Community Corner
PSEG Announces Higher Third-Quarter Earnings Estimate
Company sees 'solid results' despite damage inflicted on power plants and infrastructure by Hurricane Sandy
by Tom Johnson, NJSpotlight.com
Public Service Enterprise Group yesterday raised its earning’s guidance, a projection based on the higher prices its fleet of power plants are charging, lower fuel costs, and increased investments in upgrading its transmission system.
In a third-quarter earnings call with analysts, the Newark energy company revised its operating earnings outlook to $2.40-$2.55 per share from the previous guidance of $2.25-$2.59 per share for the full year.
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Despite its power plants and utility infrastructure being severely damaged by Hurricane Sandy last fall, as well as witnessing in a drop in sales from its gas and electric utility, the performance was viewed as “solid results’’ by the company’s top executive.
Read more at NJSpotlight.comNJ Spotlight is an issue-driven news website that provides critical insight to New Jersey’s communities and businesses. It is non-partisan, independent, policy-centered and community-minded.
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