PUBLIC SERVICE ENTERPRISE Reports Earnings Results for FY2023 Q2
August 8, 2023
🌥️Earnings Overview
On August 1 2023, PUBLIC SERVICE ENTERPRISE ($NYSE:PEG) reported their FY2023 Q2 earnings results for the period ending June 30 2023. For this quarter, total revenue saw a 16.6% year-over-year increase to USD 2421.0 million, while net income was USD 591.0 million, a marked improvement from the USD 131.0 million reported for the same time period in the previous year.
Market Price
The stock opened at $64.2 and closed at $63.2, which was a 0.1% increase from the prior closing price of 63.1. The market welcomed the result and accepted the news positively. The results of the second quarter showed strong performance for PUBLIC SERVICE ENTERPRISE, with an increase in revenue and profitability. This is a great result and shows the continued success of the company. This reward to shareholders reflects the company’s commitment to providing value to its shareholders.
The dividend payout was well-received and appreciated by the stockholders. Overall, the second quarter earnings report was a success for PUBLIC SERVICE ENTERPRISE. The company reported excellent figures on both revenue and net income, as well as a generous dividend payout to its stockholders. With such strong results, the company looks set to continue its success in the remaining quarters of the fiscal year. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for PEG. More…
| Total Revenues | Net Income | Net Margin |
| 11.59k | 2.78k | 23.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for PEG. More…
| Operations | Investing | Financing |
| 3.56k | -2.75k | -2.45k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for PEG. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 49.51k | 34.45k | 30.17 |
Key Ratios Snapshot
Some of the financial key ratios for PEG are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 6.4% | 18.7% | 34.8% |
| FCF Margin | ROE | ROA |
| 4.4% | 16.9% | 5.1% |
Analysis
At GoodWhale, we have conducted an analysis of the fundamentals of PUBLIC SERVICE ENTERPRISE. Our Star Chart showed that PUBLIC SERVICE ENTERPRISE is strong in dividend and medium in asset, growth, and profitability. With an intermediate health score of 6/10 with regard to its cashflows and debt, PUBLIC SERVICE ENTERPRISE is likely able to safely ride out any crisis without the risk of bankruptcy. Based on our findings, we have classified PUBLIC SERVICE ENTERPRISE as a ‘cheetah’ company. This means that they have achieved high revenue or earnings growth but are considered less stable due to lower profitability. This type of company may be of interest to value investors who are looking for a long-term hold, as well as to aggressive investors who are willing to take on more risk for a potentially higher reward. More…
Peers
As of 2018, the top four competitors of Public Service Enterprise Group Inc (PSEG) are Exelon Corp, South Jersey Industries Inc, Consolidated Edison Inc, and National Grid plc. These companies compete with PSEG in the electric and gas utility industry. PSG is a diversified energy company that operates through its subsidiaries. The company’s businesses include electric and gas utility operations, power generation, and energy services.
– Exelon Corp ($NASDAQ:EXC)
Exelon Corporation is an American energy company headquartered in the Chase Tower in the Chicago Loop area of Chicago, Illinois, United States, and incorporated in Pennsylvania. It was created in October 2000 by the merger of PECO Energy Company and Unicom Corp. Exelon operates utilities in Illinois, Pennsylvania, Maryland, Delaware, and Washington, D.C.
– South Jersey Industries Inc ($NYSE:SJI)
South Jersey Industries Inc is a diversified energy services holding company with subsidiaries engaged in the production, transmission, storage and distribution of natural gas and electricity, as well as providing energy services. As of 2022, the company had a market cap of 4.2 billion and a return on equity of 9.62%. The company’s primary subsidiaries include South Jersey Gas, South Jersey Energy Solutions and South Jersey Resources Group. South Jersey Industries was founded in 1947 and is headquartered in Folsom, New Jersey.
– Consolidated Edison Inc ($NYSE:ED)
Consolidated Edison, Inc. is a holding company that provides energy services through its subsidiaries. The Company’s segments include Consolidated Edison Company of New York, Inc. (CECONY), which consists of Consolidated Edison Company of New York, Inc. and Orange and Rockland Utilities, Inc. (O&R); Consolidated Edison Solutions, Inc. (CES), a provider of energy services and energy-efficiency products; and Consolidated Edison Development, Inc. (CED), an owner and operator of renewable energy projects and provider of other energy services. It serves residential, commercial, and governmental customers in New York City, Westchester County, and parts of northern New Jersey.
Summary
Public Service Enterprise Group’s second quarter financial performance in FY2023 showed strong growth in both revenue and net income. Total revenue increased 16.6% year over year to USD 2421.0 million, and net income was USD 591.0 million, up from 131.0 million the same period a year prior. This indicates that PSEG’s investments in the areas of energy production and delivery is bearing fruit. Investors should watch the company’s future performance closely to assess the potential for further gains.
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