PSEG Beats Q2 Profit Estimates on Utility Strength, Adjusted EPS $0.86 vs. $0.80
PEG is trading near its 52-week low of $76.004 (0.9% above the low).
Summary
PSEG's Q2 adjusted EPS of $0.86 beat the $0.80 consensus, driven by its regulated utility PSE&G, where earnings rose to $342M from $332M. The power generation segment swung to an $8M loss from a $253M profit a year ago, pressured by higher interest costs. Electricity sales rose 2%, but gas volumes dropped 23%. This follows an earlier report that highlighted the GAAP EPS decline and revenue miss; the new details show the utility's core strength offsetting generation weakness. The beat and stable utility performance may support the stock near its 52-week low.
At the time of this announcement, PEG was trading at $76.68 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $38.2B. The 52-week trading range was $76.00 to $91.26. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.