Summary
The parent of Public Service Electric and Gas Co., New Jersey's largest utility, said Monday that it earned $444 million in net income, or 88 cents a share, in the first quarter that beat analysts' estimates, compared with $448 million, or 88 cents, in the first quarter of a year ago. Per-share profit was bolstered by a $750 million stock buyback that began in August.
Public Service Enterprise Group attributed the slight decline in earnings in part to weak demand for power, particularly from commercial and industrial customers. The slowdown was offset by rising contract prices for power and lower fuel costs. Sales increased 3.4 percent to $3.92 billion.See the full content of this document
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Pseg Profit Dips but Tops Street Estimates
PSE&G, an arm of the Newark-based company, reported operating earnings of $123 millio...
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