New Jersey-based Public Service Enterprise Group has reported income of $500 million, or $1.97 per share, for the third quarter of 2007, compared to income of $372 million, or $1.47 per share, for the comparable period in 2006.
During the third quarter of 2006, merger-related expenses of $2 million recognized earlier were reversed resulting in operating earnings for the third quarter of $370 million, or $1.47 per share. Including earnings from discontinued operations of $6 million, or $0.02 per share, PSEG reported net income of $506 million, or $1.99 per share, for the third quarter of 2007.
Income from discontinued operations raised net income for the third quarter of 2006 by $2 million, or $0.01 per share to $374 million, or $1.48 per share.
Ralph Izzo, chairman, president and CEO of Public Service Enterprise Group (PSEG), said The results reported by PSEG are a tremendous tribute to the hard work and focus of our employees. Strong operational performance combined with better than anticipated market prices place us on track to exceed our business plan objectives for the year.