PSEG(US:PEG)2025-11-03 14:03Financial Performance - PSEG reported a net income of $622 million for Q3 2025, up from $520 million in Q3 2024, resulting in earnings per share of $1.24 compared to $1.04 in the prior year[3]. - Non-GAAP operating earnings for Q3 2025 were $565 million, an increase from $448 million in Q3 2024, translating to $1.13 per share versus $0.90 per share in the previous year[3]. - For the first nine months of 2025, net income reached $1.796 billion, up from $1.486 billion in the same period of 2024, with earnings per share increasing from $2.97 to $3.59[5]. - Operating revenues for the three months ended September 30, 2025, increased to $3,226 million, up from $2,642 million in the same period of 2024, representing a growth of 22%[27]. - Net income for the three months ended September 30, 2025, was $622 million, compared to $520 million for the same period in 2024, reflecting a 20% increase[27]. - Operating earnings (non-GAAP) for the three months ended September 30, 2025, were $565 million, up from $448 million in the prior year, marking a 26% increase[27]. - For the nine months ended September 30, 2025, operating revenues reached $9,253 million, a 18% increase from $7,825 million in the same period of 2024[30]. - The company reported a net income of $1,796 million for the nine months ended September 30, 2025, compared to $1,486 million in the same period of 2024, indicating a 22% increase[35]. - The diluted earnings per share for the three months ended September 30, 2025, was $1.24, compared to $1.04 in 2024, reflecting a 19.2% increase[47]. - For the nine months ended September 30, 2025, net income reached $1.796 billion, a 20.9% increase from $1.486 billion in 2024[47]. Guidance and Outlook - The company narrowed its 2025 non-GAAP operating earnings guidance to a range of $4.00 to $4.06 per share, up from the previous range of $3.94 to $4.06[6]. - The company reaffirmed a five-year non-GAAP operating earnings growth outlook of 5% to 7% through 2029, supported by a capital investment program of $22.5 billion to $26 billion[9]. Capital Expenditures and Investments - Regulated investment for Q3 2025 was approximately $1 billion, contributing to a total of $2.7 billion over the first nine months, as part of a planned $3.8 billion capital spending program[6]. - The Long Island Power Authority approved a five-year contract extension for PSEG Long Island as the operations service provider through 2030[12]. Operational Metrics - PSEG's nuclear operations supplied 7.9 TWh of carbon-free energy in Q3 2025, enhancing financial flexibility for regulated investments[12]. - Total operating expenses for the three months ended September 30, 2025, were $2,371 million, compared to $2,001 million in the same period of 2024, an increase of 19%[27]. - Total debt as of September 30, 2025, was $23,370 million, up from $22,707 million at the end of 2024, reflecting an increase of 3%[33]. - Cash provided by operating activities for the nine months ended September 30, 2025, was $2,577 million, compared to $1,766 million in the same period of 2024, a significant increase of 46%[35]. - Electric sales for the three months ended September 30, 2025, totaled 11,804 million kWh, a decrease of 1% compared to the same period in 2024[37]. - Total firm gas sales for the three months ended September 30, 2025, were 195 million therms, a 4% increase compared to the same period in 2024[39]. Shareholder Returns - The company paid dividends of $0.63 per share in Q3 2025, up from $0.60 in Q3 2024, resulting in a dividend yield of 3.0%[45]. - The stock price at the end of the period was $83.46, down from $89.21 in the previous year[45]. - The book value per common share increased to $34.10 in 2025 from $32.33 in 2024[45]. - The market price as a percent of book value was 245% in 2025, down from 276% in 2024[45]. Challenges and Issues - The company is actively collaborating with stakeholders to address a growing generation supply-demand imbalance in the mid-Atlantic region, which has led to nearly a 20% increase in summer electric bills[8]. - The company reported a loss of $70 million related to nuclear decommissioning trust fund activities for the three months ended September 30, 2025[50]. - Operating earnings for PSEG Power were $50 million for Q3 2025, down from $69 million in Q3 2024[50].