Core Insights - Public Service Enterprise Group Incorporated (PSEG) reported a decline in adjusted earnings per share to 63 cents, missing the Zacks Consensus Estimate by 1.6% and reflecting a 10% decrease from the previous year [4] - The company's operating income fell to $582 million, a 26.7% year-over-year decline, while total revenues increased slightly to $2.42 billion, surpassing estimates by 18.7% [2][6] - Higher operational and maintenance costs, along with increased depreciation and interest expenses, contributed to the deterioration in the bottom line [5] Sales Volume - Residential electric sales volumes reached 3,369 million kilowatt-hours, marking a 20% increase year-over-year, while commercial and industrial sales volumes improved by 8% to 6,377 million kilowatt-hours [1] - Other sales remained flat at 71 million kilowatt-hours compared to the previous year [8] Financial Update - Long-term debt as of June 30, 2024, was $20.52 billion, up from $19.28 billion at the end of 2023 [9] - Interest expenses rose to $218 million, reflecting a 17.8% increase year-over-year [3] Segmental Performance - PSEG's PSE&G segment reported net income of $302 million, down from $336 million in the same quarter of 2023 [17] - Adjusted operating income for PSEG Power & Other was $11 million, slightly up from $10 million in the prior-year quarter [17] 2024 Guidance - PSEG reaffirmed its full-year guidance, expecting adjusted earnings in the range of $3.60-$3.70 per share, with the Zacks Consensus Estimate at $3.68 per share [18]
PSEG (PEG) Q2 Earnings Miss Estimates, Revenues Rise Y/Y