Public Service Enterprise Group (PEG) Q4 2022 Earnings Call Transcript

For the period ending December 31, 2022

February 21, 2023 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Call Participants：

Operator

Ladies and gentlemen, thank you for standing by. My name is Shamali and I am your event operator today. I would like to welcome everyone to today's conference, Public Service Enterprise Group's Fourth Quarter and Full Year 2022 Earnings Conference Call and Webcast. At this time, all participants are in a listen-only mode [Operator Instructions] As a reminder, this conference is being recorded today, February 21, 2023, and will be available for replay as an audio webcast on PSEG's Investor Relations website at investor.pseg.com.

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

Carlotta Chan - VP, IR

Thank you, Shamali. Welcome to PSEG's fourth quarter and full year 2022 earnings presentation. Joining us on the call today are Ralph LaRossa, Chair, President and CEO of PSEG; and 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-K will be filed shortly. The 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 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 material.

Following Ralph and Dan's prepared remarks, we will conduct a question-and-answer session. I will now turn the call over to Ralph.

Ralph LaRossa - Chairman, President and CEO

Thank you, Carlotta, and thank you to everyone joining us on our call this morning. Since the third quarter 2022 earnings report, we've had several important updates. Dan will provide you with a full financial review later in our prepared remarks as I will focus on some strategic highlights.

We are pleased to report strong operating and financial results for both the fourth quarter and full year of 2022. We successfully navigated last year's challenges including inflation, supply chain disruptions, energies price spikes, and the steep rise in interest rates to deliver a GAAP earnings of $2.06 per share, and non-GAAP operating earnings of $3.47 per share, placing our results for the full year above the midpoint of our 2022 non-GAAP earnings guidance.