Public Service Enterprise Narrows FY23 Operating Earnings View - Update

(RTTNews) - Public Service Enterprise Group, Inc. or PSEG (PEG), while reporting higher fourth-quarter earnings, on Tuesday narrowed its fiscal 2023 forecast for operating earnings.

For the year, the company now expects adjusted operating earnings of $1.70 billion to $1.75 billion, compared to previous estimate of $1.675 billion to $1.775 billion. In fiscal 2022, adjusted operating earnings were $1.739 billion.

Further, PSEG expects adjusted operating earnings per share in the range of $3.40 to $3.50, compared to previously expected $3.35 to $3.55. In the last year, adjusted operating earnings were $3.47 per share.

On average, 18 analysts polled by Thomson Reuters expect earnings of $3.45 per share for the year. Analysts' estimates typically exclude special items.

Further ahead, the company affirmed its long-term outlook for compound annual earnings growth rate of 5 percent to 7 percent through 2027.

PSEG further announced plans to invest over $3.4 billion in its capital programs in 2023. The utility's 2023-2027 planned capital investment program is $15.5 billion to $18 billion, which is expected to produce 6 percent to 7.5 percent compound annual growth in PSE&G's rate base over the five-year period.