PSEG Affirms FY21 Operating Earnings Guidance - Quick Facts

(RTTNews) - At its 2021 Investor Conference on Monday, Public Service Enterprise Group, Inc. or PSEG (PEG) affirmed its adjusted operating earnings guidance for the full-year 2021 in a range of $3.50 to $3.65 per share.

The company also initiated adjusted operating earnings guidance for the full-year 2022 in the range of $3.30 to $3.60 per share.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.56 per share for fiscal 2021 and $3.49 per share for fiscal 2022. Analysts' estimates typically exclude special items.

Further, PSEG introduced long-term adjusted operating earnings growth rate of 5% to 7% to 2025, based upon the mid-point of the initiated guidance for fiscal 2022.

PSEG also announced that it is increasing the 2021 to 2025 Utility capital spending program by $1 billion, to a range of $14 billion to $16 billion, which will strengthen its rate base compound annual growth rate within the existing range of 6.5% to 8%.

Additionally, PSEG raised the indicative 2022 Common Stock Dividend by $0.12 per share, signaling an indicative 2022 dividend of $2.16 per share beginning in the first quarter of 2022, which is subject to approval by the Board of Directors.

The company also announced a $500 million share repurchase program upon close of Fossil sale, which is expected later this year or early in 2022.