Energy Company PSEG's Flat 1Q Profit Beats Views

NEWARK, N.J. (AP) — Public Service Enterprise Group Inc. said Monday first quarter profit nearly matched year-ago figures even as the recession softened demand for its gas and electricity services.

The company reported profit of $444 million, or 88 cents a share, compared with $448 million, or 88 cents a share a year ago.

The results included $38 million in losses — 4 cents per share, on investments in its nuclear decommissioning trust fund and 3 cents per share in market-to-market losses.

Excluding the losses, operating profit was $482 million or 95 cents a share. That's up from $438 million, or 86 cents a share a year ago.

Revenue was $3.92 billion up from $3.79 billion a year earlier.

Analysts expected 81 cents a share on sales of $3.9 billion. They typically exclude one-time market losses or gains.

PSEG's shares were off 31 cents, or 1 percent, at $30.84 in afternoon trading. They've traded between $22.09 and $47.33 in the past 52 weeks.

"PSEG's results for the first quarter of 2009 demonstrate the strength of operations and the diversity of our asset base in the face of difficult market conditions," Chief Executive Ralph Izzo said.

He said the company expects operating profit for the year to be in the range of $3 and $3.25 per share, in line with previous estimates.

Analysts expect $3.06 a share.