UPDATE: PSEG Swings To Profit, Splits Stock
02/01 2:21 am (ON)
Story 0836 (PEG)
By Matt Andrejczak
SAN FRANCISCO (Dow Jones) -- Public Service Enterprise Group, an electric utility provider, said Friday it swung to a fourth-quarter profit, helped by higher contract pricing.
The No. 1 utility in New Jersey reported net income of $224 million, or 88 cents a share. In the same period a year ago, PSEG lost $47 million, or 18 cents a share.
Newark, N.J.-based PSEG (PEG) forecast 2008 earning from operations at $5.60 to $6.10 a share. On Feb. 5, the energy provider will split its stock, 2 -for-1, for shareholders of record Jan. 25.
Shares of PSEG fell 0.7% to 95.36 in late morning trading.
(END) Dow Jones Newswires
02 -01 -08 1421ET
