Public Service Enterprise Group (PEG) Q4 2024 earnings summary

Executive summary

• Reported 2024 net income of $3.54 per share and non-GAAP operating earnings of $3.68 per share, with Q4 net income at $0.57 and non-GAAP operating earnings at $0.84 per share, meeting the top of guidance.

• Achieved 20th consecutive year of meeting or exceeding non-GAAP operating earnings guidance.

• Settled first electric and gas distribution rate case in six years, supporting prudent investments and affordability.

• Completed $3.6B capital spending program and installed 2.2 million smart meters on time and on budget.

• Recognized for top customer satisfaction and reliability awards in 2024.

Financial highlights

• Full-year 2024 net income was $3.54 per share, down from $5.13 in 2023; non-GAAP operating earnings rose to $3.68 from $3.48 per share year-over-year.

• Q4 2024 net income was $0.57 per share, down from $1.10 in Q4 2023; non-GAAP operating earnings for Q4 were $0.84, up from $0.54 per share.

• PSE&G segment net income for 2024 was $3.09 per share, up $0.06 year-over-year; PSEG Power & Other contributed $0.45, down $1.65.

• Dividend increased by $0.12 per share to $2.52 for 2025; 2024 dividend paid was $2.40 per share.

• Year-end 2024 rate base for PSE&G was ~$34 billion, up 12% from 2023.

Outlook and guidance

• 2025 non-GAAP operating earnings guidance set at $3.94–$4.06 per share, a 9% increase at midpoint over 2024.

• 5%-7% non-GAAP operating earnings CAGR reaffirmed for 2025-2029, with 2025 as new base year.

• 2025 capital investment plan is $3.8B–$4B, with five-year plan increased to $22.5B–$26B, up $3.5B from prior plan.

• No need to issue new equity or sell assets through 2029 despite increased CapEx.

• Board approved $0.12 per share dividend increase to $2.52 annual rate for 2025, 14th consecutive annual increase.