PUBLIC SERVICE ENTERPRISE GROUP, INC. Dividend Fact Sheet 2024
NYSE: PEG
Public Service Enterprise Group
Our 117th Year Paying a Common Dividend
PSEG is continuing its remarkable record of paying common dividends. PSEG has paid dividends each year since 1907 - a record matched by very few companies. In addition to investing in long-term growth opportunities, returning cash to our shareholders remains a top priority and underscores our commitment to a disciplined approach to capital allocation.
In early 2024, the Board of Directors of PSEG declared a quarterly dividend of $0.60 cents per share. The indicative annual common dividend for 2024 is $2.40 per share, representing an increase of $0.12 per share over the 2023 annual common dividend, and results in a compound annual rate of growth in the dividend of 5.0% over the past 10 years.
"The increase in the 2024 indicative rate represents our 13th consecutive annual increase and extends PSEG's track record to 117 years of providing dividend income and the opportunity for consistent and sustainable dividend growth for shareholders," said Ralph LaRossa, chair, president and chief executive officer of PSEG.
All future dividend payments, and any changes thereto, are subject to approval by the Board of Directors.
PSEG Annual Dividend per Share
$2.40*
$2.28
$2.16
$2.04
$1.96
$1.88
$1.80
$1.72
$1.64
$1.56
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | |
Payout Ratio** | 54% | 57% | 59% | 58% | 57% | 57% | 56% | 62% | 66% | 66% |
E=Estimate
*Indicative annual 2024 PSEG common dividend per share.
**Payout Ratios reflect the dividend rate divided by non-GAAP Operating Earnings. 2024E Payout Ratio reflects the indicative annual dividend rate divided by the mid-point of non-GAAP Operating Earnings guidance of $3.60-$3.70 per share.
Public Service Enterprise Group (PSEG) 80 Park Plaza, Newark, NJ 07102 Investor Relations: PSEG-IR- GeneralInquiry@pseg.com https://investor.pseg.com
This document contains forward-looking information. Actual results may differ from those anticipated. Information describing the significant factors that could cause results to differ from those anticipated are described in Public Service Enterprise Group's filings with the SEC, which are available on our website https://investor.pseg.com. Information provided is as of February 26, 2024. Any forward-looking statements included herein represent our estimates as of this date and we disclaim any obligation to update the information provided.
GAAP Disclaimer
Non-GAAP Operating Earnings exclude the impact of gains (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and other material infrequent items.
Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. The presentation of non-GAAP Operating Earnings is intended to complement, and should not be considered an alternative to, the presentation of Net Income/(Loss), which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this release may not be comparable to similarly titled measures used by other companies.
Dividend Fact Sheet 2024
NYSE: PEG
Due to the forward-looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure because comparable GAAP measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be required for such reconciliation. Namely, we are not able to reliably project without unreasonable effort MTM and NDT gains (losses), for future periods due to market volatility. These items are uncertain, depend on various factors, and may have a material impact on our future GAAP results.
From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.comor navigating to the Email Alerts webpage here. The information on https://investor.pseg.comand https://investor.pseg.com/resources/email-alerts/default.aspxis not incorporated herein and is not part of this communication.
Items Excluded from Net Income/(Loss) to Reconcile to non-GAAP Operating Earnings
Public Service Enterprise Group Incorporated
Consolidated Operating Earnings (non-GAAP) Reconciliation
Reconciling Items | Year Ended December 31, | ||||||||
2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
($ millions, Unaudited) | |||||||||
Net Income (Loss) | $2,563 | $1,031 | ($648) | $1,905 | $1,693 | $1,438 | $1,574 | $887 | $1,679 |
(Gain) Loss on Nuclear Decommissioning Trust (NDT) Fund Related Activity, pre-tax(a) | (184) | 270 | (178) | (231) | (255) | 144 | (133) | (5) | (24) |
(Gain) Loss on Mark-to-Market (MTM), pre-tax(b) | (1,334) | 635 | 620 | 81 | (285) | 117 | 167 | 168 | (157) |
Storm O&M, net of insurance recoveries, pre-tax | - | - | - | - | - | - | - | - | (172) |
Pension Settlement Charges, pre-tax | 338 | - | - | - | - | - | - | - | - |
Plant Retirements, Dispositions and Impairments, pre-tax(c) | - | 31 | 2,940 | (122) | 402 | (51) | 975 | 669 | - |
Oil Lower of Cost or Market adjustment, pre-tax | - | - | - | 2 | - | - | - | - | - |
Goodwill Impairment, pre-tax | - | - | - | - | 16 | - | - | - | - |
Lease Related Activity, pre-tax | 7 | 78 | 10 | - | 58 | 8 | 77 | 147 | - |
Exit Incentive Program (EIP), pre-tax | 29 | - | - | - | - | - | - | - | - |
Income Taxes related to Operating Earnings (non-GAAP) reconciling items, excluding | |||||||||
Tax Reform (d) | 323 | (306) | (891) | 106 | 37 | (74) | (427) | (391) | 150 |
Tax Reform | - | - | - | - | - | - | (745) | - | - |
Operating Earnings (non-GAAP) | $1,742 | $1,739 | $1,853 | $1,741 | $1,666 | $1,582 | $1,488 | $1,475 | $1,476 |
PSEG Fully Diluted Average Shares Outstanding (in millions) (e) | 500 | 501 | 504 | 507 | 507 | 507 | 507 | 508 | 508 |
($ Per Share Impact - Diluted, Unaudited) | |||||||||
Net Income (Loss) | $5.13 | $2.06 | ($1.29) | $3.76 | $3.33 | $2.83 | $3.10 | $1.75 | $3.30 |
(Gain) Loss on NDT Fund Related Activity, pre-tax(a) | (0.37) | 0.54 | (0.35) | (0.46) | (0.50) | 0.28 | (0.26) | (0.01) | (0.05) |
(Gain) Loss on MTM, pre-tax(b) | (2.67) | 1.27 | 1.23 | 0.16 | (0.56) | 0.23 | 0.33 | 0.33 | (0.31) |
Storm O&M, net of insurance recoveries, pre-tax | - | - | - | - | - | - | - | - | (0.34) |
Pension Settlement Charges, pre-tax | 0.68 | - | - | - | - | - | - | - | - |
Plant Retirements, Dispositions and Impairments, pre-tax(c) | - | 0.06 | 5.83 | (0.24) | 0.79 | (0.10) | 1.92 | 1.32 | - |
Goodwill Impairment, pre-tax | - | - | - | - | 0.03 | - | - | - | - |
Lease Related Activity, pre-tax | 0.01 | 0.15 | 0.02 | - | 0.11 | 0.02 | 0.15 | 0.29 | - |
EIP, pre-tax | 0.06 | - | - | - | - | - | - | - | - |
Income Taxes related to Operating Earnings (non-GAAP) reconciling items, excluding | |||||||||
Tax Reform (d) | 0.64 | (0.61) | (1.77) | 0.21 | 0.08 | (0.14) | (0.84) | (0.78) | 0.31 |
Tax Reform | - | - | - | - | - | - | (1.47) | - | - |
Share Differential (e) | - | - | (0.02) | - | - | - | - | - | - |
Operating Earnings (non-GAAP) | $3.48 | $3.47 | $3.65 | $3.43 | $3.28 | $3.12 | $2.93 | $2.90 | $2.91 |
- Effective January 1, 2018, unrealized gains (losses) on equity securities are recorded in Net Income (Loss) instead of Other Comprehensive Income (Loss).
- Includes the financial impact from positions with forward delivery months.
- 2022 includes the results for fossil generation sold in February 2022. 2021 amounts include a pre-tax loss of $298 million for the make-whole premium paid upon the early redemption of PSEG Power's debt and other non- cash debt extinguishment costs.
- Income tax effect calculated at 28.11% statutory rate for 2018 through 2023 and 40.85% statutory rate for prior years, except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds, the additional investment tax credit recapture related to the sale of PSEG Solar Source in 2021 and lease related activity.
- Approximately three million potentially dilutive shares were excluded from fully diluted average shares outstanding used to calculate the diluted GAAP loss per share for the year ended December 31, 2021 as their impact was antidilutive to GAAP results. For non-GAAP per share calculations, we used fully diluted average shares outstanding of 507 million, including the three million potentially dilutive shares as they were dilutive to non-GAAP results. As a result of the use of different denominators for non-GAAP Operating Earnings and GAAP Net Loss, a reconciling line item, "Share Differential," has been added to the 2021 results to reconcile the two Earnings/(Loss) per share calculations.
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PSEG - Public Service Enterprise Group Inc. published this content on 06 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 March 2024 04:31:04 UTC.
