Public Service Enterprise Group ( NYSE: PEG ) -1.3% in Monday's trading, recovering from an early 4% drop, after reporting better than expected Q3 adjusted earnings and revenues but adjusted Q3 operating earnings fell to $30M, or $0.06/share, from $106M, or $0.21/share, from the year-ago quarter.
PSEG ( PEG ) said Q3 swung to a profit of $114M, or $0.22/share, from a loss of $1.56B, or $3.10/share, a year ago, which was due in part to a $2.18B pretax impairment loss on the divestiture of its fossil generating portfolio; operating revenues rose 19% Y/Y to $2.27B.
The company narrowed guidance for full-year adjusted earnings to $1.705B-$1.755B, or $3.40-$3.50/share, from its prior forecast of $1.68B-$1.78B, or $3.35-$3.55/share, and edged up its forecast for net income of its Public Service Electric and Gas unit to $1.55B-$1.58B from its prior forecast of $1.51B-$1.56B, reflecting strong transmission and distribution margin growth.
PSEG forecasts generation output of ~7 TWh for Q4 and has hedged 95%-100% of this production at an average price of $27/MWh; the utility revised its capital spending forecast to $3B for 2022, up from planned 2022 capex of $2.9B.
The company said it is reviewing options regarding the status of its 25% equity stake in the Ocean Wind 1 project in New Jersey.
PSEG's ( PEG ) stock price return shows a 14% YTD loss and a 12% decline during the past year .
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PSEG swings to Q3 profit; 'reviewing options' on Ocean Wind project