RTTNews | Aug 3, 2021 08:01AM EDT

08:01 Tuesday, August 3, 2021 (RTTNews.com) - Electric services company Public Service Enterprise Group Inc.(PEG) on Tuesday raised its earnings outlook for fiscal 2021. The company increased its non-GAAP operating earnings guidance to $3.40-$3.55 per share from the earlier $3.35-$3.55 per share.

This was done on the basis of good performances by PSE&G and Power during the first half of the year. The raised guidance also includes an August 1 effective date to implement the Transmission rate settlement, and the expectation that the fossil assets will add to the company's consolidated results till year-end.

In the second quarter, the company reported net loss of $177 million or $0.35 per share, compared to net income of $451 million or $0.89 per share in the same period last year. On average, 11 analysts polled by Thomson Reuters expected the company to post earnings of $0.68 per share in the year. Analysts' estimates, usually, exclude one-time items.

Operating revenues fell to $1.87 billion from $2.05 billion a year ago, while analysts were looking for revenues of 2.24 billion in the three-month period.

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