PSEG Hosts Financial Presentation
Introduces 2009 Guidance of $3.05-$3.35 Per Share Outlines Growth Supporting Double-Digit Shareholder Returns
Public Service Enterprise Group (PSEG) today (March 20) introduced 2009 operating earnings guidance of $3.05-$3.35 per share, and also provided support for achieving earnings growth of 8%-9% per year through 2011. The guidance for 2009 represents a 9%-10% increase over PSEG’s 2008 operating earnings guidance. The company’s forecast for 2008 operating earnings of $2.80-$3.05 per share remains unchanged.
Ralph Izzo, chairman, president and chief executive officer of PSEG, unveiled the outlook at a conference in New York for the financial community.
“Strong markets, increased productivity and an expanded asset base are all expected to contribute to PSEG’s very robust outlook” Izzo said. He went on to say “the opportunity for earnings growth coupled with our current yield of 2.8% could allow PSEG to provide shareholders with double-digit returns.”
Izzo and members of his senior management team reviewed the outlook for each of PSEG’s major businesses, PSEG Power, PSE&G and PSEG Energy Holdings, within the operating construct that guides the corporation through the business environment over the next few years.
Izzo told the financial community that PSEG met its long-term targets for capitalization in 2007, and that the outlook for earnings and capital spending could result in PSEG generating $3.0 billion of discretionary cash over 2008-2011. This would place the company in a position during this unsettled period in the capital markets to explore opportunities for growth in core markets or return cash to shareholders.
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