PSEG Posts Higher Q1 Profit and Reaffirms 2026 Outlook

Overview

• PSEG reported Tuesday first-quarter net income of $741 million, or $1.48 per share, and non-GAAP operating earnings of $1.55 per share.
• The results topped Zacks’ $1.47 earnings-per-share estimate, and revenue came in at $3.85 billion.
• Management kept its 2026 non-GAAP earnings forecast at $4.28 to $4.40 per share after a harsh winter that pushed gas send-out to its highest level since 2019, and it held an investor call at 11 a.m. ET.
• PSEG said its nuclear fleet supplied 8 terawatt-hours of carbon-free baseload power in the quarter, supporting grid reliability in New Jersey and the region.
• By segment, the regulated utility earned $577 million and the power and other businesses earned $164 million, with results driven by energy-efficiency work, gas system upgrades, winter gas demand and customer growth, partly offset by higher operating, depreciation and interest costs.