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PEG Announces 2014 Results
Last update: 20/02/2015 7:30:08 am
PSEG Announces 2014 Results
$2.99 NET INCOME PER SHARE
Operating Earnings of $2.76 Per Share Exceeds Guidance of $2.60 - $2.75 Per Share
Company Provides 2015 Guidance of $2.75 - $2.95 Per Share
PR Newswire
NEWARK, N.J., Feb. 20, 2015
NEWARK, N.J., Feb. 20, 2015 /PRNewswire/ -- Public Service Enterprise Group (PSEG) (NYSE: PEG) reported today 2014 Net Income of $1,518 million or $2.99 per share as compared to Net Income of $1,243 million, or $2.45 per share for 2013. Operating Earnings for the year 2014 were $1,400 million or $2.76 per share compared to 2013 Operating Earnings of $1,309 million or $2.58 per share.
PSEG also reported Net Income for the fourth quarter of 2014 of $476 million, or $0.94 per share. This compares to fourth quarter 2013 Net Income of $200 million, or $0.39 per share. Operating Earnings for the fourth quarter of 2014 were $247 million, or $0.49 per share compared to fourth quarter 2013 Operating Earnings of $248 million, or $0.49 per share.
"We are delighted with our results. Our strategy has transformed our business mix and resulted in continued growth in earnings. PSEG reported operating earnings for 2014 above the upper end of guidance," said Ralph Izzo, chairman, president and chief executive officer. "Our financial performance is a direct result from disciplined capital allocation. We are seeing the benefits of an expanded capital program contributing to double-digit earnings growth from our regulated company, PSE&G, which has grown to represent 52% of 2014's operating earnings while Power's successful management of its gas supply arrangements supported better than anticipated earnings. Our utility customers have benefited from improvements in reliability and our ability to pass along savings in gas costs. Our Board's recent decision to meaningfully increase the common dividend by 5.4% to the indicative annual level of $1.56 per share is an expression of confidence in our outlook, the continued growth of our utility and an acknowledgment of our strong financial position."
PSEG believes that the non-GAAP financial measure of "Operating Earnings" provides a consistent and comparable measure of performance of its businesses to help shareholders understand performance trends. Operating Earnings exclude the impact of gains/(losses) associated with Nuclear Decommissioning Trust (NDT) investments and Mark-To-Market (MTM) accounting as well as other material one-time items. The table below provides a reconciliation of PSEG's Net Income to Operating Earnings (a non-GAAP measure) for the full year and fourth quarter. See Attachment 12 for a complete list of items excluded from Net Income in the determination of Operating Earnings.
PSEG CONSOLIDATED EARNINGS (unaudited)
Full-Year Comparative Results
2014 and 2013
Income Diluted Earnings
($ millions) Per Share
2014 2013 2014 2013
Operating Earnings $1,400 $1,309 $2.76 $2.58
Reconciling Items 118 (66) 0.23 (0.13)
------ ----------- -------- --------
Net Income $1,518 $1,243 $2.99 $2.45
------ ----------- -------- --------
Avg. Shares 508M 508M
PSEG CONSOLIDATED EARNINGS (unaudited)
Fourth Quarter Comparative Results
2014 and 2013
Income Diluted Earnings
($ millions) Per Share
2014 2013 2014 2013
Operating Earnings $247 $248 $0.49 $0.49
Reconciling Items 229 (48) 0.45 (0.10)
------ ----------- -------- --------
Net Income $476 $200 $0.94 $0.39
------ ----------- -------- --------
Avg. Shares 508M 508M
"Our core strategy -- focused on operational excellence, financial strength and disciplined investment -- is expected to yield a third year of growth in operating earnings over the coming year." Izzo continued, "For 2015, we are initiating Operating Earnings guidance of $2.75 - $2.95 per share. The hard work and dedication of the men and women of PSEG have been a major factor in our success and provide me with confidence in our ability to achieve our goals."
The following table outlines PSEG's 2014 operating earnings by subsidiary and expectations for 2015.
2015 Guidance and 2014 Operating Earnings
($ millions, except EPS)
-------------------------------------------- ------
2015E 2014A
------------------------- ------------------ ------
PSE&G $735 - $775 $725
------------------------- ------------------ ------
PSEG Power $620 - $680 $642
------------------------- ------------------ ------
PSEG Enterprise/
Other $40 - $45 $33
------------------------- ------------------ ------
Operating Earnings $1,395 - $1,500 $1,400
------------------------- ------------------ ------
Earnings Per Share $2.75 - $2.95 $2.76
------------------------- ------------------ ------
E = Estimate
Operating Earnings Review and Outlook by Operating Subsidiary
See Attachments 6 and 7 for detail regarding the quarter-over-quarter and year-over-year earnings reconciliations for each of PSEG's businesses.
PSE&G
PSE&G reported operating earnings of $160 million ($0.32 per share) for the fourth quarter bringing full year operating earnings to $725 million ($1.43 per share). On a comparative basis, PSE&G reported operating earnings of $144 million ($0.29 per share) and $612 million ($1.21 per share) for the fourth quarter and full year 2013, respectively.
PSE&G's earnings in the fourth quarter benefited from a reduction in operating expenses and a return on its expanded infrastructure capital program which more than offset the impact of mild weather on sales. PSE&G's successful management of its investment program allowed it to earn its authorized return for the full year as it maintained its focus on satisfying the needs of customers.
PSE&G's investment in transmission infrastructure increased quarter-over-quarter earnings by $0.02 per share. The transmission earnings improvement in the fourth quarter was less than the increase experienced during the first three quarters of the year, and reflects the impact on rate base from an expansion of bonus depreciation at the end of the year. Tight control of operating expenses and lower pension costs together resulted in a quarter-over-quarter increase in earnings of $0.04 per share. A continued improvement in gas volume and demand -- which improved quarter-over-quarter earnings by $0.01 per share -- was offset by a similar decline in electric volume and demand. Weather, which was mild relative to conditions experienced in the prior year, reduced earnings comparisons by $0.01 per share. Earnings were reduced by $0.02 per share due to the absence of a tax-related change which benefited earnings in the prior year's fourth quarter.
Economic conditions continue to exhibit signs of improvement in the service area. On a weather-normalized basis, gas deliveries are estimated to have increased 1% in the quarter and 3.1% for the year. Demand continues to benefit not only from the improvement in the economy and but also from lower commodity prices. On a weather-normalized basis, electric sales are estimated to have declined by 2.3% in the fourth quarter and increased by 0.3% for the year. The decline in the quarter is impacted by a number of winter storms at the end of 2013 that increased residential consumption, and decreases in demand this quarter from large customers. The increase for the year is indicative of improving economic conditions partially offset by continued customer conservation.
PSE&G announced that it would provide its residential gas customers with a credit against their bill for the months of February and March. The credit is an extension of the bill credits PSE&G provided its residential customers for gas usage in November, December and January. With these credits, a typical residential customer would experience savings on their bill over the five months of approximately $210, or about 31%.
An increase in revenue of $182 million under PSE&G's transmission formula rate went into effect on January 1, 2015. The increase in revenue will provide PSE&G with recovery of and a return on its forecast of transmission related capital expenditures through the year. Each year, transmission revenues are adjusted to reflect an update of data that was estimated in the formula rate filing. The adjustment for 2015 will include the impact of the extension of bonus depreciation, which was enacted after the formula rate filing was made, and is estimated to reduce our 2015 revenue increase as filed by approximately $21 million. PSE&G's investment in transmission grew to $4.5 billion at the end of 2014 to represent 39% of the company's consolidated rate base of $11.4 billion.
PSE&G's operating earnings for 2015 are forecast at $735 million - $775 million. Operating earnings will be influenced by an increase in transmission revenues and construction activity associated with the Energy Strong capital program approved in 2014.
PSEG Power
PSEG Power reported operating earnings of $91 million ($0.18 per share) for the fourth quarter of 2014, bringing full year operating earnings to $642 million ($1.27 per share). On a comparative basis, PSEG Power reported operating earnings of $115 million ($0.23 per share) and $710 million ($1.40 per share) for the fourth quarter and full year 2013, respectively.
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February 20, 2015 07:30 ET (12:30 GMT)
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10 년 전
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$PEG recent news/filings
## source: finance.yahoo.com
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[PR Newswire] - NEWARK, N.J., Dec. 22, 2014 /PRNewswire/ -- PSEG Solar Source announced today that it will acquire a 12.9 megawatt (MWdc) solar energy facility near Waldorf, MD from juwi solar (JSI). The project was originally developed by JSI and has a 20-year power purchase agreement with Southern Maryland Electric Cooperative (SMECO). The facility, to be called the PSEG Waldorf Solar Energy Center, is located 22 miles Southeast of Washington, DC.
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Tue, 25 Nov 2014 19:00:00 GMT ~ PSE&G prepares for wintry weather
[PR Newswire] - NEWARK, N.J., Nov. 25, 2014 /PRNewswire/ -- Public Service Electric and Gas Company (PSE&G), New Jersey's largest electric and gas utility, is preparing for the approaching winter storm system expected to hit the region tomorrow morning through Thanksgiving morning, bringing with it the potential for rain changing to heavy, wet snow. In anticipation of the storm, PSE&G is ensuring that all available personnel are ready to respond beginning tomorrow morning. The utility is also arranging for additional tree crews to assist PSE&G's own skilled workforce, and ensuring that additional supplies including poles and transformers are on hand. While snow usually isn't an issue for utilities, the possibility of a wet snow can increase the likelihood of downed tree limbs and wires, which causes power outages.
read full: http://finance.yahoo.com/news/pse-g-prepares-wintry-weather-190000690.html
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$PEG charts
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$PEG company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/PEG/company-info
Ticker: $PEG
OTC Market Place: Not Available
CIK code: 0000788784
Company name: Public Service Enterprise Group, Inc.
Company website: http://www.pseg.com
Incorporated In: NJ, USA
$PEG share structure
## source: otcmarkets.com
Market Value: $21,609,550,191 a/o Dec 24, 2014
Shares Outstanding: 505,959,967 a/o Oct 15, 2014
Float: Not Available
Authorized Shares: Not Available
Par Value: No Par Value
$PEG extra dd links
Company name: Public Service Enterprise Group, Inc.
Company website: http://www.pseg.com
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/PEG/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/PEG/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=PEG+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=PEG+Profile
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## COMPANY NEWS ##
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Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/PEG/news - http://finance.yahoo.com/q/h?s=PEG+Headlines
## STOCK ANALYSIS ##
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Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/PEG/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/PEG/stock-report
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Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/PEG/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/PEG/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=PEG+Basic+Tech.+Analysis
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Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Public+Service+Enterprise+Group%2C+Inc.&x=0&y=0
WHOIS (domaintools.com): http://whois.domaintools.com/http://www.pseg.com
Alexa (alexa.com): http://www.alexa.com/siteinfo/http://www.pseg.com#
Corporate website internet archive (archive.org): http://web.archive.org/web/*/http://www.pseg.com
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/PEG/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/PEG
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Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=PEG+Key+Statistics
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Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=PEG
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=PEG
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=PEG+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/PEG/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=PEG+Insider+Transactions
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## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
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Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=PEG
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