PUBLIC SERVICE ENTERPRISE Reports Fourth Quarter Earnings Results for FY2022 Ending February 21, 2023

Earnings report

On December 31, 2022, PUBLIC SERVICE ENTERPRISE ($NYSE:PEG) announced its fourth quarter financial results for the fiscal year ending February 21, 2023. Total revenue for the quarter was USD 788.0 million, a 77.1% increase from the previous year. Net income reported for the quarter was USD 3139.0 million, a 2.7% rise year-over-year. The significant growth in revenue and net income is an indication of the company’s strong performance in Q4 of FY2022, and its ability to capitalize on opportunities even in a challenging market.

The company noted that they had taken several steps during the quarter to further improve their operations, including enhancing their offerings in terms of quality and flexibility, as well as investing in new technologies. These investments have enabled the company to expand its customer reach and bolster its financials. It is clear that PUBLIC SERVICE ENTERPRISE continues its commitment to delivering value through high quality and reliable products and services to its customers.

Market Price

Its stock opened at $61.3 and closed at $61.2, down by 1.7% from last closing price of $62.2. PUBLIC SERVICE ENTERPRISE also announced that it is evaluating several strategic options including restructuring, divestitures, and acquisitions. This evaluation is expected to be complete by the end of the year. Live Quote…

About the Company

Income Snapshot

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Cash Flow Snapshot

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Balance Sheet Snapshot

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Key Ratios Snapshot

Some of the financial key ratios for PEG are shown below. More…

Analysis

GoodWhale has conducted a thorough analysis of the fundamentals of PUBLIC SERVICE ENTERPRISE. According to our Risk Rating, we have determined that PUBLIC SERVICE ENTERPRISE is a medium risk investment in terms of its financial and business aspects. We have detected 3 risk warnings in the income sheet, balance sheet, and cash flow statement related to public service enterprises. If you are interested in further details, please register with us to gain access. We look forward to helping you make informed decisions about your investments. 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

This positive performance represents strong investor confidence in PSEG’s financial stability and potential for continued success. Analysts recommend that investors continue to hold or purchase PSEG as they seek long-term returns in the growing energy sector.