PSEG Q2 Profit Plunges 43% on Revenue Drop, Guides FY EPS $4.28-$4.40
PEG is trading near its 52-week low of $76.004 (0.9% above the low).
Summary
PSEG's Q2 GAAP EPS fell 43% to $0.67 from $1.17 a year ago, missing on a sharp revenue decline of 8.9% to $2.55B. Adjusted EPS of $0.86 also reflects significant pressure. The company set full-year EPS guidance at $4.28-$4.40, which will be closely scrutinized against consensus. With the stock already trading near its 52-week low, this earnings miss and soft guide could trigger further downside as traders reassess the utility's near-term earnings power.
Updates
· Reuters — PSE&G utility earnings rose to $342M from $332M, while power generation swung to an $8M loss from a $253M profit. Electricity sales rose 2%, gas volumes dropped 23%.
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 negative market sentiment and an importance score of 8 out of 10. Source: dpa-AFX.