PSEG Powers Ahead: Record-Breaking Earnings and a Bright Future

PSEG Powers Ahead: Record-Breaking Earnings and a Bright Future


PSEG, one of the leading energy companies in the US, has just released its quarterly earnings report, and it's a story of success. The company reported net income of $0.57 per share for the fourth quarter of 2024 and a staggering $3.54 per share for the full year.

But that's not all - PSEG also achieved non-GAAP operating earnings of $0.84 per share for the fourth quarter and an impressive $3.68 per share for the full year, which is at the top of their 2024 guidance range. This marks the 20th consecutive year that the company has met or exceeded management's non-GAAP operating earnings guidance to investors.

The company's CEO, Ralph LaRossa, was beaming with pride as he highlighted PSEG's achievements during the conference call. "We are proud of this track record and confident that our team will continue to build on it," he said. And indeed they have, with a string of successes that includes settling PSE&G's first electric and gas distribution rate case in 6 years, receiving approval for a $2.9 billion investment in its Clean Energy Future program, and efficiently executing the utilities planned $3.6 billion capital spending program.

But what really sets PSEG apart is its commitment to customer satisfaction. The company was recently named #1 in customer satisfaction with residential electric and gas service in the East among large utilities by J.D. Power, a testament to their dedication to delivering reliable and affordable energy to their customers. And it's not just talk - they've also implemented new deferral mechanisms for pension and storm expense, which increases predictability of future financial results and stabilizes rates for customers.

So what can we expect from PSEG in the coming year? The company has initiated non-GAAP operating earnings guidance at $3.94 to $4.06 per share for 2025, a 9% increase over their 2024 reported results. With a strong track record and a bright future ahead, it's clear that PSEG is a force to be reckoned with in the energy industry.

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By Aisha Goldstein