Public Service Enterprise Group (PEG) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

August 1, 2023 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by. My name is Rob, and I am your event operator today. I would like to welcome everyone to today's conference, Public Service Enterprise Group's Second Quarter 2023 Earnings Conference Call and Webcast. [Operator Instructions]. As a reminder, this conference is being recorded today, August 1, 2023, and will be available for replay as an audio webcast on PSEG's Investor Relations website at investor.pseg.com.

I would now like to turn the conference over to Carlotta Chan. Please go ahead.

Carlotta Chan

Good morning, and welcome to PSEG's Second Quarter 2023 Earnings Presentation. On today's call are Ralph LaRossa, Chair President and CEO; as well as Dan Cregg, Executive Vice President and CFO. The press release, attachments and slides for today's discussion are posted on our IR website at investor.pseg.com, and our 10-Q will be filed shortly.

PSEG's earnings release and other matters discussed during today's call contain forward-looking statements and estimates that are subject to various risks and uncertainties. We will also discuss non-GAAP operating earnings, which differs from net income or net loss as reported in accordance with generally accepted accounting principles or GAAP in the United States. We include reconciliations of our non-GAAP financial measures and a disclaimer regarding forward-looking statements on our IR website and in today's materials. Following Ralph and Dan's prepared remarks, we will conduct a 30-minute question-and-answer session.

I will now turn the call over to Ralph LaRossa.

Ralph LaRossa

Thank you, Carlotta. Good morning, everyone, and thanks for joining us to review PSEG's second quarter results. This morning, PSEG reported second quarter 2023 net income of $1.18 per share compared to net income of $0.26 per share for the second quarter of 2022. Non-GAAP operating earnings for the second quarter were $0.70 per share compared to $0.64 per share for the second quarter of 2022. Non-GAAP results for the second quarter of 2023 and 2022 exclude items shown in Attachments 8 and 9 provided with the earnings release.

Results for the second quarter and year-to-date align with our full year 2023 non-GAAP operating earnings guidance of $3.40 to $3.50 per share, which we reaffirmed along with our outlook for 5% to 7% long-term earnings growth through 2027 in this morning's earnings announcement. Dan will also discuss our financial results in greater detail, but this was a relatively straightforward quarter for both PSE&G and PSEG Power & Other results fully meeting our planning expectations and supporting full year segment guidance.