Public Service +2.6% as Q4 earnings beat estimates

Public Service Enterprise's (PEG +2.6%) Q4 earnings fell 11% on mark-to-market and storm-related impacts, but adjusted profit improved and exceeded expectations.

The PSEG Power subsidiary said operating earnings fell 8.7% Y/Y to $115M on an increase in operating and maintenance expense associated with planned and unplanned outage-related work that offset benefits from stronger margins.

The PSE&G utility segment posted operating earnings growth of 92% to $144M amid higher revenue and lower operating and maintenance expenses from the year-earlier period that included Sandy-related restoration expenditures.

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