Public Service Enterprise Group reported an EPS of $0.84, beating the estimated $0.82 and the Zacks Consensus Estimate of $0.83.
The company achieved a revenue of approximately $2.47 billion, surpassing the estimated $2.03 billion and the Zacks Consensus Estimate by 6.56%.
PSEG has increased its five-year capital spending plan to a range of $22.5 billion to $26 billion, aiming to address the rising demand for power driven by Big Tech’s investment in AI technologies.
Public Service Enterprise Group (NYSE: PEG) is a prominent U.S. electric and gas utility company. It operates in the Zacks Utility – Electric Power industry, providing essential services to millions of customers. PSEG competes with other major utility companies, striving to meet the growing energy demands driven by technological advancements, particularly in artificial intelligence and cloud computing.
On February 25, 2025, PSEG reported earnings per share (EPS) of $0.84, surpassing the estimated $0.82. This performance also exceeded the Zacks Consensus Estimate of $0.83, marking a significant improvement from the $0.54 EPS reported in the same quarter last year. The earnings surprise for this quarter was 1.20%, showcasing PSEG’s ability to outperform expectations.
PSEG achieved a revenue of approximately $2.47 billion, exceeding the estimated $2.03 billion. This revenue also surpassed the Zacks Consensus Estimate by 6.56%. However, it represents a decrease from the $2.61 billion reported in the same period the previous year. Despite this decline, PSEG has consistently topped consensus revenue estimates over the past four quarters.
The company has projected a higher profit for 2025 compared to the previous year, with non-GAAP operating earnings guidance between $3.94 and $4.06 per share. This represents an approximate 9% increase over the 2024 results. PSEG plans to extend its 5% to 7% non-GAAP operating earnings compound annual growth rate (CAGR) from 2025 to 2029.
PSEG has increased its five-year capital spending plan to a range of $22.5 billion to $26 billion, an increase of $3.5 billion from the previous plan. This investment aims to address the rising demand for power, driven by Big Tech’s investment in AI technologies. The company targets a PSE&G rate base CAGR of 6% to 7.5% for the same period, based on a year-end 2024 balance that is approximately 12% higher.
