Public Service Enterprise Group Inc. (NYSE:PEG) Q4 2015 Earnings Conference Call - Final Transcript

Feb 19, 2016 • 11:00 am ET

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Public Service Enterprise Group Inc. (NYSE:PEG) Q4 2015 Earnings Conference Call - Final Transcript

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Operator
Operator

Ladies and gentlemen, thank you for standing by. My name is Brent and I'm your event operator today. I would like to welcome everyone to today's conference, Public Service Enterprise Group's Fourth Quarter 2015 Earnings Conference Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded today, Friday, February 19, 2016, and will be available for telephone replay beginning at 2 o' clock PM Eastern today until 11:30 PM Eastern on February 26, 2016. It will also be available as an audio webcast on PSEG's corporate website at www.pseg.com.

I would now like to turn the conference over to Kathleen Lally. Please go ahead.

Executive
Kathleen Lally

Thank you, Brent. Good morning, everyone. Thank you for participating in our earnings call this morning. As you are aware, we released fourth quarter and full year 2015 earnings results earlier this morning. The release and attachments, as mentioned, are posted on our website, www.pseg.com, under the Investors section. We also posted a series of slides that detail operating results by company for the quarter. Our 10-K for the period ended December 31st, 2015, is expected to be filed shortly.

I won't go through the full disclaimer statement or the comments we have on the difference between operating earnings and GAAP results, but I do ask that you all read those comments, contained in our slides and on our website. The disclaimer statement regards forward-looking statements detailing the number of risks and uncertainties that could cause actual results to differ materially from forward-looking statements made therein. And although we may elect to update forward-looking statements from time-to-time, we specifically disclaim any obligation to do so even if our estimates change, unless of course required by applicable securities laws.

We also provide commentary with regard to the difference between operating earnings and net income reported in accordance with Generally Accepted Accounting Principles in the United States. PSEG believes that the non-GAAP financial measure of operating earnings provides a consistent and comparable measure of performance to help shareholders understand trends.

I'm now going to turn the call over to Ralph Izzo, Chairman, President and Chief Executive Officer of Public Service Enterprise Group and joining Ralph on the call is Dan Creeg, Executive Vice President and Chief Financial Officer. At the conclusion of their remarks, there will be time for your questions. Given the interest in the call, we ask that you limit yourself to one question and one follow up. Thank you.

Executive
Ralph Izzo

Thank you, Kathleen and thanks everyone for joining us today. This morning, we reported operating earnings for the full year 2015 and I'm pleased to report that it was a year of significant accomplishments. As you saw this morning, we reported operating earnings for the fourth quarter of $0.50 per share, versus $0.49 per share earned in the fourth quarter of 2014, despite the unseasonably mild weather this past December. Results for the full year were $2.91 per share or 5% greater than 2014's operating earnings of $2.76 per share. This was at the