PSEG income from continuing operations falls

The parent of Public Service Electric & Gas Co., New Jersey's largest electric utility, said today second-quarter income from continuing operations fell 28 percent - a result, the company said, of the weak economy and low energy prices.

Income from continuing operations was $224 million, or 44 cents a share, in the latest quarter compared with $311 million, or 61 cents a share, in last year's second quarter.

Total operating earnings for Public Service Enterprise Group Inc., however, rose 4 percent to $331 million, or 65 cents a share.

Also, the Newark company reaffirmed its operating earnings guidance for the full year in a range of $3 to $3.25 a share. That compares with $3.12 last year.

Public Service's results for the full year will be boosted by an increase in electric and gas rates at the start of the summer and very warm weather, chief executive officer Ralph Izzo said.

Shares were down $1.03 (3.05 percent) to $32.79 early this afternoon.    - Paul Schweizer