Public Service Enterprise Group Inc. (NYSE:PEG) Q2 2020 Earnings Conference Call - Final Transcript
Jul 31, 2020 • 11:00 am ET
Ladies and gentlemen, thank you for standing by. My name is Phyllis and I am your event operator today. I would like to welcome everyone to today's conference, Public Service Enterprise Group Second Quarter 2020 Earnings Conference Call and Webcast. [Operator Instructions]
Later, we will conduct a question-and-answer session for members of the financial community. [Operator Instructions] As a reminder, this conference is being recorded today, July 31, 2020 and will be available for telephone replay beginning at 1:00 P.M. Eastern Time today until 11:30 P.M. Eastern Time on August 11, 2020. 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 Carlotta Chan. Please go ahead.
Thank you, Phyllis. Good morning and thank you for participating in our earnings call. PSEG's second quarter 2020 earnings release attachments and slides detailing operating results by company are posted on our website at investor.pseg.com and our 10-Q will be filed shortly. The earnings release and other matters discussed during today's call contain forward-looking statements and estimates that are subject to various risks and uncertainties.
We will also discuss non-GAAP operating earnings and non-GAAP adjusted EBITDA which differ from net income as reported in accordance with generally accepted accounting principles in the United States. We include reconciliations of our non-GAAP financial measures and a disclaimer regarding forward-looking statements on our IR website and in today's earnings materials.
I'll now turn the call over to Ralph Izzo, Chairman, President and Chief Executive Officer of PSEG. Joining Ralph on today's call is Dan Cregg, Executive Vice President and Chief Financial Officer. At the conclusion of their remarks, there will be time for your questions. Ralph?
Thank you, Carlotta and thank you all for joining us. PSEG reported non-GAAP operating earnings for the second quarter of 2020 of $0.79 per share versus $0.58 per share in last year's second quarter. PSEG's GAAP results for the second quarter were $0.89 per share compared with $0.30 per share in last year's second quarter. Our results for the second quarter bring non-GAAP operating earnings for the first half of 2020 to $1.82 per share. This increase over non-GAAP results of $1.66 per share for the first half of 2019 reflects the growing contribution from our regulated operations, effective cost controls at both the utility and PSEG Power.
The absence of two extended plant outages that took place in last year's second quarter and the favorable settlement of audits covering the 2011 through 2016 tax years, which in combination of mitigated much of the weather related headwinds experienced in the first quarter of 2020. Slides 11 and 13 summarizes the results for the quarter and the first half of the year. We are especially pleased to report solid operating and financial results at both businesses. Our employees continue to effectively respond to the challenges and requirements of providing essential energy services under extraordinary conditions.
The statewide mandated closure of most businesses, schools and government buildings in