Public Service Enterprise Group (PSEG) announced an increase in revenue for the latest quarter and has upheld its guidance for the year following the completion of the sale of its offshore wind generation investment.
Improved Financial Performance
In the second quarter, PSEG reported a rise in net income to $591 million, or $1.18 per share, compared to $131 million, or 26 cents per share, in the same period last year. After excluding one-time items, earnings per share reached 70 cents, surpassing analysts' expectations of 63 cents.
Moreover, revenue surged to $2.42 billion from $2.08 billion in the prior year quarter, exceeding analyst estimates of $1.95 billion.
PSEG Power, responsible for operating nuclear-power plants and electricity-generation facilities, experienced a decline in revenue to $902 million, down from $1.69 billion compared to the same time last year.
CEO Ralph LaRossa expressed confidence in PSEG's performance, stating that the company has successfully recovered its investment in the offshore wind generation project, thereby eliminating significant project risk. PSEG anticipates achieving full-year adjusted earnings of $3.40 to $3.50 per share.