$0.91 PER SHARE FROM CONTINUING OPERATIONS
$0.85 PER SHARE OF OPERATING EARNINGS
Company Maintains 2011 Operating Earnings Guidance of $2.50-2.75 Per Share
NEWARK, N.J., May 5, 2011 /PRNewswire/ -- Public Service Enterprise Group (PSEG) reported today Income from Continuing Operations for the first quarter of 2011 of $462 million or $0.91 per share as compared to Income from Continuing Operations of $498 million or $0.99 per share in the first quarter of 2010. Including Income from Discontinued Operations, and gain on sale ($64 million or $0.13 per share), PSEG reported Net Income for the first quarter of 2011 of $526 million or $1.04 per share compared to Net Income for the first quarter of 2010 of $491 million or $0.97 per share. Operating Earnings for the first quarter of 2011 were $431 million or $0.85 per share compared to Operating Earnings in the first quarter of 2010 of $439 million or $0.87 per share.
"We are managing well in difficult market conditions," said Ralph Izzo, chairman, president and chief executive officer of PSEG. He went on to say "our employees' on-going commitment to reliability and safety has supported operations in the face of severe winter weather conditions. In addition, our teams worked round-the-clock to verify the effectiveness of all procedures and equipment in place to respond to natural disasters following the earthquake-and-tsunami related damage at the Fukushima nuclear plant in Japan."
PSEG believes that the non-GAAP financial measure of "Operating Earnings" provides a consistent and comparable measure of performance of its businesses to help shareholders understand performance trends. Operating Earnings exclude the impact of returns/(losses) associated with NDT and MTM accounting. The table below provides a reconciliation of PSEG's Net Income to Operating Earnings (a non-GAAP measure) for the first quarter. See Attachment 10 for a complete list of items excluded from Income from Continuing Operations in the determination of Operating Earnings.
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