February.”

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