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$1.18 Per Share Net Income $0.70 Per Share Non-GAAP Operating Earnings
Re-Affirms Full-Year 2023 Non-GAAP Operating EPS Guidance Range of $3.40 - $3.50
NEWARK, N.J., Aug. 1, 2023 /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) reported second quarter 2023 Net Income of $591 million, or $1.18 per share, compared to Net Income of $131 million, or $0.26 per share, for the second quarter 2022.
Non-GAAP Operating Earnings for the second quarter of 2023 were $351 million, or $0.70 per share, compared to non-GAAP Operating Earnings of $320 million, or $0.64 per share for the second quarter of 2022. Non-GAAP results for the second quarter of 2023 and 2022 exclude items shown in Attachments 8 and 9.
"PSEG's year-to-date financial results are on track, enabling us to re-affirm our full-year, 2023 non-GAAP Operating Earnings guidance of $3.40 to $3.50 per share," said Ralph LaRossa, PSEG's chair, president and CEO. "As anticipated, growth in regulated operations, the realization of higher average hedged prices and effective cost controls across the business are offsetting the known headwinds of higher interest rates and lower pension income. Electric and natural gas infrastructure, reliability and clean energy investments drive PSE&G's full-year 2023 capital spending budget of $3.5 billion – supporting both our rate base growth trajectory of 6% to 7.5% through 2027 – and our long-term, non-GAAP Operating Earnings growth rate of 5% to 7% over the same period."
LaRossa added, "We continue executing on PSEG's improved business mix and increasing predictability, while prioritizing the safety and reliability of our operations. During the second quarter, we completed the sale of PSEG's investment in offshore wind generation, recovering our investment in the project and eliminating large project risk, consistent with our continued drive toward a more predictable business profile. We have also made progress related to the pension plans. Having previously received a New JerseyBoard of Public Utilities (BPU) order that reduces prospective earnings variability, we recently executed an agreement for a pension "lift-out" that will further increase the predictability of financial results. This transaction covers approximately 2,000 retirees from PSEG Power & Other and will transfer approximately $1 billion of related obligations and associated plan assets to The Prudential Insurance Company of America, who will be solely responsible for all payments of related pension benefits due on and after December 31, 2023. The transaction will result in no changes to the amount of benefits payable to the retirees and have no material impact on PSEG's non-GAAP Operating Earnings in 2023."
The following tables provide a reconciliation of PSEG's Net Income to non-GAAP Operating Earnings for the second quarter. See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.
PSEG Consolidated (unaudited)Second Quarter Comparative Results | |||||
Income | Diluted Earnings Per Share | ||||
($ millions, except per share amounts) | 2023 | 2022 | 2023 | 2022 | |
Net Income | $591 | $131 | $1.18 | $0.26 | |
Reconciling Items | (240) | 189 | (0.48) | 0.38 | |
Non-GAAP Operating Earnings | $351 | $320 | $0.70 | $0.64 | |
Average Shares | 500 | 500 | |||
Results and Outlook by Operating Subsidiary
Public Service Electric and GasSecond Quarter Comparative Results | |||
($ millions, except per share amounts) | 2023 | 2022 | Change |
Net Income | $336 | $305 | $31 |
Net Income Per Share (EPS) | $0.67 | $0.61 | $0.06 |
Non-GAAP Operating Earnings | $341 | $305 | $36 |
Non-GAAP Operating EPS | $0.68 | $0.61 | $0.07 |
PSE&G's net Transmission margin improved in second quarter 2023 compared to the year-earlier quarter, reflecting continued investment. Growth in Distribution rate base, reflecting infrastructure investment roll-ins, as well as a benefit from the timing of taxes, were partly offset by lower pension income and other postretirement benefit (OPEB) credits and incremental depreciation and interest expense related to higher investment. The Conservation Incentive Program (CIP), continues to effectively offset the impact of volumetric changes in electric and gas sales due to variables such as energy efficiency savings, weather and general economic conditions.
PSE&G's forecast of non-GAAP Operating Earnings for 2023 is unchanged at $1,500 million - $1,525 million, which reflects lower pension income and OPEB credits compared to 2022, offset by the combined benefit of investments with recovery mechanisms, the predictability of utility margin from CIP, and the BPU pension accounting order for full-year 2023.
PSEG Power & Other Second Quarter Comparative Results | |||
($ millions, except per share amounts) | 2023 | 2022 | Change |
Net Income/(Loss) | $255 | $(174) | $429 |
Net Income/(Loss) Per Share (EPS) | $0.51 | $(0.35) | $0.86 |
Non-GAAP Operating Earnings | $10 | $15 | $(5) |
Non-GAAP Operating EPS | $0.02 | $0.03 | $(0.01) |
PSEG Power & Other results for the second quarter of 2023 reflect higher interest expense and lower pension income and OPEB credits, partly offset by a slight improvement in PSEG Power margins compared to the second quarter of 2022.
The full-year 2023 forecast for PSEG Power & Other non-GAAP Operating Earnings is unchanged at $200 million - $225 million. Upon completion of the pension "lift-out," we anticipate taking a one time, non-cash settlement charge in the range of $225 million to $260 million, net of tax, in the third quarter of 2023 related to the immediate recognition of unamortized net actuarial loss associated with the portion of the pension involved in the transaction. This charge is not expected to impact full-year 2023, non-GAAP Operating Earnings guidance for PSEG, PSE&G or PSEG Power & Other.
PSEG will host a conference call to review its second quarter 2023 results, earnings guidance, and other matters with the financial community at 11 a.m. ET today. You can register to access this event by visitinghttps://investor.pseg.com/investor-news-and-events.
About PSEG
Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company focused on a clean energy future. Guided by its Powering Progress vision, PSEG aims to power a future where people use less energy, and it's cleaner, safer and delivered more reliably than ever. PSEG's commitment to sustainability is demonstrated in our net-zero 2030 climate vision and participation in the U.N. Race to Zero, as well as our inclusion on the Dow Jones Sustainability North America Index and the list of America's most JUST Companies. PSEG's businesses include Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island (https://corporate.pseg.com).
Non-GAAP Financial Measures
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of gains (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items.
See Attachments 8 and 9 for a complete list of items excluded from Net Income/(Loss) in the determination of non-GAAP Operating Earnings. The presentation of non-GAAP Operating Earnings is intended to complement, and should not be considered an alternative to the presentation of Net Income/(Loss), which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this release may not be comparable to similarly titled measures used by other companies.
Due to the forward-looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure because comparable GAAP measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be required for such reconciliation. Namely, we are not able to reliably project without unreasonable effort MTM and NDT gains (losses), for future periods due to market volatility. These items are uncertain, depend on various factors, and may have a material impact on our future GAAP results.
Forward-Looking Statements
Certain of the matters discussed in this report about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:
All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.
The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com or by navigating to the Email Alerts webpage here. The information on https://investor.pseg.com and https://investor.pseg.com/resources/email-alerts/default.aspx is not incorporated herein and is not part of this press release or the Form 8-K to which it is an exhibit. |
CONTACTS: | |||
Media Relations | Investor Relations | ||
Marijke Shugrue | Carlotta Chan | ||
908-531-4253 | 973-430-6565 | ||
Attachment 1 | ||||||||||||
Public Service Enterprise Group Incorporated | ||||||||||||
Consolidating Statements of Operations | ||||||||||||
(Unaudited, $ millions, except per share data) | ||||||||||||
Three Months Ended June 30, 2023 | ||||||||||||
PSEG | Eliminations | PSE&G | PSEG Power & Other(a) | |||||||||
OPERATING REVENUES | $ 2,421 | $ (143) | $ 1,662 | $ 902 | ||||||||
OPERATING EXPENSES | ||||||||||||
Energy Costs | 604 | (143) | 551 | 196 | ||||||||
Operation and Maintenance | 744 | - | 429 | 315 | ||||||||
Depreciation and Amortization | 279 | - | 240 | 39 | ||||||||
Total Operating Expenses | 1,627 | (143) | 1,220 | 550 | ||||||||
OPERATING INCOME | 794 | - | 442 | 352 | ||||||||
Net Gains (Losses) on Trust Investments | 57 | - | - | 57 | ||||||||
Other Income (Deductions) | 49 | (1) | 23 | 27 | ||||||||
Net Non-Operating Pension and OPEB Credits (Costs) | 29 | - | 28 | 1 | ||||||||
Interest Expense | (185) | 1 | (123) | (63) | ||||||||
INCOME BEFORE INCOME TAXES | 744 | - | 370 | 374 | ||||||||
Income Tax Expense | (153) | - | (34) | (119) | ||||||||
NET INCOME | $ 591 | $ - | $ 336 | $ 255 | ||||||||
Reconciling Items Excluded from Net Income(b) | (240) | - | 5 | (245) | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 351 | $ - | $ 341 | $ 10 | ||||||||
Earnings Per Share | ||||||||||||
NET INCOME | $ 1.18 | $ - | $ 0.67 | $ 0.51 | ||||||||
Reconciling Items Excluded from Net Income(b) | (0.48) | - | 0.01 | (0.49) | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 0.70 | $ - | $ 0.68 | $ 0.02 | ||||||||
Three Months Ended June 30, 2022 | ||||||||||||
PSEG | Eliminations | PSE&G | PSEG Power & Other(a) | |||||||||
OPERATING REVENUES | $ 2,076 | $ (237) | $ 1,668 | $ 645 | ||||||||
OPERATING EXPENSES | ||||||||||||
Energy Costs | 765 | (237) | 630 | 372 | ||||||||
Operation and Maintenance | 751 | - | 434 | 317 | ||||||||
Depreciation and Amortization | 269 | - | 227 | 42 | ||||||||
Gains on Asset Dispositions and Impairments | (5) | - | - | (5) | ||||||||
Total Operating Expenses | 1,780 | (237) | 1,291 | 726 | ||||||||
OPERATING INCOME | 296 | - | 377 | (81) | ||||||||
Income from Equity Method Investments | 7 | - | - | 7 | ||||||||
Net Gains (Losses) on Trust Investments | (187) | - | (2) | (185) | ||||||||
Other Income (Deductions) | 38 | - | 22 | 16 | ||||||||
Net Non-Operating Pension and OPEB Credits (Costs) | 94 | - | 71 | 23 | ||||||||
Interest Expense | (150) | - | (107) | (43) | ||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 98 | - | 361 | (263) | ||||||||
Income Tax Benefit (Expense) | 33 | - | (56) | 89 | ||||||||
NET INCOME (LOSS) | $ 131 | $ - | $ 305 | $ (174) | ||||||||
Reconciling Items Excluded from Net Income (Loss)(b) | 189 | - | - | 189 | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 320 | $ - | $ 305 | $ 15 | ||||||||
Earnings Per Share | ||||||||||||
NET INCOME (LOSS) | $ 0.26 | $ - | $ 0.61 | $ (0.35) | ||||||||
Reconciling Items Excluded from Net Income (Loss)(b) | 0.38 | - | - | 0.38 | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 0.64 | $ - | $ 0.61 | $ 0.03 | ||||||||
(a) Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent. | |||||||||||
(b) See Attachments 8 and 9 for details of items excluded from Net Income (Loss) to compute Operating Earnings (non-GAAP). | |||||||||||
Attachment 2 | ||||||||||||
Public Service Enterprise Group Incorporated | ||||||||||||
Consolidating Statements of Operations | ||||||||||||
(Unaudited, $ millions, except per share data) | ||||||||||||
Six Months Ended June 30, 2023 | ||||||||||||
PSEG | Eliminations | PSE&G | PSEG Power & Other(a) | |||||||||
OPERATING REVENUES | $ 6,176 | $ (708) | $ 3,955 | $ 2,929 | ||||||||
OPERATING EXPENSES | ||||||||||||
Energy Costs | 1,686 | (708) | 1,535 | 859 | ||||||||
Operation and Maintenance | 1,487 | - | 889 | 598 | ||||||||
Depreciation and Amortization | 561 | - | 484 | 77 | ||||||||
Total Operating Expenses | 3,734 | (708) | 2,908 | 1,534 | ||||||||
OPERATING INCOME | 2,442 | - | 1,047 | 1,395 | ||||||||
Income from Equity Method Investments | 1 | - | - | 1 | ||||||||
Net Gains (Losses) on Trust Investments | 103 | - | - | 103 | ||||||||
Other Income (Deductions) | 91 | (2) | 44 | 49 | ||||||||
Net Non-Operating Pension and OPEB Credits (Costs) | 57 | - | 56 | 1 | ||||||||
Interest Expense | (365) | 2 | (236) | (131) | ||||||||
INCOME BEFORE INCOME TAXES | 2,329 | - | 911 | 1,418 | ||||||||
Income Tax Expense | (451) | - | (88) | (363) | ||||||||
NET INCOME | $ 1,878 | $ - | $ 823 | $ 1,055 | ||||||||
Reconciling Items Excluded from Net Income(b) | (832) | - | 10 | (842) | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 1,046 | $ - | $ 833 | $ 213 | ||||||||
Earnings Per Share | ||||||||||||
NET INCOME | $ 3.76 | $ - | $ 1.65 | $ 2.11 | ||||||||
Reconciling Items Excluded from Net Income (b) | (1.67) | - | 0.02 | (1.69) | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 2.09 | $ - | $ 1.67 | $ 0.42 | ||||||||
Six Months Ended June 30, 2022 | ||||||||||||
PSEG | Eliminations | PSE&G | PSEG Power & Other(a) | |||||||||
OPERATING REVENUES | $ 4,389 | $ (821) | $ 3,952 | $ 1,258 | ||||||||
OPERATING EXPENSES | ||||||||||||
Energy Costs | 2,010 | (821) | 1,598 | 1,233 | ||||||||
Operation and Maintenance | 1,545 | - | 897 | 648 | ||||||||
Depreciation and Amortization | 552 | - | 468 | 84 | ||||||||
Losses on Asset Dispositions and Impairments | 38 | - | - | 38 | ||||||||
Total Operating Expenses | 4,145 | (821) | 2,963 | 2,003 | ||||||||
OPERATING INCOME | 244 | - | 989 | (745) | ||||||||
Income from Equity Method Investments | 11 | - | - | 11 | ||||||||
Net Gains (Losses) on Trust Investments | (255) | - | (2) | (253) | ||||||||
Other Income (Deductions) | 43 | - | 41 | 2 | ||||||||
Net Non-Operating Pension and OPEB Credits (Costs) | 188 | - | 141 | 47 | ||||||||
Interest Expense | (287) | - | (210) | (77) | ||||||||
INCOME (LOSS) BEFORE INCOME TAXES | (56) | - | 959 | (1,015) | ||||||||
Income Tax Benefit (Expense) | 185 | - | (145) | 330 | ||||||||
NET INCOME (LOSS) | $ 129 | $ - | $ 814 | $ (685) | ||||||||
Reconciling Items Excluded from Net Income (Loss)(b) | 863 | - | - | 863 | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 992 | $ - | $ 814 | $ 178 | ||||||||
Earnings Per Share | ||||||||||||
NET INCOME (LOSS) | $ 0.26 | $ - | $ 1.62 | $ (1.36) | ||||||||
Reconciling Items Excluded from Net Income (Loss)(b) | 1.71 | - | - | 1.71 | ||||||||
OPERATING EARNINGS (non-GAAP) | $ 1.97 | $ - | $ 1.62 | $ 0.35 | ||||||||
(a) Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent. | ||||||||||
(b) See Attachments 8 and 9 for details of items excluded from Net Income (Loss) to compute Operating Earnings (non-GAAP). | ||||||||||
Attachment 3 | |||||||||
Public Service Enterprise Group Incorporated | |||||||||
Capitalization Schedule | |||||||||
(Unaudited, $ millions) | |||||||||
June 30, | December 31, | ||||||||
2023 | 2022 | ||||||||
DEBT | |||||||||
Commercial Paper and Loans | $ 1,197 | $ 2,200 | |||||||
Long-Term Debt* | 18,469 | 18,070 | |||||||
Total Debt | 19,666 | 20,270 | |||||||
STOCKHOLDERS' EQUITY | |||||||||
Common Stock | 5,054 | 5,065 | |||||||
Treasury Stock | (1,386) | (1,377) | |||||||
Retained Earnings | 11,900 | 10,591 | |||||||
Accumulated Other Comprehensive Loss | (515) | (550) | |||||||
Total Stockholders' Equity | 15,053 | 13,729 | |||||||
Total Capitalization | $ 34,719 | $ 33,999 | |||||||
*Includes current portion of Long-Term Debt |
Attachment 4 | |||
Public Service Enterprise Group IncorporatedCondensed Consolidated Statements of Cash Flows(Unaudited, $ millions) | |||
Six Months Ended June 30, | |||
2023 | 2022 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net Income | $ 1,878 | $ 129 | |
Adjustments to Reconcile Net Income to Net Cash Flows | |||
From Operating Activities | 531 | 227 | |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 2,409 | 356 | |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (1,119) | 531 | |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (1,204) | 496 | |
Net Change in Cash, Cash Equivalents and Restricted Cash | 86 | 1,383 | |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 511 | 863 | |
Cash, Cash Equivalents and Restricted Cash at End of Period | $ 597 | $ 2,246 | |
Attachment 5 | |||||||||
Public Service Electric & Gas Company Retail Sales(Unaudited)June 30, 2023 | |||||||||
Electric Sales | |||||||||
Three Months | Change vs. | Six Months | Change vs. | ||||||
Sales (millions kWh) | Ended | 2022 | Ended | 2022 | |||||
Residential | 2,811 | (11 %) | 5,753 | (10 %) | |||||
Commercial & Industrial | 5,914 | (5 %) | 12,366 | (3 %) | |||||
Other | 71 | (1 %) | 169 | (2 %) | |||||
Total | 8,796 | (7 %) | 18,288 | (5 %) | |||||
Gas Sold and Transported | |||||||||
Three Months | Change vs. | Six Months | Change vs. | ||||||
Sales (millions therms) | Ended | 2022 | Ended | 2022 | |||||
Firm Sales | |||||||||
Residential Sales | 184 | (12 %) | 806 | (15 %) | |||||
Commercial & Industrial | 152 | (11 %) | 568 | (15 %) | |||||
Total Firm Sales | 336 | (11 %) | 1,374 | (15 %) | |||||
Non-Firm Sales* | |||||||||
Commercial & Industrial | 192 | (19 %) | 334 | (16 %) | |||||
Total Non-Firm Sales | 192 | 334 | |||||||
Total Sales | 528 | (14 %) | 1,708 | (15 %) | |||||
*Contract Service Gas rate included in non-firm sales | |||||||||
Weather Data* | |||||||||
Three Months | Change vs. | Six Months | Change vs. | ||||||
Ended | 2022 | Ended | 2022 | ||||||
THI Hours - Actual | 2,954 | (34 %) | 2,954 | (35 %) | |||||
THI Hours - Normal | 4,161 | 4,180 | |||||||
Degree Days - Actual | 336 | (23 %) | 2,280 | (23 %) | |||||
Degree Days - Normal | 494 | 3,005 | |||||||
*Winter weather as defined by heating degree days (HDD) to serve as a measure for the need for heating. For each day, HDD is calculated as HDD = 65°F – theaverage hourly daily temperature. Summer weather is measured by the temperature-humidity index (THI), which takes into account both the temperature and thehumidity to measure the need for air conditioning. Both measures use data provided by the National Oceanic and Atmospheric Administration based on readingsfrom Newark Liberty International Airport. Comparisons to normal are based on twenty years of historic data. |
Attachment 6 | ||||||||
Nuclear Generation Measures(Unaudited) | ||||||||
GWh Breakdown | GWh Breakdown | |||||||
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Nuclear - NJ | 4,883 | 4,698 | 10,392 | 10,243 | ||||
Nuclear - PA | 2,855 | 2,820 | 5,741 | 5,714 | ||||
7,738 | 7,518 | 16,133 | 15,957 | |||||
% Generation | % Generation | |||||||
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Nuclear - NJ | 63 % | 62 % | 64 % | 64 % | ||||
Nuclear - PA | 37 % | 38 % | 36 % | 36 % | ||||
100 % | 100 % | 100 % | 100 % | |||||
Attachment 7 | |||||||||||
Public Service Enterprise Group IncorporatedStatistical Measures(Unaudited) | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||
Weighted Average Common Shares Outstanding (millions) | |||||||||||
Basic | 497 | 497 | 497 | 499 | |||||||
Diluted | 500 | 500 | 500 | 502 | |||||||
Stock Price at End of Period | $62.61 | $63.28 | |||||||||
Dividends Paid per Share of Common Stock | $0.57 | $0.54 | $1.14 | $1.08 | |||||||
Dividend Yield | 3.6 % | 3.4 % | |||||||||
Book Value per Common Share | $30.29 | $27.03 | |||||||||
Market Price as a Percent of Book Value | 207 % | 234 % | |||||||||
Attachment 8 | |||||||||||
Public Service Enterprise Group Incorporated | |||||||||||
Consolidated Operating Earnings (non-GAAP) Reconciliation | |||||||||||
Reconciling Items | Three Months Ended | Six Months Ended | |||||||||
June 30, | June 30, | ||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||
($ millions, Unaudited) | |||||||||||
Net Income | $ 591 | $ 131 | $ 1,878 | $ 129 | |||||||
(Gain) Loss on Nuclear Decommissioning Trust (NDT) | |||||||||||
Fund Related Activity, pre-tax | (58) | 185 | (100) | 257 | |||||||
(Gain) Loss on Mark-to-Market (MTM), pre-tax(a) | (296) | 104 | (1,068) | 949 | |||||||
Plant Retirements, Dispositions and Impairments, pre-tax(b) | - | (2) | - | 14 | |||||||
Exit Incentive Program (EIP), pre-tax | 9 | - | 20 | - | |||||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(c) | 105 | (98) | 316 | (357) | |||||||
Operating Earnings (non-GAAP) | $ 351 | $ 320 | $ 1,046 | $ 992 | |||||||
PSEG Fully Diluted Average Shares Outstanding (in millions) | 500 | 500 | 500 | 502 | |||||||
($ Per Share Impact - Diluted, Unaudited) | |||||||||||
Net Income | $ 1.18 | $ 0.26 | $ 3.76 | $ 0.26 | |||||||
(Gain) Loss on NDT Fund Related Activity, pre-tax | (0.12) | 0.37 | (0.20) | 0.51 | |||||||
(Gain) Loss on MTM, pre-tax(a) | (0.59) | 0.20 | (2.14) | 1.89 | |||||||
Plant Retirements, Dispositions and Impairments, pre-tax(b) | - | (0.01) | - | 0.02 | |||||||
EIP, pre-tax | 0.02 | - | 0.04 | - | |||||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(c) | 0.21 | (0.18) | 0.63 | (0.71) | |||||||
Operating Earnings (non-GAAP) | $ 0.70 | $ 0.64 | $ 2.09 | $ 1.97 | |||||||
(a) Includes the financial impact from positions with forward delivery months.(b) Six months ended June 30, 2022 includes the results for fossil generation sold in February 2022. (c) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds, and lease related activity. |
Attachment 9 | |||||||||||
PSE&G Operating Earnings (non-GAAP) Reconciliation | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||
Reconciling Items | June 30, | June 30, | |||||||||
2023 | 2022 | 2023 | 2022 | ||||||||
($ millions, Unaudited) | |||||||||||
Net Income | $ 336 | $ 305 | $ 823 | $ 814 | |||||||
EIP, pre-tax | 7 | - | 14 | - | |||||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items | (2) | - | (4) | - | |||||||
Operating Earnings (non-GAAP) | $ 341 | $ 305 | $ 833 | $ 814 | |||||||
PSEG Fully Diluted Average Shares Outstanding (in millions) | 500 | 500 | 500 | 502 | |||||||
PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||
Reconciling Items | June 30, | June 30, | |||||||||
2023 | 2022 | 2023 | 2022 | ||||||||
($ millions, Unaudited) | |||||||||||
Net Income (Loss) | $ 255 | $ (174) | $ 1,055 | $ (685) | |||||||
(Gain) Loss on NDT Fund Related Activity, pre-tax | (58) | 185 | (100) | 257 | |||||||
(Gain) Loss on MTM, pre-tax(a) | (296) | 104 | (1,068) | 949 | |||||||
Plant Retirements, Dispositions and Impairments, pre-tax(b) | - | (2) | - | 14 | |||||||
EIP, pre-tax | 2 | - | 6 | - | |||||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(c) | 107 | (98) | 320 | (357) | |||||||
Operating Earnings (non-GAAP) | $ 10 | $ 15 | $ 213 | $ 178 | |||||||
PSEG Fully Diluted Average Shares Outstanding (in millions) | 500 | 500 | 500 | 502 | |||||||
(a) Includes the financial impact from positions with forward delivery months. (b) Six months ended June 30, 2022 includes the results for fossil generation sold in February 2022. (c) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds, and lease related activity. |
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SOURCE PSEG
