Public Service Enterprise Group, the parent of utility PSE&G, announced its second-quarter earnings Wednesday.
PSEG said in a news release its net income fell to $212 million, or 42 cents per share, from $333 million, or 66 cents per share, in the third quarter of 2013. However, operating earnings rose to $245 million, or 49 cents per share, from $243 million, or 48 cents per share.
"Our results in the second quarter reflect the benefit of our diversified business model, the growth in our regulated utility company capital program and our long-term focus on operating in a safe, reliable manner as we meet the needs of our customers and shareholders," Ralph Izzo, chairman, president and CEO, said in a statement. "The primary driver of growth – increased investment in transmission in our utility, PSE&G – remained strong in the second quarter offsetting the impact from mixed operating conditions.”
The PSE&G unit reported operating earnings of $151 million, or 30 cents per share, compared with $121 million, or 24 cents per share, in the year-ago period. The PSEG Power unit reported operating earnings of $87 million, or 17 cents per share, compared with $120 million, or 24 cents per share, in 2013. And PSEG’s Enterprise and other units reported operating earnings of $7 million, or 2 cents per share, compared with $2 million, or 0 cents per share, in the second quarter of 2013.
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