PSEG(PEG)2025-04-30 12:30Financial Performance - PSEG reported a net income of $589 million for Q1 2025, an increase from $532 million in Q1 2024, resulting in earnings per share of $1.18 compared to $1.06 in the previous year[2]. - Non-GAAP operating earnings for Q1 2025 were $718 million, up from $657 million in Q1 2024, with earnings per share of $1.43 compared to $1.31[2]. - The increase in PSE&G's net income reflects new electric and gas base distribution rates implemented in October 2024, contributing to higher revenue collection during winter months[8]. - Net income for Q1 2025 was $589 million, compared to $532 million in Q1 2024, reflecting an increase of 10.7%[27]. - Operating earnings (non-GAAP) for Q1 2025 were $718 million, up from $657 million in Q1 2024, indicating a growth of 9.3%[38]. - Operating revenues for the three months ended March 31, 2025, increased to $3,222 million, up from $2,760 million in the same period of 2024, representing a growth of 16.7%[22]. Capital Investment and Growth Outlook - The company maintains its 2025 non-GAAP operating earnings guidance of $3.94 - $4.06 per share[1]. - PSEG's regulated capital investment plan for 2025 focuses on infrastructure replacement and modernization, with over $3 billion invested in electric and gas systems in recent years[4][8]. - PSEG aims for a compound annual growth outlook of 5% to 7% for non-GAAP operating earnings from 2025 to 2029[6]. Sales and Demand - Electric sales for residential customers increased by 6% to 3,290 million kWh in Q1 2025 compared to Q1 2024[29]. - Total gas sales increased by 7% to 1,372 million therms in Q1 2025, with residential sales rising by 14%[31]. - The company experienced a quarterly increase in large load inquiries for new service connections, totaling over 6,400 MW of capacity requested as of March 31[4]. Expenses and Debt - Total operating expenses for Q1 2025 were $2,425 million, compared to $2,075 million in Q1 2024, an increase of 16.9%[22]. - The company reported a total debt of $23,398 million as of March 31, 2025, up from $22,707 million at the end of 2024[25]. Stock Performance and Dividends - PSEG declared a first-quarter common stock dividend of $0.63 per share, representing an indicative annual rate of $2.52 per share, a 5% increase for 2025[6]. - The stock price at the end of Q1 2025 was $82.30, compared to $66.78 at the end of Q1 2024, reflecting a year-over-year increase of 23.2%[36]. - The dividend yield for Q1 2025 was 3.1%, down from 3.6% in Q1 2024[36]. - The weighted average common shares outstanding for Q1 2025 were 500 million, unchanged from Q1 2024[38]. Operational Efficiency - PSEG Nuclear generated approximately 8.4 terawatt hours of energy in Q1 2025, achieving a capacity factor of 99.9%[6]. - PSEG's focus on cost management and financial flexibility supports its strategic goals and capital investment plans[6].