Public Service Enterprise Group Inc.'s fourth-quarter 2017 operating earnings increased to $289 million, or 57 cents per share, from $279 million, or 54 cents per share, for the comparable quarter of 2016, the company reported Feb. 23.
The S&P Capital IQ normalized consensus EPS estimate for the fourth quarter of 2017 was 56 cents.
"We ended 2017 on a strong note with operating earnings for the year above the mid-point of our guidance," PSEG Chairman, President and CEO Ralph Izzo said. "The recent action by the Board of Directors to increase the common dividend by 4.7% to the indicative annual rate of $1.80 per share is recognition of our financial strength and commitment to growth."
Public Service Electric and Gas Co. contributed $210 million, or 41 cents per share, toward fourth-quarter 2017 operating earnings, compared to $193 million, or 38 cents per share, for the corresponding quarter of 2016.
PSEG Power LLC posted operating earnings of $100 million, or 20 cents per share, and adjusted EBITDA of $196 million during the fourth quarter of 2017. The results compare to operating earnings of $69 million, or 13 cents per share, and $155 million in adjusted EBITDA a year earlier.
On a GAAP basis, PSEG reported fourth-quarter 2017 net income of $956 million, or $1.88 per share, compared with a net loss of $98 million, or 19 cents per share, in the comparable quarter of 2016.
Public Service Electric and Gas Co.PSEG booked $1.49 billion, or $2.93 per share, in full-year 2017 operating earnings, an increase from $1.48 billion, or $2.90 per share, in 2016. The S&P Capital IQ normalized consensus EPS estimate for 2017 was $2.91.
Full-year 2017 GAAP net income totaled $1.57 billion, or $3.10 per share, compared to $887 million, or $1.75 per share, in 2016.
For 2018, the company is targeting operating earnings in the range of $1.52 billion to $1.63 billion, or $3.00 per share to $3.20 per share.
PSE&G is expected to generate operating earnings of $1.00 billion to $1.03 billion. Meanwhile, PSEG Power is expected to contribute operating earnings of $485 million to $560 million and adjusted EBITDA of $1.08 billion to $1.18 billion in 2018.