Public Service Enterprise Group Inc. (NYSE:PEG) shares enjoyed slight gains Monday, on the release of first-quarter financial figures.
The company, based in Newark, New Jersey, revealed net Income for the first quarter of 2020 of $448 million, or $0.88 per share as compared to Net Income of $700 million, or $1.38 per share, in the first quarter of 2019.
Non-GAAP Operating Earnings for the first quarter of 2020 were $520 million, or $1.03 per share, compared to non-GAAP Operating Earnings for the first quarter of 2019 of $547 million, or $1.08 per share.
Winter weather, as measured by heating degree days, was 19% warmer than normal and 19% warmer than first-quarter 2019. The negative impact of unfavorable weather on gas margin quarter-over-quarter was largely offset by the gas weather-normalization clause.
However, the decline in electric sales and revenue as a result of the large difference in weather reduced quarter-over-quarter earnings comparisons by $0.02 per share.
Said CEO Ralph Izzo, "PSEG's first and foremost responsibility has always been to provide safe and reliable delivery of electric and gas service to our 3.7 million customers in New Jersey and on Long Island.
"These essential services have never been more important to our daily lives as most of us remain at home to stop the spread of the ongoing coronavirus pandemic. Eight weeks ago, PSEG activated its pandemic response plan to enact new work practices, employee and customer safety protocols, and expand community outreach in light of the national emergency that began earlier this year."
PEG shares acquired 20 cents to $27.11
