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PSEG logs increases in Q4, FY'20 operating EPS from SNL Energy Finance Daily PSEG logs increases in Q4, FY'20 operating EPSByline: Nephele Kirong Public Service Enterprise Group Inc. on Feb. 26 reported fourth-quarter 2020 operating earnings of $329 million, or 65 cents per share, up from $330 million, or 64 cents per share, in the prior-year period. The S&P Capital IQ normalized consensus EPS estimate for the 2020 fourth quarter was 64 cents. GAAP net income came in at $431 million, or 85 cents per share, down from $437 million, or 86 cents per share, in the comparable 2019 quarter. Operating revenues fell year over year to $2.40 billion from $2.48 billion, while operating income also dropped to $433 million from $507 million. On a full-year basis, PSEG posted operating earnings of $1.74 billion, or $3.43 per share, in 2020, up from $1.67 billion, or $3.28 per share, in 2019. The S&P Capital IQ normalized consensus EPS estimate for 2020 was $3.42. The company posted GAAP net income for 2020 of $1.91 billion, or $3.76 per share, down from $1.69 billion, or $3.33 per share, for 2019. Operating revenues totaled $9.60 billion in 2020, a drop from $10.08 billion in the prior year. Operating income improved to $2.27 billion from $1.94 billion a year ago. Looking forward, PSEG introduced full-year 2021 operating earnings guidance in the range of $3.35 per share to $3.55 per share. "[W]e expect that [Public Service Electric and Gas Co.] will represent 80-90% of PSEG's Operating Earnings, with a growing percentage of the remaining balance being zero-carbon, contracted generation. For [PSEG Power LLC], over 70% of its 2021 gross margin has been secured via energy hedges, capacity revenues established in prior auctions, Zero Emission Certificates and ancillary service payments," said Chairman, President and CEO Ralph Izzo. |
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