Public Service Enterprise Group Q1 Profit Falls

(RTTNews) - Public Service Enterprise Group (PEG) Friday reported a sharp fall in first quarter profit to $114 million or $0.22 per share from $471 million or $0.93 per share a year ago. On an adjusted basis, earnings were $466 million or $0.92 per share. The company noted that accelerated depreciation associated with the early retirement of the Hudson and Mercer coal-gas generating stations and a reserve for the impairment of leveraged leases had an impact on the results.

On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.86 per share. Analysts estimates usually exclude special items.

Operating revenue for the quarter declined to $2.592 billion from $2.616 billion in the prior year. Wall Street expected revenue of $2.59 billion.

On a segmental basis, PSE&G recorded an increase in net income to $299 million, while PSEG Power posted a net loss of $170 million compared to profit of $192 million a year ago.