NEWARK, N.J. (AP) - Warmer-than-usual winter weather and lower prices weighed on electrical utility and power producer Public Service Enterprise Group Inc. in its second quarter and its net income declined.
The company's earnings fell 35 percent to $211 million, or 42 cents per share, from $323 million, or 63 cents per share, in the prior-year period.
Operating earnings, which exclude one-time items, dropped to $215 million, or 43 cents per share, from $301 million, or 59 cents per share.
Analysts surveyed by FactSet forecast earnings of 45 cents per share.
The power-generating PSE&G Power division said Tuesday that its operating earnings fell because of lower prices for energy and capacity.
In its PSE&G unit, which is the electric and gas utility in New Jersey, operating earnings dipped slightly because of the warmer-than-normal weather during the winter months as transmission revenue improved.
PSE&G Energy Holdings/Enterprise reported its operations earnings fell due to lower earnings on leases.
PSE&G, which is based in Newark, N.J., reaffirmed its outlook for full-year operating earnings of $2.25 to $2.50 per share.
Wall Street foresees earnings of $2.40 per share.
Shares of PSE&G shed 28 cents to $33.72 in morning trading.
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