Non-GAAP Operating Earnings of $1.08 Per Share
Re-Affirms Non-GAAP Operating Earnings Guidance $3.15 - $3.35 Per Share


Thursday, May 2, 2019 7:41 am EDT



Public Service Enterprise Group (NYSE: PEG) reported today Net Income for the first quarter of 2019 of $700 million, or $1.38 per share as compared to Net Income of $558 million, or $1.10 per share, in the first quarter of 2018. Non-GAAP Operating Earnings for the first quarter of 2019 were $547 million, or $1.08 per share, compared to non-GAAP Operating Earnings for the first quarter of 2018 of $492 million, or $0.97 per share. Non-GAAP results for the first quarter exclude items such as the recognition of net unrealized gains on Nuclear Decommissioning Trust (NDT) equity securities, and Mark to Market (MTM) gains.

Ralph Izzo, chairman, president and chief executive officer commented that “we delivered a solid quarter to begin the year, reflecting the benefits of our continued investments to enhance New Jersey energy infrastructure and a full quarter inclusive of PSE&G’s 2018 distribution rate case settlement. This year, earnings from PSE&G are expected to contribute approximately 75% of total forecast operating earnings, as we continue to execute on our $12-$17 billion capital investment programs. The addition of the Keys and Sewaren generating stations has added to Power’s increasingly efficient and clean fleet, which continues to reliably supply the market with flexible, dispatchable generation.”

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