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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pactiv Evergreen Inc | TG:PEG | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.60 | 10.50 | 10.60 | 0.00 | 20:54:42 |
Public Service Enterprise Group Inc.'s (PEG) third-quarter profit fell 26% on prior-year divestiture gains while cooler-than-expected weather and slack demand amid the economic downturn hurt the utility company.
Though earnings topped analysts' expectations, the third-quarter impacts "continue to make it difficult to meet the upper end of our 2009 earnings guidance," said Chairman and Chief Executive Ralph Izzo.
Utilities have struggled with slowing demand during the economic downturn, and the New Jersey-based power and gas provider has dealt with the reduction in power consumption by minimizing other costs and benefiting from lower fuel prices.
PSEG reported third-quarter income of $488 million, or 96 cents a share, down from $656 million, or $1.29, a year earlier. Earnings from continuing operations dipped to 92 cents from 94 cents and revenue fell 18% to $3.09 billion.
Analysts had most recently forecast earnings of 89 cents on $4.67 billion in revenue.
The company's utility operation posted a 10% earnings decline while the generation business had a 5.8% drop because of declining demand and lower commodity prices.
Shares closed at $29.76 Tuesday and weren't active premarket Wednesday.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com;
1 Year Pactiv Evergreen Chart |
1 Month Pactiv Evergreen Chart |
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