PSEG: 2Q Earnings Snapshot
NEWARK, N.J. (AP) _ Public Service Enterprise Group Inc. (PEG) on Tuesday reported second-quarter earnings of $153 million.
The Newark, New Jersey-based company said it had profit of 30 cents per share. Earnings, adjusted for non-recurring costs, came to 58 cents per share.
The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 62 cents per share.
The parent company of PSEG Power and Public Service Electric & Gas Co. posted revenue of $2.32 billion in the period.
PSEG expects full-year earnings in the range of $3.15 to $3.35 per share.
PSEG shares have risen 14% since the beginning of the year, while the Standard & Poor’s 500 index has increased 21%. The stock has risen 15% in the last 12 months.