Public Service Enterprise (PEG) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 2, 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 will be your event operator [ph] today. I would like to welcome everyone to today's conference, Public Service Enterprise Group's First Quarter 2023 Earnings Conference Call and Webcast. [Operator Instructions] As a reminder this conference is being recorded today, May 2, 2023, 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 first 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 differ from net income or 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 earnings materials.

Following Ralph’s 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 to everyone and thanks for joining us to review PSEG’s first quarter results.

As indicated in our release, PSEG reported first quarter 2023 net income of $1,287 billion or $2.58 a share compared to a net loss of $2 million or less than $0.01 a share for the first quarter of 2022.

Non-GAAP operating earnings for the first quarter were $695 million or a $1.39 per share compared to $672 million or a $1.33 per share for the first quarter of 2022. The non-GAAP results for first quarter 2023 and 2022 exclude items shown in Attachment 7 and 8 provided in the release.

PSEG delivered solid operating and financial performance to begin the year and we are on track to achieve our full year 2023 non-GAAP operating earnings guidance of $3.40 to $3.50 per share. We are executing our plan to grow PSEG, while also increasing its predictability, which we outlined in our March 10 Investor Conference.