PSEG(PEG) - 2024 Q4 - Annual Results

Financial Performance - PSEG reported a net income of $1,772 million for FY 2024, down from$ 2,563 million in FY 2023, resulting in diluted earnings per share of $3.54 compared to$ 5.13 in the previous year[3]. - For Q4 2024, net income was $286 million, a decrease from$ 546 million in Q4 2023, with diluted earnings per share of $0.57 compared to$ 1.10[5]. - Net income for the year ended December 31, 2024, was $1,772 million, a decrease of 30.8% compared to$ 2,563 million in 2023[39]. - Operating income for the year ended December 31, 2024, was $2,353 million, down from$ 3,685 million in 2023, representing a decline of 36.1%[34]. - Earnings per share for the year ended December 31, 2024, were $3.54, down from$ 5.13 in 2023, a decrease of 30.8%[34]. - Net cash provided by operating activities for 2024 was $2,133 million, down from$ 3,806 million in 2023, reflecting a decline of 43.9%[39]. Capital Investment and Guidance - PSEG initiated 2025 Non-GAAP Operating Earnings guidance of $3.94 -$ 4.06 per share, representing a ~9% increase at the midpoint over 2024 results[6]. - The capital spending plan for 2025-2029 has been raised to $22.5 billion -$ 26 billion, an increase of $3.5 billion from the prior plan[6]. - PSEG's 2025-2029 capital investment plan is expected to produce a compound annual growth rate (CAGR) in rate base of 6% - 7.5%, starting from a year-end 2024 rate base of approximately$ 34 billion, which reflects a 12% increase over the year-end 2023 balance[13]. Segment Performance - PSEG's Public Service Electric and Gas (PSE&G) segment achieved net income of $1,547 million for FY 2024, up from$ 1,515 million in FY 2023, with non-GAAP Operating Earnings also increasing[12]. - PSE&G's new electric and gas distribution base rates went into effect on October 15, 2024, contributing to higher revenues in Q4 2024[12]. - PSEG Nuclear benefited from strong operating performance and the start of the nuclear production tax credit (PTC) in January 2024[9]. Customer Satisfaction and Regulatory Approvals - PSEG was recognized as 1 in customer satisfaction for residential electric and gas service in the East among large utilities by J.D. Power[9]. - The New Jersey Board of Public Utilities approved a $2.9 billion investment in PSE&G's Clean Energy Future - Energy Efficiency II Program over a six-year period[9]. Revenue and Sales - For the three months ended December 31, 2024, operating revenues were$ 2,465 million, a decrease of 5.4% compared to $2,605 million for the same period in 2023[31]. - Total electric sales for the year increased by 4% to 40,659 million kWh, with residential sales growing by 6% to 13,907 million kWh[41]. - Total gas sales for the year were 3,161 million therms, a slight increase of 1% compared to 2023, with firm sales up by 4%[43]. Debt and Equity - Total debt increased to$ 22,707 million as of December 31, 2024, from $20,233 million in 2023, marking an increase of 12.2%[37]. - The company reported a total stockholders' equity of$ 16,114 million as of December 31, 2024, an increase from $15,477 million in 2023, representing a growth of 4.1%[37]. - The company’s total capitalization increased to$ 38,821 million in 2024 from $35,710 million in 2023, an increase of 5.9%[37]. Investment Performance - The company experienced a net loss on trust investments of$ 64 million for the three months ended December 31, 2024, compared to a net gain of $126 million for the same period in 2023[31]. - The stock price at the end of the period rose to$ 84.49, compared to $61.15 in the previous year, marking an increase of 38.1%[49]. - The market price as a percent of book value increased to 261% from 197% in the previous year[49]. Dividends - The company declared dividends of$ 0.60 per share for the fourth quarter, up from $0.57 in the same period last year, reflecting a 5.3% increase[49]. - The dividend yield decreased to 2.8% from 3.7% year-over-year[49].