Public Service Enterprise Group Inc
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Utilities : Multi-Utilities | Large Cap Value
Company profile

Public Service Enterprise Group Incorporated (PSEG) is a holding company. The Company is an energy company with operations located primarily in the Northeastern and Mid-Atlantic United States. The Company's segments include Public Service Electric and Gas Company (PSE&G), PSEG Power LLC (Power) and Other. PSEG is engaged in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is also the provider of last resort for gas and electric commodity service for end users in its service territory. Power is a multi-regional energy supply company that integrates the operations of its merchant nuclear and fossil generating assets with its power marketing businesses through energy sales in energy markets and fuel supply functions primarily in the Northeast and Mid-Atlantic United States through its principal subsidiaries. In addition, Power owns and operates solar generation in various states.

Closing Price
$58.15
Day's Change
-1.57 (-2.63%)
Bid
--
Ask
--
B/A Size
--
Day's High
59.72
Day's Low
57.43
Volume
(Heavy Day)
Volume:
3,240,554

10-day average volume:
2,148,714
3,240,554

UPDATE: HPE shares jump 8% on revenue, earnings beat

5:15 pm ET August 25, 2020 (MarketWatch)
Print

By Jon Swartz

Hewlett Packard Enterprise Co. shares surged 8% in after-hours trading Tuesday after the enterprise software and services provider reported fiscal third-quarter results that soundly beat Wall Street estimates.

HPE (HPE) reported non-GAAP earnings of 32 cents a share, compared with non-GAAP earnings of 45 cents a share in the year-ago quarter. Revenue declined 5% to $6.82 billion from $7.2 billion a year ago.

Analysts surveyed by FactSet had expected adjusted earnings of 23 cents a share on revenue of $6.06 billion.

"We significantly improved operational and supply-chain execution and advanced our innovation agenda with the introduction of HPE GreenLake cloud-services solutions, our new HPE Ezmeral software portfolio, and our planned acquisition of SD-WAN leader Silver Peak," HPE Chief Executive Antonio Neri said in a statement (https://investors.hpe.com//media/Files/H/HP-Enterprise-IR/documents/q3-2020/q3-2020-earnings-press-release.pdf).

"We were very pleased with the performance, especially in reducing our backlog $500 million," HPE Chief Financial Officer Tarek Robbiati told MarketWatch in a phone interview after the results were announced. In a sign of the company's confidence, it issued earnings guidance for its current fourth-quarter of non-GAAP EPS of between 32 cents and 36 cents a share -- squarely above FactSet estimates of 31 cents a share.

HPE expects to be "back operating in a much more stable position" the next few quarters, Robbiati added. He pointed to revenue for high-end computing systems, which improved 3% to $649 million.

For the just completed third quarter, compute revenue was flat at $3.4 billion, while storage sales declined 10% to $1.1 billion as enterprise companies continued to keep a tight leash on big purchases during an economic downturn caused by the pandemic.

"It's always painful reorienting a company around services, but HPE so far is doing an admirable job," Patrick Moorhead, principal analyst at Moor Insights & Strategy, said in an message. "Greenlake (services) is a bet the company play and it's nice to see things coming together."

HPE shares are down 41% this year. The broader S&P 500 index has improved 6.6% in 2020.

-Jon Swartz; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

August 25, 2020 17:15 ET (21:15 GMT)

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