Public Service Enterprise Group Incorporated (NYSE:PEG) Q4 2023 Earnings Conference Call February 26, 2024 11:00 AM ET

Company Participants

Carlotta Chan - Investor Relations

Ralph LaRossa - Chair, President and Chief Executive Officer

Dan Cregg - Executive Vice President and Chief Financial Officer

Conference Call Participants

Constantine Lednev - Guggenheim Partners

David Arcaro - Morgan Stanley

Durgesh Chopra - Evercore ISI

Carly Davenport - Goldman Sachs

Ryan Levine - Citi

Operator

Ladies and gentlemen, thank you for standing by. My name is Rob and I am your event operator today. I’d like to welcome everyone to today’s conference, Public Service Enterprise Group’s Fourth Quarter and Full Year Results 2023 Earnings Conference Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded today, February 26, 2024 and will be available for replay as an audio webcast on PSEG’s Investor Relations website at https://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 fourth quarter and full year 2023 earnings presentation. On today’s call are Ralph LaRossa, Chair, President and CEO 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 later today.

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 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 the 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 to everyone and thanks for joining us to review PSEG’s 2023 fourth quarter and full year results. For the fourth quarter of 2023, PSEG reported net income of $1.10 per share compared to net income of $1.58 per share in the fourth quarter of 2022. Non-GAAP operating earnings for the fourth quarter of 2023 were $0.54 per share compared to $0.64 per share in the fourth quarter of 2022. Our non-GAAP results, excluding the items shown in attachments 8 and 9, which we provided with the earnings release.