NET LOSS OF <$0.01 PER SHARE DRIVEN BY MARK TO MARKET ADJUSTMENTS
NON-GAAP OPERATING EARNINGS OF $1.33 PER SHARE
CEO Leadership Succession to Begin September 1
Re-Affirms 2022 Non-GAAP Operating Earnings Guidance of $3.35 - $3.55 per Share
NEWARK, N.J., May 3, 2022 /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) reported a Net Loss of $2 million, or less than $0.01 per share for the first quarter of 2022, compared to Net Income of $648 million, or $1.28 per share, in the first quarter of 2021. The Net Loss reported for the first quarter of 2022 reflects $674 million of reconciling items, which are predominantly mark to market adjustments that are routinely excluded from non-GAAP Operating Earnings as shown in Attachments 7 and 8. Non-GAAP Operating Earnings for the first quarter of 2022 were $672 million, or $1.33 per share, compared to non-GAAP Operating Earnings of $650 million, or $1.28 per share in the first quarter of 2021.
Ralph Izzo, chair, president and chief executive officer said, "Our non-GAAP results for the first quarter reflect solid utility and nuclear operations and rate base growth from regulated investments, as well as lower cost resulting from the completed sale of PSEG Fossil that will benefit first-half 2022 comparisons."
On April 19, Ralph Izzo announced his retirement from PSEG. Izzo continued, "It has been an honor and a privilege to serve as CEO for the last 15 years. I started at PSEG 30 years ago and I have always endeavored to put the company and the communities we serve on a sustainable path. I am proud that PSEG is shaping a future where customers use less energy, the energy they use is cleaner than ever before, and delivered with reliability unsurpassed in our history, while adding shareholder value."
As part of a planned leadership succession, the PSEG Board of Directors elected Ralph LaRossa, PSEG's chief operating officer, as president and chief executive officer effective September 1, 2022. Izzo will serve as executive chair of the board effective September 1 until his retirement from PSEG on December 31, 2022, in support of a smooth transition. LaRossa will assume the additional responsibilities of chair of the board on January 1, 2023.
The following tables provide a reconciliation of PSEG's Net Income/(Loss) to non-GAAP Operating Earnings for the first quarter. See Attachments 7 and 8 for a complete list of items excluded from Net Income/(Loss) in the determination of non-GAAP Operating Earnings.
PSEG CONSOLIDATED (unaudited) |
||||||
Income |
Diluted Earnings |
|||||
2022 |
2021 |
2022 |
2021 |
|||
Net Income/(Loss) |
$(2) |
$648 |
$(0.00) |
$1.28 |
||
Reconciling Items |
674 |
2 |
1.34 |
- |
||
Share Differential* |
- |
- |
(0.01) |
- |
||
Non-GAAP Operating Earnings |
$672 |
$650 |
$1.33 |
$1.28 |
||
Average Shares |
501 |
507 |
*Approximately three million potentially dilutive shares were excluded from fully diluted average shares outstanding used to calculate the diluted GAAP loss per share for the three months ended March 31, 2022 as their impact was antidilutive to GAAP results. For non-GAAP per share calculations, fully diluted average shares outstanding of 504 million were used, including the three million potentially dilutive shares as they were dilutive to non-GAAP results. As a result of the use of different denominators for GAAP Net Loss and non-GAAP Operating Earnings, a reconciling line item, "Share Differential," has been added to the year-to-date 2022 results to reconcile the two Earnings/(Loss) per share calculations. |
Ralph Izzo added, "We are re-affirming our 2022 non-GAAP Operating Earnings guidance of $3.35 - $3.55 per share. Our regulated investment programs are producing predictable utility growth, and the Conservation Incentive Program (CIP) is effectively minimizing variations on electric and gas revenues from the rollout of our energy efficiency programs and other impacts such as weather. We are on track to execute PSE&G's $2.9 billion, 2022 capital spending plan, part of PSEG's five-year, $15 billion to $17 billion capital plan through 2025, with over 90% directed toward PSE&G."
PSEG 2022 Non-GAAP Operating Earnings Guidance |
|||
($ millions, except EPS) |
2022E |
||
PSE&G |
$1,510 - $1,560 |
||
Carbon-Free, Infrastructure & Other |
170 - 220 |
||
PSEG non-GAAP Operating Earnings |
$1,680 - $1,780 |
||
PSEG non-GAAP Operating EPS |
$3.35 - $3.55 |
E = Estimate |
Financial Results and Outlook
Public Service Electric & Gas |
|||
First Quarter 2022 and 2021 Comparative Results |
|||
($ millions, except EPS) |
1Q 2022 |
1Q 2021 |
Q/Q Change |
Net Income |
$509 |
$477 |
$32 |
Earnings Per Share |
$1.02 |
$0.94 |
$0.08 |
Share Differential |
(0.01) |
- |
(0.01) |
Non-GAAP Operating EPS* |
$1.01 |
$0.94 |
$0.07 |
*For non-GAAP per share calculation, for the three months ended March 31, 2022, fully diluted average shares outstanding of 504 million were used, including the three million potentially dilutive shares as they were dilutive to non-GAAP results. As a result of the use of different denominators for GAAP Net Loss and non-GAAP Operating Earnings, a reconciling line item, "Share Differential," has been added to the year-to-date 2022 results to reconcile the two Earnings/(Loss) per share calculations. |
For the first quarter of 2022, PSE&G Net Income rose by $32 million, or by 6.7%, compared with first quarter 2021 results. PSE&G's first quarter 2022 non-GAAP Operating Earnings improved driven by revenue growth from ongoing capital investment programs. Compared to the first quarter of 2021, Transmission was $0.03 per share unfavorable, reflecting the August 2021 implementation of a new Transmission formula rate, including a lower return on equity, partly offset by growth in rate base. For distribution, Gas margin improved by $0.08 per share over first quarter 2021, half of which was driven by the scheduled recovery of investments made under Gas System Modernization Program II, with the balance reflecting growth in the number of gas customers, and the true up from the Conservation Incentive Program. Electric margin rose by $0.02 per share compared to the first quarter of 2021, also reflecting a higher number of customers and the implementation of the CIP mechanism. Other margin, primarily related to appliance service, was $0.02 per share favorable compared with the first quarter of 2021.
O&M expense was $0.02 per share unfavorable compared with first quarter 2021, reflecting timing and various costs. Higher depreciation expense reduced results by $0.01 per share reflecting higher plant in service. Lower pension expense added $0.01 per share compared to first quarter 2021. In addition, the impact of PSEG's $500 million share repurchase had a $0.01 per share benefit in the first quarter of 2022. Flow through taxes and other items had a net unfavorable impact of $0.01 per share compared to first quarter 2021, driven by the use of an annual effective tax rate that will reverse over the remainder of the year.
Winter weather in the first quarter of 2022 (measured by heating degree-days) was slightly colder than normal. As a result of implementing the CIP in 2021, variations in weather (positive or negative) have a limited impact on electric and gas margins while enabling the widespread adoption of PSE&G's energy efficiency programs. For the trailing 12-months ended March 31, weather-normalized electric and gas sales reflected lower Residential (lower by 4.8% and 3.2%, respectively) and higher Commercial and Industrial (higher by 3.3% and 2.8%, respectively) sales, as more people return to work outside the home. Growth in the number of electric and gas customers remained positive by approximately 1% during the trailing 12-month period.
In November 2021, PSE&G filed an Infrastructure Advancement Program to invest $848 million in last mile reliability and electric vehicle make-ready infrastructure. This filing is currently pending before the New Jersey Board of Public Utilities (BPU). Consistent with the procedural schedule in this case, settlement discussions currently are taking place, and final action from the BPU is anticipated in the fall.
PSE&G invested approximately $656 million during the first quarter and is on track to execute its planned 2022 capital investment program of $2.9 billion. The 2022 capital spending program includes infrastructure upgrades to its transmission and distribution facilities, as well as the continued rollout of the Clean Energy Future investments in energy efficiency, energy cloud (smart meters) and electric vehicle charging infrastructure.
PSE&G's forecast of Net Income for 2022 is unchanged at $1,510 million - $1,560 million.
PSEG Carbon-Free, Infrastructure & Other
Carbon-Free, Infrastructure & Other |
|||
First Quarter 2022 and 2021 |
|||
($ millions, except EPS) |
1Q 2022 |
1Q 2021 |
Q/Q Change |
Net Income/(Loss) |
$(511) |
$171 |
$(682) |
Earnings/(Loss) Per Share (EPS) |
$(1.02) |
$0.34 |
$(1.36) |
Non-GAAP Operating Earnings |
$163 |
$173 |
$(10) |
Non-GAAP Operating EPS |
$0.32 |
$0.34 |
$(0.02) |
*Non-GAAP Operating Earnings for 1Q 2022 exclude the results of fossil generation sold in February 2022. |
Carbon-Free, Infrastructure & Other (CFIO) reported a Net Loss of $511 million ($1.02 per share) for the first quarter of 2022 and non-GAAP Operating Earnings of $163 million ($0.32 per share). This compares to first quarter 2021 Net Income of $171 million and non-GAAP Operating Earnings of $173 million, which included results of the divested fossil assets.
For the first quarter of 2022, electric gross margin declined by $0.27 per share, primarily due to the absence of Solar Source and the completed sale of the 6,750 MW fossil portfolio in February 2022. This reduction in gross margin also includes recontracting approximately 8 TWh of nuclear generation at a $3/MWh lower average price. Higher margins from Gas Operations of $0.04 per share compared favorably with the year-earlier quarter.
Year over year cost comparisons were better by $0.21 per share due to the divestitures, driven by lower O&M, depreciation and interest expense that will mainly benefit first-half 2022 results. The third and fourth quarters of 2021 reflected the sale of Solar Source in June, the cessation of fossil depreciation from August onward, and the retirement of PSEG Power's outstanding debt in October.
Taxes and other was a favorable $0.01 per share comparison versus first quarter 2021 results. Parent activity was $0.01 per share unfavorable compared with the first quarter 2021, reflecting higher interest expense.
Nuclear generating output increased by over 2% to 8.4 TWh, reflecting the absence of the coast-down to Hope Creek's Spring 2021 refueling. The full availability of Hope Creek during the first quarter of 2022 helped the nuclear fleet operate at a capacity factor of 100% for the first quarter. PSEG is forecasting generation output of 21 to 23 TWh for the remaining quarters of 2022, and has hedged approximately 95% - 100% of this production at an average price of $28 per MWh. For 2023, PSEG is forecasting nuclear baseload output of 30 to 32 TWh and has hedged 95% - 100% of this output at an average price of $30 per MWh. For 2024, PSEG is forecasting nuclear baseload output of 29 to 31 TWh and has hedged 50% - 55% of this output at an average price of $31 per MWh.
The forecast of non-GAAP Operating Earnings for Carbon-Free, Infrastructure & Other is unchanged at $170 million - $220 million. The CFIO guidance for 2022 excludes results related to the fossil assets sold in February 2022. All free cash flow generated from the fossil operations prior to the closing were translated into an adjustment to the final purchase price.
Recent Financing Activity
In March 2022, PSEG and PSEG Power consolidated their revolving credit agreements into a master credit facility with total borrowing capacity of $2.75 billion. PSE&G expanded its existing revolving credit agreement to provide for $1 billion of credit capacity. Both facilities are extended through March 2027. As of March 31, PSEG's total available credit capacity was $3.2 billion, in addition to approximately $1.6 billion of cash and short-term investments on PSEG's balance sheet inclusive of $910 million at PSE&G.
PSEG Power had net cash collateral postings of $1.5 billion at March 31 related to out-of–the-money hedge positions from higher energy prices during the first quarter of 2022. Collateral postings have continued to increase subsequent to March 31, as power prices continued to rise. At the end of April, PSEG Power had net cash collateral postings of $2.6 billion. The majority of this collateral relates to hedges in place through the end of 2023 and is expected to be returned as PSEG Power satisfies its obligations under those contracts.
In March 2022, PSEG Power closed on a $1.25 billion, variable rate 3-year term loan. PSE&G issued its first "Green Bond" in March 2022, $500 million of Secured Medium-Term Notes due 2032, under PSEG's new Sustainable Financing Framework. Subsequent to March 31, PSEG entered into a $1.5 billion, variable rate term loan.
PSEG will host a conference call to review its First Quarter 2022 results with the financial community at 11AM EDT today. This event can be accessed by visiting https://investor.pseg.com/investor-news-and-events to register.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 12,500 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 14 consecutive years. (https://corporate.pseg.com).
Non-GAAP Financial Measures
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of returns (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items.
See Attachments 7 and 8 for a complete list of items excluded from Net Income/(Loss) in the determination of non-GAAP Operating Earnings. The presentation of non-GAAP Operating Earnings is intended to complement, and should not be considered an alternative to the presentation of Net Income/(Loss), which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this release may not be comparable to similarly titled measures used by other companies.
Due to the forward looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.
Forward-Looking Statements
Certain of the matters discussed in this report about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:
All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward- looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.
The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com or navigating to the Email Alerts webpage here. |
CONTACTS |
|
Investor Relations: |
Media Relations: |
973-430-6565 |
908-531-4253 |
Attachment 1 |
|||||||||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED |
|||||||||||||
Consolidating Statements of Operations |
|||||||||||||
(Unaudited, $ millions, except per share data) |
|||||||||||||
Three Months Ended March 31, 2022 |
|||||||||||||
PSEG |
Eliminations(b) |
PSE&G |
Carbon- |
||||||||||
OPERATING REVENUES |
$ 2,313 |
$ (584) |
$ 2,284 |
$ 613 |
|||||||||
OPERATING EXPENSES |
|||||||||||||
Energy Costs |
1,245 |
(584) |
968 |
861 |
|||||||||
Operation and Maintenance |
794 |
(7) |
463 |
338 |
|||||||||
Depreciation and Amortization |
283 |
6 |
241 |
36 |
|||||||||
Losses on Asset Dispositions and Impairments |
43 |
- |
- |
43 |
|||||||||
Total Operating Expenses |
2,365 |
(585) |
1,672 |
1,278 |
|||||||||
OPERATING INCOME (LOSS) |
(52) |
1 |
612 |
(665) |
|||||||||
Income from Equity Method Investments |
4 |
- |
- |
4 |
|||||||||
Net Gains (Losses) on Trust Investments |
(68) |
(2) |
- |
(66) |
|||||||||
Other Income (Deductions) |
5 |
(5) |
19 |
(9) |
|||||||||
Non-Operating Pension and OPEB Credits (Costs) |
94 |
7 |
70 |
17 |
|||||||||
Interest Expense |
(137) |
- |
(103) |
(34) |
|||||||||
INCOME (LOSS) BEFORE INCOME TAXES |
(154) |
1 |
598 |
(753) |
|||||||||
Income Tax Benefit (Expense) |
152 |
(1) |
(89) |
242 |
|||||||||
NET INCOME (LOSS) |
$ (2) |
$ - |
$ 509 |
$ (511) |
|||||||||
Reconciling Items Excluded from Net Income (Loss)(c) |
674 |
- |
- |
674 |
|||||||||
OPERATING EARNINGS (non-GAAP) |
$ 672 |
$ - |
$ 509 |
$ 163 |
|||||||||
Earnings Per Share |
|||||||||||||
NET INCOME (LOSS) |
$ 0.00 |
$ - |
$ 1.02 |
$ (1.02) |
|||||||||
Reconciling Items Excluded from Net Income (Loss) (c) |
1.34 |
- |
- |
1.34 |
|||||||||
Share Differential (c) |
(0.01) |
- |
(0.01) |
- |
|||||||||
OPERATING EARNINGS (non-GAAP) |
$ 1.33 |
$ - |
$ 1.01 |
$ 0.32 |
|||||||||
Three Months Ended March 31, 2021 |
|||||||||||||
PSEG |
Eliminations(b) |
PSE&G |
CFIO (a) |
||||||||||
OPERATING REVENUES |
$ 2,889 |
$ (502) |
$ 2,073 |
$ 1,318 |
|||||||||
OPERATING EXPENSES |
|||||||||||||
Energy Costs |
1,029 |
(502) |
849 |
682 |
|||||||||
Operation and Maintenance |
778 |
(4) |
424 |
358 |
|||||||||
Depreciation and Amortization |
341 |
7 |
241 |
93 |
|||||||||
Total Operating Expenses |
2,148 |
(499) |
1,514 |
1,133 |
|||||||||
OPERATING INCOME |
741 |
(3) |
559 |
185 |
|||||||||
Income from Equity Method Investments |
3 |
- |
- |
3 |
|||||||||
Net Gains (Losses) on Trust Investments |
60 |
1 |
1 |
58 |
|||||||||
Other Income (Deductions) |
25 |
(4) |
28 |
1 |
|||||||||
Non-Operating Pension and OPEB Credits (Costs) |
82 |
4 |
66 |
12 |
|||||||||
Interest Expense |
(146) |
- |
(98) |
(48) |
|||||||||
INCOME BEFORE INCOME TAXES |
765 |
(2) |
556 |
211 |
|||||||||
Income Tax Expense |
(117) |
2 |
(79) |
(40) |
|||||||||
NET INCOME |
$ 648 |
$ - |
$ 477 |
$ 171 |
|||||||||
Reconciling Items Excluded from Net Income(c) |
2 |
- |
- |
2 |
|||||||||
OPERATING EARNINGS (non-GAAP) |
$ 650 |
$ - |
$ 477 |
$ 173 |
|||||||||
Earnings Per Share |
|||||||||||||
NET INCOME |
$ 1.28 |
$ - |
$ 0.94 |
$ 0.34 |
|||||||||
Reconciling Items Excluded from Net Income(c) |
- |
- |
- |
- |
|||||||||
OPERATING EARNINGS (non-GAAP) |
$ 1.28 |
$ - |
$ 0.94 |
$ 0.34 |
|||||||||
(a) Includes activities at PSEG Power, Energy Holdings, PSEG Long Island and the Parent. |
|||||||||||||
(b) Includes intercompany eliminations and activity at PSEG Services Corporation. |
|||||||||||||
(c) See Attachments 7 and 8 for details of items excluded from Net Income (Loss) to compute Operating Earnings (non-GAAP) and the impact of using different share amounts (Share Differential) for calculating earnings per share for PSEG's consolidated GAAP Net Income (Loss) versus consolidated Operating Earnings (non-GAAP). |
Attachment 2 |
|||||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED |
|||||||||
Capitalization Schedule |
|||||||||
(Unaudited, $ millions) |
|||||||||
March 31, |
December 31, |
||||||||
2022 |
2021 |
||||||||
DEBT |
|||||||||
Commercial Paper and Loans |
$ 1,676 |
$ 3,519 |
|||||||
Long-Term Debt* |
17,668 |
15,919 |
|||||||
Total Debt |
19,344 |
19,438 |
|||||||
STOCKHOLDERS' EQUITY |
|||||||||
Common Stock |
4,978 |
5,045 |
|||||||
Treasury Stock |
(1,336) |
(896) |
|||||||
Retained Earnings |
10,366 |
10,639 |
|||||||
Accumulated Other Comprehensive Loss |
(410) |
(350) |
|||||||
Total Stockholders' Equity |
13,598 |
14,438 |
|||||||
Total Capitalization |
$ 32,942 |
$ 33,876 |
|||||||
*Includes current portion of Long-Term Debt |
Attachment 3 |
|||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED |
|||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||
(Unaudited, $ millions) |
|||
Three Months Ended March 31, |
|||
2022 |
2021 |
||
CASH FLOWS FROM OPERATING ACTIVITIES |
|||
Net Income (Loss) |
$ (2) |
$ 648 |
|
Adjustments to Reconcile Net Income (Loss) to Net Cash Flows |
|||
From Operating Activities |
474 |
379 |
|
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES |
472 |
1,027 |
|
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES |
1,183 |
(624) |
|
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES |
(876) |
(134) |
|
Net Change in Cash, Cash Equivalents and Restricted Cash |
779 |
269 |
|
Cash, Cash Equivalents and Restricted Cash at Beginning of Period |
863 |
572 |
|
Cash, Cash Equivalents and Restricted Cash at End of Period |
$ 1,642 |
$ 841 |
Attachment 4 |
|||||
PUBLIC SERVICE ELECTRIC & GAS COMPANY |
|||||
Retail Sales |
|||||
(Unaudited) |
|||||
March 31, 2022 |
|||||
Electric Sales |
|||||
Three Months |
Change vs. |
||||
Sales (millions kWh) |
Ended |
2021 |
|||
Residential |
3,201 |
(2%) |
|||
Commercial & Industrial |
6,511 |
4% |
|||
Other |
100 |
1% |
|||
Total |
9,812 |
2% |
|||
Gas Sold and Transported |
|||||
Three Months |
Change vs. |
||||
Sales (millions therms) |
Ended |
2021 |
|||
Firm Sales |
|||||
Residential Sales |
740 |
(0%) |
|||
Commercial & Industrial |
495 |
5% |
|||
Total Firm Sales |
1,235 |
2% |
|||
Non-Firm Sales* |
|||||
Commercial & Industrial |
159 |
(43%) |
|||
Total Non-Firm Sales |
159 |
||||
Total Sales |
1,394 |
(7%) |
|||
*Contract Service Gas rate included in non-firm sales |
|||||
Weather Data* |
|||||
Three Months |
Change vs. |
||||
Ended |
2021 |
||||
Degree Days - Actual |
2,533 |
4% |
|||
Degree Days - Normal |
2,519 |
||||
*Winter weather as defined by heating degree days (HDD) to serve as a measure for the need for heating. For each day, HDD is calculated as HDD = 65°F – the average hourly daily temperature. The measures use data provided by the National Oceanic and Atmospheric Administration based on readings from Newark Liberty International Airport. Comparisons to normal are based on twenty years of historic data. |
Attachment 5 |
|||||
Nuclear Generation Measures |
|||||
(Unaudited) |
|||||
GWhr Breakdown |
|||||
Three Months Ended |
|||||
March 31, |
|||||
2022 |
2021 |
||||
Nuclear - NJ |
5,550 |
5,351 |
|||
Nuclear - PA |
2,894 |
2,894 |
|||
8,444 |
8,245 |
||||
% Generation |
|||||
Three Months Ended |
|||||
March 31, |
|||||
2022 |
2021 |
||||
Nuclear - NJ |
66% |
65% |
|||
Nuclear - PA |
34% |
35% |
|||
100% |
100% |
Attachment 6 |
|||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED |
|||||||
Statistical Measures |
|||||||
(Unaudited) |
|||||||
Three Months Ended March 31, |
|||||||
2022 |
2021 |
||||||
Weighted Average Common Shares Outstanding (millions)* |
|||||||
Basic |
501 |
504 |
|||||
Diluted |
501 |
507 |
|||||
Stock Price at End of Period |
$70.00 |
$60.21 |
|||||
Dividends Paid per Share of Common Stock |
$0.54 |
$0.51 |
|||||
Dividend Yield |
3.1% |
3.4% |
|||||
Book Value per Common Share |
$27.35 |
$32.33 |
|||||
Market Price as a Percent of Book Value |
256% |
186% |
|||||
*Approximately three million potentially dilutive shares were excluded from fully diluted average |
Attachment 7 |
|||||||
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED |
|||||||
Consolidated Operating Earnings (non-GAAP) Reconciliation |
|||||||
Reconciling Items |
Three Months Ended |
||||||
March 31, |
|||||||
2022 |
2021 |
||||||
($ millions, Unaudited) |
|||||||
Net Income (Loss) |
$ (2) |
$ 648 |
|||||
(Gain) Loss on Nuclear Decommissioning Trust (NDT) |
|||||||
Fund Related Activity, pre-tax |
72 |
(55) |
|||||
(Gain) Loss on Mark-to-Market (MTM), pre-tax(a) |
845 |
47 |
|||||
Plant Retirements, Dispositions and Impairments, pre-tax(b) |
16 |
- |
|||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(c) |
(259) |
10 |
|||||
Operating Earnings (non-GAAP) |
$ 672 |
$ 650 |
|||||
PSEG Fully Diluted Average Shares Outstanding (in millions)(d) |
501 |
507 |
|||||
($ Per Share Impact - |
|||||||
Net Income (Loss) |
$ 0.00 |
$ 1.28 |
|||||
(Gain) Loss on NDT Fund Related Activity, pre-tax |
0.14 |
(0.11) |
|||||
(Gain) Loss on MTM, pre-tax(a) |
1.69 |
0.09 |
|||||
Plant Retirements, Dispositions and Impairments, pre-tax(b) |
0.03 |
- |
|||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(c) |
(0.52) |
0.02 |
|||||
Share Differential(d) |
(0.01) |
- |
|||||
Operating Earnings (non-GAAP) |
$ 1.33 |
$ 1.28 |
|||||
(a) Includes the financial impact from positions with forward delivery months. |
|||||||
(b) Amount for the three months ended March 31, 2022 includes the results for fossil generation sold in February 2022. |
|||||||
(c) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds. |
|||||||
(d) Approximately three million potentially dilutive shares were excluded from fully diluted average shares outstanding used to calculate the diluted GAAP loss per share for the three months ended March 31, 2022 as their impact was antidilutive to GAAP results. For non-GAAP per share calculations, we used fully diluted average shares outstanding of 504 million, including the three million potentially dilutive shares as they were dilutive to non-GAAP results. As a result of the use of different denominators for non-GAAP Operating Earnings and GAAP Net Loss, a reconciling line item, "Share Differential," has been added to the year-to-date 2022 results to reconcile the two Earnings/(Loss) per share calculations. |
Attachment 8 |
|||||||
CFIO Operating Earnings (non-GAAP) Reconciliation |
|||||||
Three Months Ended |
|||||||
Reconciling Items |
March 31, |
||||||
2022 |
2021 |
||||||
($ millions, Unaudited) |
|||||||
Net Income (Loss) |
$ (511) |
$ 171 |
|||||
(Gain) Loss on NDT Fund Related Activity, pre-tax |
72 |
(55) |
|||||
(Gain) Loss on MTM, pre-tax(a) |
845 |
47 |
|||||
Plant Retirements, Dispositions and Impairments, pre-tax(b) |
16 |
- |
|||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(c) |
(259) |
10 |
|||||
Operating Earnings (non-GAAP) |
$ 163 |
$ 173 |
|||||
PSEG Fully Diluted Average Shares Outstanding (in millions)(d) |
501 |
507 |
|||||
(a) Includes the financial impact from positions with forward delivery months. |
|||||||
(b) Amount for the three months ended March 31, 2022 includes the results for fossil generation sold in February 2022. |
|||||||
(c) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds. |
|||||||
(d) Approximately three million potentially dilutive shares were excluded from fully diluted average shares outstanding used to calculate the diluted GAAP loss per share for the three months ended March 31, 2022 as their impact was antidilutive to GAAP results. For non-GAAP per share calculations, we used fully diluted average shares outstanding of 504 million, including the three million potentially dilutive shares as they were dilutive to non-GAAP results. |
чистый убыток от <$0,01 за акцию, обусловленную корректировками в соответствии с требованиями рынка
операционная прибыль без учета gaap составила 1,33 доллара на акцию
Преемственность руководства Генерального директора начнется 1 сентября
Вновь подтверждает Прогноз по операционной прибыли на 2022 год без учета GAAP в размере 3,35 -3,55 доллара на акцию
НЬЮАРК, Нью-Джерси, 3 мая 2022 г. /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) сообщила о чистом убытке в размере 2 миллионов долларов, или менее 0,01 доллара на акцию, за первый квартал 2022 г. по сравнению с чистой прибылью в размере 648 миллионов долларов, или 1,28 доллара на акцию, в первом квартале квартал 2021 года. Чистый убыток, отраженный в отчете за первый квартал 2022 года, отражает выверку статей в размере 674 миллионов долларов США, которые в основном связаны с корректировками рынка, которые обычно исключаются из Операционной прибыли, не связанной с GAAP, как показано в Приложениях 7 и 8. Операционная прибыль, не связанная с GAAP, за первый квартал 2022 года составила 672 миллиона долларов, или 1,33 доллара на акцию по сравнению с операционной прибылью без учета GAAP в размере 650 миллионов долларов, или 1,28 доллара на акцию в первом квартале 2021 года.
Ральф Иззо, председатель, президент и главный исполнительный директор, сказал: "Наши результаты за первый квартал, не относящиеся к GAAP, отражают солидные показатели деятельности в сфере коммунальных услуг и атомной энергетики и рост базовой ставки за счет регулируемых инвестиций, а также снижение затрат в результате завершенной продажи PSEG Fossil, что принесет пользу в сравнении с первой половиной 2022 года".
19 апреля Ральф Иззо объявил о своем уходе из PSEG. Иззо продолжил: "Для меня было честью и привилегией занимать пост генерального директора в течение последних 15 лет. Я начал работать в PSEG 30 лет назад и всегда стремился вывести компанию и сообщества, которым мы служим, на устойчивый путь. Я горжусь тем, что PSEG формирует будущее, в котором клиенты потребляют меньше энергии, энергия, которую они используют, чище, чем когда-либо прежде, и поставляется с непревзойденной в нашей истории надежностью, увеличивая при этом акционерную стоимость ".
В рамках запланированной смены руководства Совет директоров PSEG избрал Ральфа ЛаРосса, главного операционного директора PSEG, президентом и главным исполнительным директором с 1 сентября 2022 года. Иззо будет исполнять обязанности исполнительного председателя правления с 1 сентября до своего ухода из PSEG 31 декабря 2022 года в поддержку плавного перехода. ЛаРосса возьмет на себя дополнительные обязанности председателя правления с 1 января 2023 года.
В следующих таблицах представлена сверка Чистой прибыли/(Убытка) PSEG с Операционной прибылью, не относящейся к GAAP, за первый квартал. Смотрите Приложения 7 и 8 для получения полного списка статей, исключенных из Чистой прибыли/(Убытка) при определении Операционной прибыли, не связанной с GAAP.
PSEG CONSOLIDATED (unaudited) |
||||||
Income |
Diluted Earnings |
|||||
2022 |
2021 |
2022 |
2021 |
|||
Net Income/(Loss) |
$(2) |
$648 |
$(0.00) |
$1.28 |
||
Reconciling Items |
674 |
2 |
1.34 |
- |
||
Share Differential* |
- |
- |
(0.01) |
- |
||
Non-GAAP Operating Earnings |
$672 |
$650 |
$1.33 |
$1.28 |
||
Average Shares |
501 |
507 |
*Approximately three million potentially dilutive shares were excluded from fully diluted average shares outstanding used to calculate the diluted GAAP loss per share for the three months ended March 31, 2022 as their impact was antidilutive to GAAP results. For non-GAAP per share calculations, fully diluted average shares outstanding of 504 million were used, including the three million potentially dilutive shares as they were dilutive to non-GAAP results. As a result of the use of different denominators for GAAP Net Loss and non-GAAP Operating Earnings, a reconciling line item, "Share Differential," has been added to the year-to-date 2022 results to reconcile the two Earnings/(Loss) per share calculations. |
Ральф Иззо добавил: "Мы вновь подтверждаем наш прогноз по операционной прибыли без учета GAAP на 2022 год в размере 3,35-3,55 доллара на акцию. Наши регулируемые инвестиционные программы обеспечивают предсказуемый рост коммунальных услуг, а Программа стимулирования энергосбережения (CIP) эффективно сводит к минимуму колебания доходов от электроэнергии и газа в результате внедрения наших программ энергоэффективности и других воздействий, таких как погодные условия. Мы находимся на пути к выполнению плана капитальных расходов PSE&G на 2022 год в размере 2,9 миллиарда долларов, являющегося частью пятилетнего плана капитальных расходов PSEG на период до 2025 года в размере от 15 до 17 миллиардов долларов, при этом более 90% направлено на PSE&G."
PSEG 2022 Non-GAAP Operating Earnings Guidance |
|||
($ millions, except EPS) |
2022E |
||
PSE&G |
$1,510 - $1,560 |
||
Carbon-Free, Infrastructure & Other |
170 - 220 |
||
PSEG non-GAAP Operating Earnings |
$1,680 - $1,780 |
||
PSEG non-GAAP Operating EPS |
$3.35 - $3.55 |
E = Estimate |
Финансовые результаты и перспективы
Public Service Electric & Gas |
|||
First Quarter 2022 and 2021 Comparative Results |
|||
($ millions, except EPS) |
1Q 2022 |
1Q 2021 |
Q/Q Change |
Net Income |
$509 |
$477 |
$32 |
Earnings Per Share |
$1.02 |
$0.94 |
$0.08 |
Share Differential |
(0.01) |
- |
(0.01) |
Non-GAAP Operating EPS* |
$1.01 |
$0.94 |
$0.07 |
*For non-GAAP per share calculation, for the three months ended March 31, 2022, fully diluted average shares outstanding of 504 million were used, including the three million potentially dilutive shares as they were dilutive to non-GAAP results. As a result of the use of different denominators for GAAP Net Loss and non-GAAP Operating Earnings, a reconciling line item, "Share Differential," has been added to the year-to-date 2022 results to reconcile the two Earnings/(Loss) per share calculations. |
За первый квартал 2022 года чистая прибыль PSE&G выросла на 32 миллиона долларов, или на 6,7%, по сравнению с результатами первого квартала 2021 года. Операционная прибыль PSE&G за первый квартал 2022 года без учета GAAP улучшилась благодаря росту выручки от текущих программ капитальных вложений. По сравнению с первым кварталом 2021 года передача составила $ 0,03 на акцию, что является неблагоприятным показателем, отражающим внедрение в августе 2021 года новой ставки по формуле передачи, включая более низкую рентабельность собственного капитала, частично компенсируемую ростом базовой ставки. Что касается распределения, маржа по газу увеличилась на 0,08 доллара на акцию по сравнению с первым кварталом 2021 года, половина из которых была обусловлена запланированным восстановлением инвестиций, вложенных в рамках Программы модернизации газовой системы II, а остаток отражает рост числа потребителей газа и реальный рост от Программы стимулирования энергосбережения. Электрическая маржа выросла на 0,02 доллара на акцию по сравнению с первым кварталом 2021 года, что также отражает увеличение числа клиентов и внедрение механизма CIP. Прочая маржа, в основном связанная с обслуживанием бытовой техники, составила 0,02 доллара на акцию, что выше по сравнению с первым кварталом 2021 года.
Расходы на НИОКР составили 0,02 доллара на акцию, что является неблагоприятным показателем по сравнению с первым кварталом 2021 года, что отражает сроки и различные затраты. Более высокие амортизационные отчисления привели к снижению результатов на 0,01 доллара на акцию, что отражает увеличение срока эксплуатации оборудования. Более низкие пенсионные расходы добавили 0,01 доллара на акцию по сравнению с первым кварталом 2021 года. Кроме того, эффект от выкупа акций PSEG на сумму 500 миллионов долларов принес прибыль в размере 0,01 доллара на акцию в первом квартале 2022 года. Поток через налоги и другие статьи оказал чистое неблагоприятное влияние в размере 0,01 доллара на акцию по сравнению с первым кварталом 2021 года, что обусловлено использованием годовой эффективной налоговой ставки, которая изменится в течение оставшейся части года.
Зимняя погода в первом квартале 2022 года (измеряемая в градусах тепла-днях) была немного холоднее, чем обычно. В результате внедрения CIP в 2021 году изменения погоды (положительные или отрицательные) оказывают ограниченное влияние на рентабельность электроэнергии и газа, обеспечивая при этом широкое внедрение программ энергоэффективности PSE&G. За последние 12 месяцев, закончившихся 31 марта, продажи электроэнергии и газа с учетом погодных условий отразили снижение продаж в жилых помещениях (на 4,8% и 3,2% соответственно) и рост продаж в коммерческих и промышленных секторах (на 3,3% и 2,8% соответственно), поскольку все больше людей возвращаются к работе вне дома. Рост числа потребителей электроэнергии и газа оставался положительным примерно на 1% в течение последнего 12-месячного периода.
В ноябре 2021 года PSE & G подала заявку на Программу развития инфраструктуры с целью инвестирования 848 миллионов долларов в надежность последней мили и инфраструктуру, готовую к эксплуатации электромобилей. В настоящее время эта заявка находится на рассмотрении в Совете по коммунальным услугам штата Нью-Джерси (BPU). В соответствии с процедурным графиком в этом деле в настоящее время ведутся обсуждения по урегулированию, и окончательное решение от BPU ожидается осенью.
В течение первого квартала PSE & G инвестировала около 656 миллионов долларов и находится на пути к выполнению запланированной на 2022 год программы капитальных вложений в размере 2,9 миллиарда долларов. Программа капитальных расходов на 2022 год включает модернизацию инфраструктуры своих объектов передачи и распределения, а также продолжение внедрения будущих инвестиций в области чистой энергии в энергоэффективность, энергетическое облако (интеллектуальные счетчики) и инфраструктуру зарядки электромобилей.
Прогноз PSE&G по чистой прибыли на 2022 год остается неизменным и составляет 1510-1560 миллионов долларов.
PSEG Безуглеродная, Инфраструктура и прочее
Carbon-Free, Infrastructure & Other |
|||
First Quarter 2022 and 2021 |
|||
($ millions, except EPS) |
1Q 2022 |
1Q 2021 |
Q/Q Change |
Net Income/(Loss) |
$(511) |
$171 |
$(682) |
Earnings/(Loss) Per Share (EPS) |
$(1.02) |
$0.34 |
$(1.36) |
Non-GAAP Operating Earnings |
$163 |
$173 |
$(10) |
Non-GAAP Operating EPS |
$0.32 |
$0.34 |
$(0.02) |
*Non-GAAP Operating Earnings for 1Q 2022 exclude the results of fossil generation sold in February 2022. |
Carbon-Free, Infrastructure & Other (CFIO) сообщила о чистом убытке в размере 511 миллионов долларов (1,02 доллара на акцию) за первый квартал 2022 года и операционной прибыли без учета GAAP в размере 163 миллионов долларов (0,32 доллара на акцию). Это сопоставимо с чистой прибылью за первый квартал 2021 года в размере 171 миллиона долларов и операционной прибылью без учета GAAP в размере 173 миллионов долларов, включая результаты продажи ископаемых активов.
За первый квартал 2022 года валовая прибыль от электроэнергии снизилась на 0,27 доллара на акцию, в основном из-за отсутствия солнечных источников и завершенной продажи портфеля ископаемого топлива мощностью 6750 МВт в феврале 2022 года. Это сокращение валовой прибыли также включает в себя повторное использование примерно 8 ТВтч атомной генерации по более низкой средней цене на 3 доллара за МВтч. Более высокая маржа от операций с газом в размере 0,04 доллара на акцию благоприятно по сравнению с предыдущим кварталом.
Сравнение затрат в годовом исчислении было лучше на 0,21 доллара на акцию из-за распродаж, вызванных снижением затрат на эксплуатацию, амортизацию и процентные расходы, что в основном повлияет на результаты первого полугодия 2022 года. Третий и четвертый кварталы 2021 года отразили продажу Solar Source в июне, прекращение обесценивания ископаемого топлива с августа и погашение непогашенного долга PSEG Power в октябре.
Налоги и прочее были благоприятными по сравнению с результатами первого квартала 2021 года в размере 0,01 доллара на акцию. Прибыль материнской компании составила 0,01 доллара на акцию, что было неблагоприятным показателем по сравнению с первым кварталом 2021 года, что отражает более высокие процентные расходы.
Выработка электроэнергии на АЭС увеличилась более чем на 2% до 8,4 ТВтч, что отражает отсутствие заправки топливом на побережье до Хоуп-Крик весной 2021 года. Полная доступность Хоуп-Крик в течение первого квартала 2022 года помогла атомному флоту работать с коэффициентом мощности 100% в первом квартале. PSEG прогнозирует выработку электроэнергии от 21 до 23 ТВтч в течение оставшихся кварталов 2022 года и хеджировала примерно 95-100% этой выработки при средней цене 28 долларов за МВтч. На 2023 год PSEG прогнозирует базовую мощность ядерной энергетики в размере 30-32 ТВтч и хеджировала 95-100% этой мощности при средней цене 30 долларов за МВтч. На 2024 год PSEG прогнозирует базовую мощность ядерной энергетики в размере от 29 до 31 ТВтч и хеджировала 50-55% этой мощности при средней цене 31 доллар за МВтч.
Прогноз операционной прибыли без учета GAAP для компаний, не связанных с выбросами углерода, Инфраструктурой и другими, остается неизменным на уровне 170 - 220 миллионов долларов. Руководство CFIO на 2022 год исключает результаты, связанные с ископаемыми активами, проданными в феврале 2022 года. Весь свободный денежный поток, полученный от операций с ископаемыми до закрытия, был переведен в корректировку окончательной цены покупки.
Недавняя Финансовая Деятельность
В марте 2022 года PSEG и PSEG Power объединили свои возобновляемые кредитные соглашения в генеральную кредитную линию с общим объемом заимствований в 2,75 миллиарда долларов. PSE&G расширила свое существующее возобновляемое кредитное соглашение, чтобы обеспечить кредитный потенциал в размере 1 миллиарда долларов. Оба объекта продлены до марта 2027 года. По состоянию на 31 марта общий доступный кредитный потенциал PSEG составлял 3,2 миллиарда долларов, в дополнение к примерно 1,6 миллиардам долларов наличными и краткосрочным инвестициям на балансе PSEG, включая 910 миллионов долларов в PSE&G.
По состоянию на 31 марта у PSEG Power было чистое денежное обеспечение в размере 1,5 миллиарда долларов, связанное с позициями по хеджированию нехватки денег из-за более высоких цен на энергоносители в первом квартале 2022 года. После 31 марта поступления залога продолжали увеличиваться, поскольку цены на электроэнергию продолжали расти. В конце апреля у PSEG Power было чистое денежное обеспечение в размере 2,6 миллиарда долларов. Большая часть этого обеспечения относится к хеджированию, действующему до конца 2023 года, и ожидается, что оно будет возвращено по мере выполнения PSEG Power своих обязательств по этим контрактам.
В марте 2022 года PSEG Power закрыла сделку по 3-летнему кредиту с переменной ставкой в размере 1,25 миллиарда долларов. PSE&G выпустила свои первые "Зеленые облигации" в марте 2022 года, Обеспеченные Среднесрочные облигации на сумму 500 миллионов долларов со сроком погашения до 2032 года в рамках новой системы устойчивого финансирования PSEG. После 31 марта PSEG заключила срочный кредит на сумму 1,5 миллиарда долларов с переменной процентной ставкой.
Сегодня в 11 утра по восточному времени PSEG проведет селекторное совещание с финансовым сообществом, чтобы обсудить свои результаты за первый квартал 2022 года. К этому событию можно получить доступ, посетив https://investor.pseg.com/investor-news-and-events чтобы зарегистрироваться.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) - публичная диверсифицированная энергетическая компания с примерно 12 500 сотрудниками. Основными операционными дочерними компаниями PSEG со штаб-квартирой в Ньюарке, штат Нью-Джерси, являются: Public Service Electric and Gas Co. (PSE&G), PSEG Power и PSEG Long Island. PSEG входит в список Fortune 500, входит в индекс S&P 500 и уже 14 лет подряд входит в Индекс устойчивости Dow Jones для Северной Америки. (https://corporate.pseg.com ).
Финансовые показатели, Не относящиеся к ОПБУ
Руководство использует операционную прибыль, не связанную с ОПБУ, в своем внутреннем анализе и в общении с инвесторами и аналитиками в качестве последовательного показателя для сравнения финансовых показателей PSEG с предыдущими финансовыми результатами. Операционная прибыль, не относящаяся к GAAP, исключает влияние доходов (убытков), связанных с Трастом по выводу из эксплуатации ядерных объектов (NDT), учетом продажи на рынок (MTM) и существенными единовременными статьями.
Смотрите Приложения 7 и 8 для получения полного списка статей, исключенных из Чистой прибыли/(Убытка) при определении Операционной прибыли, не связанной с GAAP. Представление Операционной прибыли, не относящейся к ОПБУ, предназначено для дополнения и не должно рассматриваться в качестве альтернативы представлению Чистой прибыли/(Убытка), которая является показателем финансовых результатов, определяемым в соответствии с ОПБУ. Кроме того, Операционная прибыль без учета GAAP, представленная в этом выпуске, может быть несопоставима с аналогичными показателями, используемыми другими компаниями.
Из-за прогнозного характера руководства по операционной прибыли, не связанного с GAAP, PSEG не может согласовать этот финансовый показатель, не связанный с GAAP, с наиболее непосредственно сопоставимым финансовым показателем GAAP. Руководство не может спрогнозировать определенные статьи выверки, в частности прибыли (убытки) от МТМ и неразрушающего контроля, на будущие периоды из-за волатильности рынка.
Прогнозные заявления
Некоторые из вопросов, обсуждаемых в этом отчете о будущих результатах деятельности нашей компании и наших дочерних компаний, включая, помимо прочего, будущие доходы, прибыль, стратегии, перспективы, последствия и все другие заявления, которые не являются чисто историческими, представляют собой "прогнозные заявления" по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Такие прогнозные заявления подвержены рискам и неопределенностям, которые могут привести к тому, что фактические результаты будут существенно отличаться от ожидаемых. Такие заявления основаны на убеждениях руководства, а также на допущениях, сделанных руководством, и информации, имеющейся в настоящее время в распоряжении руководства. При использовании здесь слова "предвидеть", "намереваться", "оценивать", "полагать", "ожидать", "планировать", "следует", "гипотетический", "потенциальный", "прогноз", "проект", варианты таких слов и подобных выражений предназначены для определите прогнозные заявления. Факторы, которые могут привести к различию фактических результатов, часто представлены вместе с самими прогнозными заявлениями. Другие факторы, которые могут привести к тому, что фактические результаты будут существенно отличаться от тех, которые предусмотрены в любых прогнозных заявлениях, сделанных нами здесь, обсуждаются в заявках, которые мы подаем в Комиссию по ценным бумагам и биржам США (SEC), включая наш Годовой отчет по Форме 10-K и последующие отчеты по Форме 10-Q и Форме 8-К. Эти факторы включают, но не ограничиваются ими:
Все прогнозные заявления, сделанные в настоящем отчете, подпадают под эти предостерегающие заявления, и мы не можем заверить вас, что результаты или события, ожидаемые руководством, будут реализованы или даже если они будут реализованы, будут иметь ожидаемые последствия или влияние на нас или наш бизнес, перспективы, финансовое состояние, результаты операций или денежных потоков. Читателей предостерегают от чрезмерного доверия к этим прогнозным заявлениям при принятии любого инвестиционного решения. Прогнозные заявления, сделанные в настоящем отчете, применимы только на дату настоящего отчета. Хотя мы можем время от времени обновлять прогнозные заявления, мы специально отказываемся от каких-либо обязательств делать это, даже в свете новой информации или будущих событий, если иное не требуется применимым законодательством о ценных бумагах.
Заявления прогнозного характера, содержащиеся в настоящем отчете, предназначены для того, чтобы подпадать под действие положений раздела 27A Закона о ценных бумагах 1933 года с внесенными в него поправками и Раздела 21E Закона о ценных бумагах и биржах 1934 года с внесенными в него поправками.
From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com or navigating to the Email Alerts webpage here. |
CONTACTS |
|
Investor Relations: |
Media Relations: |
973-430-6565 |
908-531-4253 |
Attachment 1 |
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Public Service Enterprise Group INCORPORATED |
|||||||||||||
Consolidating Statements of Operations |
|||||||||||||
(Unaudited, $ millions, except per share data) |
|||||||||||||
Three Months Ended March 31, 2022 |
|||||||||||||
PSEG |
Eliminations(b) |
PSE&G |
Carbon- |
||||||||||
OPERATING REVENUES |
$ 2,313 |
$ (584) |
$ 2,284 |
$ 613 |
|||||||||
OPERATING EXPENSES |
|||||||||||||
Energy Costs |
1,245 |
(584) |
968 |
861 |
|||||||||
Operation and Maintenance |
794 |
(7) |
463 |
338 |
|||||||||
Depreciation and Amortization |
283 |
6 |
241 |
36 |
|||||||||
Losses on Asset Dispositions and Impairments |
43 |
- |
- |
43 |
|||||||||
Total Operating Expenses |
2,365 |
(585) |
1,672 |
1,278 |
|||||||||
OPERATING INCOME (LOSS) |
(52) |
1 |
612 |
(665) |
|||||||||
Income from Equity Method Investments |
4 |
- |
- |
4 |
|||||||||
Net Gains (Losses) on Trust Investments |
(68) |
(2) |
- |
(66) |
|||||||||
Other Income (Deductions) |
5 |
(5) |
19 |
(9) |
|||||||||
Non-Operating Pension and OPEB Credits (Costs) |
94 |
7 |
70 |
17 |
|||||||||
Interest Expense |
(137) |
- |
(103) |
(34) |
|||||||||
INCOME (LOSS) BEFORE INCOME TAXES |
(154) |
1 |
598 |
(753) |
|||||||||
Income Tax Benefit (Expense) |
152 |
(1) |
(89) |
242 |
|||||||||
NET INCOME (LOSS) |
$ (2) |
$ - |
$ 509 |
$ (511) |
|||||||||
Reconciling Items Excluded from Net Income (Loss)(c) |
674 |
- |
- |
674 |
|||||||||
OPERATING EARNINGS (non-GAAP) |
$ 672 |
$ - |
$ 509 |
$ 163 |
|||||||||
Earnings Per Share |
|||||||||||||
NET INCOME (LOSS) |
$ 0.00 |
$ - |
$ 1.02 |
$ (1.02) |
|||||||||
Reconciling Items Excluded from Net Income (Loss) (c) |
1.34 |
- |
- |
1.34 |
|||||||||
Share Differential (c) |
(0.01) |
- |
(0.01) |
- |
|||||||||
OPERATING EARNINGS (non-GAAP) |
$ 1.33 |
$ - |
$ 1.01 |
$ 0.32 |
|||||||||
Three Months Ended March 31, 2021 |
|||||||||||||
PSEG |
Eliminations(b) |
PSE&G |
CFIO (a) |
||||||||||
OPERATING REVENUES |
$ 2,889 |
$ (502) |
$ 2,073 |
$ 1,318 |
|||||||||
OPERATING EXPENSES |
|||||||||||||
Energy Costs |
1,029 |
(502) |
849 |
682 |
|||||||||
Operation and Maintenance |
778 |
(4) |
424 |
358 |
|||||||||
Depreciation and Amortization |
341 |
7 |
241 |
93 |
|||||||||
Total Operating Expenses |
2,148 |
(499) |
1,514 |
1,133 |
|||||||||
OPERATING INCOME |
741 |
(3) |
559 |
185 |
|||||||||
Income from Equity Method Investments |
3 |
- |
- |
3 |
|||||||||
Net Gains (Losses) on Trust Investments |
60 |
1 |
1 |
58 |
|||||||||
Other Income (Deductions) |
25 |
(4) |
28 |
1 |
|||||||||
Non-Operating Pension and OPEB Credits (Costs) |
82 |
4 |
66 |
12 |
|||||||||
Interest Expense |
(146) |
- |
(98) |
(48) |
|||||||||
INCOME BEFORE INCOME TAXES |
765 |
(2) |
556 |
211 |
|||||||||
Income Tax Expense |
(117) |
2 |
(79) |
(40) |
|||||||||
NET INCOME |
$ 648 |
$ - |
$ 477 |
$ 171 |
|||||||||
Reconciling Items Excluded from Net Income(c) |
2 |
- |
- |
2 |
|||||||||
OPERATING EARNINGS (non-GAAP) |
$ 650 |
$ - |
$ 477 |
$ 173 |
|||||||||
Earnings Per Share |
|||||||||||||
NET INCOME |
$ 1.28 |
$ - |
$ 0.94 |
$ 0.34 |
|||||||||
Reconciling Items Excluded from Net Income(c) |
- |
- |
- |
- |
|||||||||
OPERATING EARNINGS (non-GAAP) |
$ 1.28 |
$ - |
$ 0.94 |
$ 0.34 |
|||||||||
(a) Includes activities at PSEG Power, Energy Holdings, PSEG Long Island and the Parent. |
|||||||||||||
(b) Includes intercompany eliminations and activity at PSEG Services Corporation. |
|||||||||||||
(c) See Attachments 7 and 8 for details of items excluded from Net Income (Loss) to compute Operating Earnings (non-GAAP) and the impact of using different share amounts (Share Differential) for calculating earnings per share for PSEG's consolidated GAAP Net Income (Loss) versus consolidated Operating Earnings (non-GAAP). |
Attachment 2 |
|||||||||
Public Service Enterprise Group INCORPORATED |
|||||||||
Capitalization Schedule |
|||||||||
(Unaudited, $ millions) |
|||||||||
March 31, |
December 31, |
||||||||
2022 |
2021 |
||||||||
DEBT |
|||||||||
Commercial Paper and Loans |
$ 1,676 |
$ 3,519 |
|||||||
Long-Term Debt* |
17,668 |
15,919 |
|||||||
Total Debt |
19,344 |
19,438 |
|||||||
STOCKHOLDERS' EQUITY |
|||||||||
Common Stock |
4,978 |
5,045 |
|||||||
Treasury Stock |
(1,336) |
(896) |
|||||||
Retained Earnings |
10,366 |
10,639 |
|||||||
Accumulated Other Comprehensive Loss |
(410) |
(350) |
|||||||
Total Stockholders' Equity |
13,598 |
14,438 |
|||||||
Total Capitalization |
$ 32,942 |
$ 33,876 |
|||||||
*Includes current portion of Long-Term Debt |
Attachment 3 |
|||
Public Service Enterprise Group INCORPORATED |
|||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||
(Unaudited, $ millions) |
|||
Three Months Ended March 31, |
|||
2022 |
2021 |
||
CASH FLOWS FROM OPERATING ACTIVITIES |
|||
Net Income (Loss) |
$ (2) |
$ 648 |
|
Adjustments to Reconcile Net Income (Loss) to Net Cash Flows |
|||
From Operating Activities |
474 |
379 |
|
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES |
472 |
1,027 |
|
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES |
1,183 |
(624) |
|
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES |
(876) |
(134) |
|
Net Change in Cash, Cash Equivalents and Restricted Cash |
779 |
269 |
|
Cash, Cash Equivalents and Restricted Cash at Beginning of Period |
863 |
572 |
|
Cash, Cash Equivalents and Restricted Cash at End of Period |
$ 1,642 |
$ 841 |
Attachment 4 |
|||||
PUBLIC SERVICE ELECTRIC & GAS COMPANY |
|||||
Retail Sales |
|||||
(Unaudited) |
|||||
March 31, 2022 |
|||||
Electric Sales |
|||||
Three Months |
Change vs. |
||||
Sales (millions kWh) |
Ended |
2021 |
|||
Residential |
3,201 |
(2%) |
|||
Commercial & Industrial |
6,511 |
4% |
|||
Other |
100 |
1% |
|||
Total |
9,812 |
2% |
|||
Gas Sold and Transported |
|||||
Three Months |
Change vs. |
||||
Sales (millions therms) |
Ended |
2021 |
|||
Firm Sales |
|||||
Residential Sales |
740 |
(0%) |
|||
Commercial & Industrial |
495 |
5% |
|||
Total Firm Sales |
1,235 |
2% |
|||
Non-Firm Sales* |
|||||
Commercial & Industrial |
159 |
(43%) |
|||
Total Non-Firm Sales |
159 |
||||
Total Sales |
1,394 |
(7%) |
|||
*Contract Service Gas rate included in non-firm sales |
|||||
Weather Data* |
|||||
Three Months |
Change vs. |
||||
Ended |
2021 |
||||
Degree Days - Actual |
2,533 |
4% |
|||
Degree Days - Normal |
2,519 |
||||
*Winter weather as defined by heating degree days (HDD) to serve as a measure for the need for heating. For each day, HDD is calculated as HDD = 65°F – the average hourly daily temperature. The measures use data provided by the National Oceanic and Atmospheric Administration based on readings from Newark Liberty International Airport. Comparisons to normal are based on twenty years of historic data. |
Attachment 5 |
|||||
Nuclear Generation Measures |
|||||
(Unaudited) |
|||||
GWhr Breakdown |
|||||
Three Months Ended |
|||||
March 31, |
|||||
2022 |
2021 |
||||
Nuclear - NJ |
5,550 |
5,351 |
|||
Nuclear - PA |
2,894 |
2,894 |
|||
8,444 |
8,245 |
||||
% Generation |
|||||
Three Months Ended |
|||||
March 31, |
|||||
2022 |
2021 |
||||
Nuclear - NJ |
66% |
65% |
|||
Nuclear - PA |
34% |
35% |
|||
100% |
100% |
Attachment 6 |
|||||||
Public Service Enterprise Group INCORPORATED |
|||||||
Statistical Measures |
|||||||
(Unaudited) |
|||||||
Three Months Ended March 31, |
|||||||
2022 |
2021 |
||||||
Weighted Average Common Shares Outstanding (millions)* |
|||||||
Basic |
501 |
504 |
|||||
Diluted |
501 |
507 |
|||||
Stock Price at End of Period |
$70.00 |
$60.21 |
|||||
Dividends Paid per Share of Common Stock |
$0.54 |
$0.51 |
|||||
Dividend Yield |
3.1% |
3.4% |
|||||
Book Value per Common Share |
$27.35 |
$32.33 |
|||||
Market Price as a Percent of Book Value |
256% |
186% |
|||||
*Approximately three million potentially dilutive shares were excluded from fully diluted average |
Attachment 7 |
|||||||
Public Service Enterprise Group INCORPORATED |
|||||||
Consolidated Operating Earnings (non-GAAP) Reconciliation |
|||||||
Reconciling Items |
Three Months Ended |
||||||
March 31, |
|||||||
2022 |
2021 |
||||||
($ millions, Unaudited) |
|||||||
Net Income (Loss) |
$ (2) |
$ 648 |
|||||
(Gain) Loss on Nuclear Decommissioning Trust (NDT) |
|||||||
Fund Related Activity, pre-tax |
72 |
(55) |
|||||
(Gain) Loss on Mark-to-Market (MTM), pre-tax(a) |
845 |
47 |
|||||
Plant Retirements, Dispositions and Impairments, pre-tax(b) |
16 |
- |
|||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(c) |
(259) |
10 |
|||||
Operating Earnings (non-GAAP) |
$ 672 |
$ 650 |
|||||
PSEG Fully Diluted Average Shares Outstanding (in millions)(d) |
501 |
507 |
|||||
($ Per Share Impact - |
|||||||
Net Income (Loss) |
$ 0.00 |
$ 1.28 |
|||||
(Gain) Loss on NDT Fund Related Activity, pre-tax |
0.14 |
(0.11) |
|||||
(Gain) Loss on MTM, pre-tax(a) |
1.69 |
0.09 |
|||||
Plant Retirements, Dispositions and Impairments, pre-tax(b) |
0.03 |
- |
|||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(c) |
(0.52) |
0.02 |
|||||
Share Differential(d) |
(0.01) |
- |
|||||
Operating Earnings (non-GAAP) |
$ 1.33 |
$ 1.28 |
|||||
(a) Includes the financial impact from positions with forward delivery months. |
|||||||
(b) Amount for the three months ended March 31, 2022 includes the results for fossil generation sold in February 2022. |
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(c) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds. |
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(d) Approximately three million potentially dilutive shares were excluded from fully diluted average shares outstanding used to calculate the diluted GAAP loss per share for the three months ended March 31, 2022 as their impact was antidilutive to GAAP results. For non-GAAP per share calculations, we used fully diluted average shares outstanding of 504 million, including the three million potentially dilutive shares as they were dilutive to non-GAAP results. As a result of the use of different denominators for non-GAAP Operating Earnings and GAAP Net Loss, a reconciling line item, "Share Differential," has been added to the year-to-date 2022 results to reconcile the two Earnings/(Loss) per share calculations. |
Attachment 8 |
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CFIO Operating Earnings (non-GAAP) Reconciliation |
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Three Months Ended |
|||||||
Reconciling Items |
March 31, |
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2022 |
2021 |
||||||
($ millions, Unaudited) |
|||||||
Net Income (Loss) |
$ (511) |
$ 171 |
|||||
(Gain) Loss on NDT Fund Related Activity, pre-tax |
72 |
(55) |
|||||
(Gain) Loss on MTM, pre-tax(a) |
845 |
47 |
|||||
Plant Retirements, Dispositions and Impairments, pre-tax(b) |
16 |
- |
|||||
Income Taxes related to Operating Earnings (non-GAAP) reconciling items(c) |
(259) |
10 |
|||||
Operating Earnings (non-GAAP) |
$ 163 |
$ 173 |
|||||
PSEG Fully Diluted Average Shares Outstanding (in millions)(d) |
501 |
507 |
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(a) Includes the financial impact from positions with forward delivery months. |
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(b) Amount for the three months ended March 31, 2022 includes the results for fossil generation sold in February 2022. |
|||||||
(c) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds. |
|||||||
(d) Approximately three million potentially dilutive shares were excluded from fully diluted average shares outstanding used to calculate the diluted GAAP loss per share for the three months ended March 31, 2022 as their impact was antidilutive to GAAP results. For non-GAAP per share calculations, we used fully diluted average shares outstanding of 504 million, including the three million potentially dilutive shares as they were dilutive to non-GAAP results. |