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PSEG Reaffirms 2009 Profit Outlook Of $3 To $3.25

The Associated Press

NEWARK, N.J. (AP) — Public Service Enterprise Group Inc. on Wednesday reaffirmed its 2009 profit guidance of $3 to $3.25 per share.

Ralph Izzo, PSEG's chairman, president and chief executive, said in a statement that the company has a strong balance sheet with a greatly reduced risk profile positioned for organic growth opportunities. He did not elaborate in the statement.

Analysts surveyed by Thomson Reuters, on average, were expecting a profit of $3.07 per share this year.

In February, PSEG lowered an earlier earnings forecast of $3.05 to $3.35 per share for the year, saying the outlook for the economy remains weak. However, the Newark, N.J.-based company remained in range of Wall Street's expectations.

PSEG's said last month its fourth-quarter profit rose 4 percent as stronger revenue from its utility segment offset a decline in its energy business.

PSEG shares, which closed at $26.33 on Tuesday, have traded between $22.09 and $47.50 during the past 52 weeks.