NEWARK, N.J.,
Dec. 19,
2023 /PRNewswire/ -- Public Service Enterprise Group
(NYSE: PEG) has initiated 2024 non-GAAP Operating Earnings guidance
in the range of $3.60 to $3.70 per share. The midpoint of the Company's
2024 guidance represents earnings growth of approximately 6% from
the midpoint of its 2023 non-GAAP Operating Earnings guidance of
$3.40 to $3.50 per share.
"Consistent with an improved business mix and a platform for
predictable growth, PSEG has introduced 2024 non-GAAP Operating
Earnings guidance that follows our existing long-term outlook for
compound annual earnings growth in the range of 5% to 7% for 2023
through 2027," said Ralph LaRossa,
PSEG's chair, president, and CEO.
"Guidance for 2024 is presented on a consolidated basis and
reflects the estimated earnings contributions of both Public
Service Electric and Gas and PSEG Power & Other. PSEG continues
to execute on our plan to increase the predictability of our
business, which is built on a foundation of operational excellence,
disciplined investment, and the continuation of financial
strength," LaRossa added.
About PSE
Public Service Enterprise Group (PSEG)
(NYSE: PEG) is a predominantly regulated infrastructure company
focused on a clean energy future. Guided by its Powering Progress
vision, PSEG aims to power a future where people use less energy,
and it's cleaner, safer and delivered more reliably than ever.
PSEG's commitment to sustainability is demonstrated in our net-zero
2030 climate vision and participation in the U.N. Race to Zero, as
well as our inclusion on the Dow Jones Sustainability North America
Index and the list of America's most JUST Companies. PSEG's
businesses include Public Service Electric and Gas Co. (PSE&G),
PSEG Power and PSEG Long Island. (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 gains (losses) associated with the Nuclear Decommissioning Trust
(NDT), Mark-to-Market (MTM) accounting and
material one-time items. 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 because comparable GAAP
measures are not reasonably accessible or reliable due to the
inherent difficulty in forecasting and quantifying measures that
would be required for such reconciliation. Namely, we are not able
to reliably project without unreasonable effort MTM and NDT gains
(losses), for future periods due to market volatility. These items
are uncertain, depend on various factors, and may have a material
impact on our future GAAP results.
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:
- any inability to successfully develop, obtain regulatory
approval for, or construct transmission and distribution, and our
nuclear generation projects;
- the physical, financial and transition risks related to climate
change, including risks relating to potentially increased
legislative and regulatory burdens, changing customer preferences
and lawsuits;
- any equipment failures, accidents, critical operating
technology or business system failures, severe weather events, acts
of war, terrorism or other acts of violence, sabotage, physical
attacks or security breaches, cyberattacks or other incidents that
may impact our ability to provide safe and reliable service to our
customers;
- any inability to recover the carrying amount of our long-lived
assets;
- disruptions or cost increases in our supply chain, including
labor shortages;
- any inability to maintain sufficient liquidity or access
sufficient capital on commercially reasonable terms;
- the impact of cybersecurity attacks or intrusions or other
disruptions to our information technology, operational or other
systems;
- a material shift away from natural gas toward increased
electrification and a reduction in the use of natural gas;
- failure to attract and retain a qualified workforce;
- inflation, including increases in the costs of equipment,
materials, fuel and labor;
- the impact of our covenants in our debt instruments and credit
agreements on our business;
- adverse performance of our defined benefit plan trust funds and
Nuclear Decommissioning Trust Fund and increases in funding
requirements and pension costs;
- fluctuations in, or third party default risk in wholesale power
and natural gas markets, including the potential impacts on the
economic viability of our generation units;
- our ability to obtain adequate nuclear fuel supply;
- changes in technology related to energy generation,
distribution and consumption and changes in customer usage
patterns;
- third-party credit risk relating to and purchase of nuclear
fuel;
- any inability to meet our commitments under forward sale
obligations and Regional Transmission Organization rules;
- reliance on transmission facilities to maintain adequate
transmission capacity for our nuclear generation fleet;
- the impact of changes in state and federal legislation and
regulations on our business, including PSE&G's ability to
recover costs and earn returns on authorized investments;
- PSE&G's proposed investment programs may not be fully
approved by regulators and its capital investment may be lower than
planned;
- our ability to advocate for and our receipt of appropriate
regulatory guidance to ensure long-term support for our nuclear
fleet;
- adverse changes in and non-compliance with energy industry
laws, policies, regulations and standards, including market
structures and transmission planning and transmission returns;
- risks associated with our ownership and operation of nuclear
facilities, including increased nuclear fuel storage costs,
regulatory risks, such as compliance with the Atomic Energy Act and
trade control, environmental and other regulations, as well as
financial, environmental and health and safety risks;
- changes in federal and state environmental laws and regulations
and enforcement;
- delays in receipt of, or an inability to receive, necessary
licenses and permits and siting approvals; and
- changes in tax laws and regulations.
All of the forward-looking statements made in this communication
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 communication apply only as of the date of
this communication. 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 communication 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.
CORPORATE COMMUNICATIONS
Marijke.Shugrue@pseg.com
862-465-1445
INVESTOR RELATIONS CONTACTS:
Carlotta.Chan@pseg.com
(973) 430-6565
Michael.Cimini@pseg.com
(973) 430-6596
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SOURCE PSEG