NYSE$PEG
Public Service Enterprise Group Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
PSEG reported solid operating and financial results.
PSEG announced third quarter 2023 results, with a Net Income of $0.27 per share and Non-GAAP Operating Earnings of $0.85 per share. The company re-affirmed its full-year 2023 Non-GAAP Operating EPS guidance range of $3.40 - $3.50.
- PSEG posted solid operating and financial results for the third quarter.
- The company is on pace to achieve its guidance for full-year 2023 non-GAAP Operating Earnings of $3.40 to $3.50 per share.
- PSE&G invested approximately $1 billion in capital spending during the third quarter, bringing the year-to-date spend to $2.7 billion.
- The New Jersey Board of Public Utilities (BPU) approved a settlement to extend PSE&G’s Gas System Modernization Program II (GSMP) through 2025 for approximately $900 million.
Headline financials
Revenue & EPS history
PSEG · Revenue · Quarterly
$2.46B
Forward guidance
PSEG re-affirms full-year 2023 non-GAAP Operating EPS guidance range of $3.40 - $3.50. PSE&G’s forecast of non-GAAP Operating Earnings for 2023 is unchanged at $1,500 million - $1,525 million. The full-year 2023 forecast for PSEG Power & Other non-GAAP Operating Earnings is unchanged at $200 million - $225 million.
Tailwinds
- The company is on pace to achieve its guidance for full-year 2023 non-GAAP Operating Earnings.
- PSE&G benefited from growth in Transmission and Distribution margins resulting from continued investment in infrastructure replacement and clean energy programs.
- PSE&G benefited from lower operating and maintenance expense.
- The Conservation Incentive Program (CIP) continues to effectively offset the impact of volumetric changes in electric and gas sales.
- PSEG Power & Other results for the quarter reflect a continued improvement in energy margin from lower cost-to-serve hedges.
Headwinds
- PSE&G experienced lower pension income and other postretirement benefit (OPEB) credits.
- PSE&G experienced incremental depreciation and interest expense related to higher investment.
- PSEG Power & Other results were offset by a reduction in capacity revenues.
- PSEG Power & Other results were offset by lower pension income and OPEB credits.
- PSEG Power & Other results were offset by higher interest expense compared with third quarter 2022.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
-0.3%
Avg return
Earnings day
-0.5%
Avg return
5 days after
-0.2%
Avg return
30 days after
44%
32 / 72 earnings
Positive
+5.8%
Q4 2014
Best reaction
-7.9%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.9% | -4.1% | -4.0% | |
| Q4 2025 | -0.2% | -2.3% | -6.1% | |
| Q3 2025 | +0.7% | +3.4% | -0.0% | |
| Q2 2025 | -2.2% | -2.7% | -9.3% | |
| Q1 2025 | -2.1% | -4.0% | -0.7% | |
| Q4 2024 | -1.3% | -3.8% | -4.3% | |
| Q3 2024 | -4.0% | -1.7% | +5.1% | |
| Q1 2024 | +1.7% | +2.6% | +7.7% | |
| Q4 2023 | +1.4% | +2.5% | +9.7% | |
| Q3 2023 | +3.7% | +5.7% | +3.8% | |
| Q2 2023 | +0.0% | -4.0% | -3.2% | |
| Q1 2023 | +0.1% | +1.1% | -5.1% | |
| Q4 2022 | -2.3% | -1.7% | -8.8% | |
| Q3 2022 | -1.9% | +0.8% | +5.4% | |
| Q2 2022 | -0.5% | -1.4% | -1.3% | |
| Q1 2022 | +0.6% | +0.8% | -0.5% | |
| Q4 2021 | +2.0% | +1.4% | +7.5% | |
| Q3 2021 | -1.5% | -0.3% | -1.8% | |
| Q2 2021 | +0.7% | +1.6% | +2.9% | |
| Q1 2021 | -1.0% | +0.1% | -3.0% | |
| Q4 2020 | -1.4% | -3.0% | +6.1% | |
| Q3 2020 | -2.1% | -2.2% | -0.6% | |
| Q2 2020 | +4.0% | +4.2% | -0.4% | |
| Q1 2020 | +0.9% | -1.3% | +6.8% | |
| Q4 2019 | -7.9% | -6.4% | -22.5% | |
| Q3 2019 | -0.4% | -2.1% | -6.2% | |
| Q2 2019 | -3.6% | -4.1% | +1.3% | |
| Q1 2019 | +0.8% | +0.1% | -0.0% | |
| Q4 2018 | +2.6% | +3.9% | +3.6% | |
| Q3 2018 | -3.3% | -4.1% | -1.3% | |
| Q2 2018 | -0.7% | -0.3% | +1.5% | |
| Q1 2018 | +0.6% | +1.1% | +2.3% | |
| Q4 2017 | +2.3% | -1.5% | -2.6% | |
| Q3 2017 | -0.1% | +1.5% | +7.1% | |
| Q2 2017 | +1.4% | +2.2% | +6.7% | |
| Q1 2017 | -1.6% | -1.7% | +0.0% | |
| Q4 2016 | +3.1% | +2.4% | +2.0% | |
| Q3 2016 | +0.8% | -0.3% | +0.7% | |
| Q2 2016 | +0.7% | -0.6% | -5.8% | |
| Q1 2016 | -0.2% | — | — | |
| Q4 2015 | +2.3% | — | — | |
| Q3 2015 | -2.0% | — | — | |
| Q2 2015 | +0.9% | — | — | |
| Q1 2015 | +2.8% | — | — | |
| Q4 2014 | +5.8% | — | — | |
| Q3 2014 | +4.7% | — | — | |
| Q2 2014 | -5.1% | — | — | |
| Q1 2014 | -5.1% | — | — | |
| Q4 2013 | +4.6% | — | — | |
| Q3 2013 | -1.0% | — | — | |
| Q2 2013 | -1.3% | — | — | |
| Q1 2013 | +0.4% | — | — | |
| Q4 2012 | +2.8% | — | — | |
| Q3 2012 | -3.0% | — | — | |
| Q2 2012 | -4.1% | — | — | |
| Q1 2012 | +2.1% | — | — | |
| Q4 2011 | +0.7% | — | — | |
| Q3 2011 | -0.3% | — | — | |
| Q2 2011 | -6.1% | — | — | |
| Q1 2011 | -0.6% | — | — | |
| Q4 2010 | +1.5% | — | — | |
| Q3 2010 | -0.8% | — | — | |
| Q2 2010 | +1.3% | — | — | |
| Q1 2009 | -3.7% | — | — | |
| Q1 2010 | +2.3% | — | — | |
| Q4 2009 | -1.5% | — | — | |
| Q3 2008 | -2.9% | — | — | |
| Q3 2009 | -2.9% | — | — | |
| Q2 2009 | +0.0% | — | — | |
| Q4 2007 | +0.0% | — | — | |
| Q2 2008 | +0.0% | — | — | |
| Q4 2008 | +0.0% | — | — |
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