PSEG: 2Q Earnings Snapshot
NEWARK, N.J. (AP) _ Public Service Enterprise Group Inc. (PEG) on Wednesday reported second-quarter profit of $269 million.
On a per-share basis, the Newark, New Jersey-based company said it had net income of 53 cents. Earnings, adjusted for non-recurring costs, were 64 cents per share.
The results surpassed Wall Street expectations. The average estimate of four 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 $2.02 billion in the period.
PSEG expects full-year earnings in the range of $3 to $3.20 per share.
PSEG shares have risen slightly since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 5 percent. The stock has climbed 15 percent in the last 12 months.