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Public Service Enterprise Group 8-K Report, Financial Results (Feb 25, 2025)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed February 25, 2025
Period End
February 25, 2025
Security
PEG
In the record · 2016–202610-K1110-Q338-K149

PEG filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 149 current reports (8-K) between 2016 and 2026.

  1. Impairment8-K · Oct ’16Oct ’16
  2. Impairment8-K · Jun ’19Jun ’19
  3. Leadership change8-K · Jul ’22Jul ’22
  4. Leadership change8-K · Apr ’26Apr ’26

01—Abstract

Summary

Summary of the 8-K filed February 25, 2025. Cited figures are marked; the original filing is the authoritative source.

Public Service Enterprise Group (PSEG) reported full-year 2024 net income of $1,772 milliona, or $3.54 per diluted share, versus $2,563 million, or $5.13 per share, in 2023.

On a non-GAAP Operating Earnings basis, which excludes Nuclear Decommissioning Trust gains and losses, Mark-to-Market accounting and other items, full-year 2024 earnings were $1,839 millionb, or $3.68 per share, compared with $3.48 per share in 2023. Fourth-quarter 2024 non-GAAP Operating Earnings were $0.84 per share, versus $0.54 a year earlier. Management noted this was the 20th consecutive year the company met or exceeded its non-GAAP Operating Earnings guidance.

The company initiated 2025 non-GAAP Operating Earnings guidance of $3.94 to $4.06c per share, with the midpoint up approximately 9% over 2024. It also extended its 5% to 7% non-GAAP Operating Earnings compound annual growth rate target through 2029, and raised its 2025-2029 capital spending plan to $22.5 billion to $26 billion, up $3.5 billion from the prior plan. PSE&G's rate base growth target for 2025-2029 is 6% to 7.5% CAGR, starting from approximately $34 billion at year-end 2024.

The filing states the balance sheet supports the five-year capital program without issuing equity or selling assets through 2029. PSE&G settled its first electric and gas distribution base rate case in six years, with a $17.8 billiond distribution rate base, a 9.6% return on equity and a 55% equity ratio.

The Board of Public Utilities also approved a settlement of roughly $2.9 billion for PSE&G's Clean Energy Future - Energy Efficiency II program. The filing also reports an indicative 2025 annual common dividend of $2.52 per share, an increase of $0.12.

02—Key points

Key Highlights

  1. Full-year 2024 net income was $1,772 million ($3.54 per diluted share), down from $2,563 million ($5.13) in 2023; non-GAAP Operating Earnings were $1,839 million ($3.68 per share), up from $3.48.
  2. Fourth-quarter 2024 non-GAAP Operating Earnings were $0.84 per share, compared with $0.54 in the fourth quarter of 2023.
  3. 2025 non-GAAP Operating Earnings guidance initiated at $3.94 to $4.06 per share, with the midpoint up approximately 9% over 2024.
  4. Long-term non-GAAP Operating Earnings growth target of 5% to 7% CAGR extended through 2029 from the higher 2025 midpoint.
  5. 2025-2029 capital spending plan raised to $22.5 billion to $26 billion, up $3.5 billion from the prior plan; regulated investment of $21 billion to $24 billion.
  6. PSE&G rate base targeted to grow at a 6% to 7.5% CAGR for 2025-2029, from approximately $34 billion at year-end 2024.
  7. Indicative 2025 annual common dividend of $2.52 per share, up $0.12, with the company citing 118 years of dividend payments.

03—Questions

Frequently Asked Questions

  1. How did PSEG perform in 2024 compared with 2023?

    Net income fell to $1,772 million ($3.54 per diluted share) from $2,563 million ($5.13 per share). Non-GAAP Operating Earnings rose to $1,839 million ($3.68 per share) from $1,742 million ($3.48 per share). The filing attributes the GAAP decline largely to the PSEG Power & Other segment, whose net income fell to $225 million from $1,048 million, and notes that PSE&G net income rose to $1,547 million from $1,515 million.

  2. What is PSEG's 2025 earnings guidance?

    PSEG initiated 2025 non-GAAP Operating Earnings guidance of $3.94 to $4.06 per share. The filing says the midpoint represents an increase of approximately 9% over 2024 results. Drivers include new base rates in effect for the full year and continued environmental attribute payments for nuclear units, partly offset by higher financing costs.

  3. Does PSEG plan to raise equity or sell assets to fund its capital program?

    No, according to the filing. It states that PSEG's solid balance sheet enables funding of its five-year capital program without the need to issue equity or sell assets through 2029.

  4. What is PSEG's capital investment plan?

    The 2025-2029 capital spending plan totals $22.5 billion to $26 billion, including $21 billion to $24 billion of regulated investment. The filing says this is an increase of approximately $3 billion in regulated investment from the prior five-year plan of $18 billion to $21 billion, driven by PSE&G's growing customer demand, infrastructure modernization and energy efficiency programs. The company plans to invest $3.8 billion in regulated investments in 2025.

  5. What is the status of PSE&G's rate case and dividend?

    The New Jersey Board of Public Utilities approved a settlement of PSE&G's base electric and gas distribution rate case on October 9, 2024, with a distribution rate base of $17.8 billion, an unchanged 9.6% return on equity and a 55% equity ratio. The indicative 2025 annual common dividend is $2.52 per share, up $0.12. The filing notes that all future dividend decisions are subject to Board of Directors approval.

04—Continue

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