Public Service Enterprise Group Inc.'s (PEG) fourth-quarter
earnings rose 28% amid mark-to-market impacts though the electric
and gas utility was again hit by lower energy prices.
Continued weakness in power prices and ongoing uncertainty over
environmental regulations has weighed on New Jersey-based PSEG in
recent quarters.
PSEG reported a profit of $360 million, or 71 cents a share, up
from $282 million, or 56 cents a share, a year earlier. Excluding
mark-to-market impacts, a prior-year loss at discontinued
operations and other items, operating earnings were down at 47
cents from 60 cents. Analysts polled by Thomson Reuters most
recently projected earnings of 48 cents.
PSEG Power, the company's largest unit by earnings, reported
that operating earnings fell 36% amid a decline in realized energy
and capacity prices.
For the year, the company projected per-share earnings of $2.25
to $2.50. Analysts polled by Thomson Reuters recently expected
$2.43 cents.
Shares closed Wednesday at $30.96 and were inactive premarket.
The stock is down 6.2% this year.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
Tess.Stynes@dowjones.com