Public Service Enterprise Group Inc. (NYSE:PEG) Q3 2020 Earnings Conference Call - Final Transcript
Oct 30, 2020 • 11:00 am ET
Ladies and gentlemen, thank you for standing by. My name is Sylvia, and I am your event operator today. I would like to welcome everyone to today's conference, Public Service Enterprise Group Third Quarter 2020 Earnings Conference Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded today, October 30th, 2020 and will be available for telephone replay beginning at 1:00 p.m. Eastern Standard Time today, until 11.59 p.m. Eastern Standard Time on November 5th, 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, Sylvia. Good morning and thank you for participating in our earnings call. PSEG's third 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 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 question. Ralph?
Thank you, Carlotta, and thank you, everyone, for joining us this morning. PSEG reported non-GAAP operating earnings for the third quarter of 2020 of $0.96 per share versus $0.98 per share in last year's third quarter. PSEG's GAAP results for the third quarter were $1.14 per share compared with $0.79 per share in the third quarter of 2019.
Our results for the third quarter bring non-GAAP operating earnings for the year-to-date to $2.78 per share, up 5.3% compared to the $2.64 per share in the first months of 2019. This performance reflects the strong contribution from our regulated operations at PSE&G, cost controls at both the utility and PSEG Power, lower pension expense and the favorable settlement of tax audits I mentioned last quarter.
We delivered a solid quarter at both PSE&G and PSEG Power. We are updating PSEG's non-GAAP operating earnings guidance for 2020 to a range of $3.35 to $3.50 per share, which removes $0.05 per share from the lower end of our original guidance range.
Last month, The New Jersey Board of Public Utilities -- I'll refer to them as the BPU -- approved the settlement of the energy efficiency component of our Clean Energy Future filed. As you know, we proposed the comprehensive filing covering energy efficiency, energy cloud and electric vehicles and storage in October 2018, to help deliver on the goals of New Jersey's