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LOS ANGELES, May 5, 2021 /PRNewswire/ — EVgo (the “Company”), the nation’s largest public fast charging network for electric vehicles (EVs) and first powered by 100% renewable electricity, today celebrated a new growth milestone as the Company has achieved over 250,000 customers on its charging network nationwide. The customer growth arrives on the heels of key partnership announcements and business updates from EVgo as it supports widespread EV adoption and accelerates its network expansion.

“The most important part of the transformation to electric transportation are the people behind the wheel,” said Cathy Zoi, CEO of EVgo. “EVgo is thrilled to celebrate 250,000 customers choosing EVgo’s convenient and reliable fast charging services. As EV sales skyrocket across America, we look forward to serving even more drivers as they go about their daily lives: shuttling kids to sports, buying groceries, or for professional drivers, getting a quick charge between deliveries or after an airport drop-off.”

Every EVgo customer, from Members and Pay-as-You-Go customers to delivery and rideshare drivers, are all part of a rapid shift to EV adoption. EVgo is leading the way with industry-leading 98% uptime on its chargers, strategically located in retail locations and other attractive areas, ensuring we are delivering a reliable and convenient service to all customers and serving as a key enabler to our customer growth. 

Evidencing its recent network and customer expansion, EVgo has made the following announcements since the start of this year:

• Commissioned first fast charging stations from landmark EV charging infrastructure collaboration with GM with new stalls commissioned in Washington, Florida, and California. Under the partnership with GM, EVgo will triple its network with the development of more than 2,700 new fast chargers by the end of 2025.
• Unveiled a partnership with Meijer, a Midwestern retailer, to install EV charging stations at its supercenters.
• Announced that the Nissan Energy Perks by EVgo program, a partnership between EVgo and Nissan to build and promote fast charging stations across the country, reached 6,000 members in March and recently celebrated the opening of public fast chargers supported by the partnership in Washington, D.C. and Maryland.
• Announced plans to deploy more than 400 integrated Tesla connectors at its existing stations, with an additional 200 connectors reserved for new stations planned for 2021 in key cities. The expansion of its offering will enable Tesla drivers to charge at more EVgo stations across the country.
• Awarded grants to support the development of new fast chargers in New Jersey and Pennsylvania.

The promise of a clean, all-electric future of transportation includes economic, environmental, and national security benefits. EVgo has been helping avoid greenhouse gas (GHG) emissions since the deployment of the network’s first urban fast chargers more than a decade ago. Since the Company’s inception, EVgo has powered more than 282 million zero-emission miles, saving more than 12.5 million gallons of gas and reducing 114,000 metric tons of CO2, based on the US Environmental Protection Agency’s (EPA) GHG equivalencies calculator.

About EVgo

EVgo is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. With more than 800 fast charging locations in more than 65 metropolitan areas across 34 states, EVgo owns and operates the most public fast charging locations in the US. and serves more than 250,000 customers. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for all U.S. drivers to take advantage of the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet. EVgo is owned by LS Power, a New York-headquartered development, investment and operating company focused on leading edge solutions for the North American power and energy infrastructure sector. On January 22, 2021, EVgo announced that it entered into a definitive business combination agreement with Climate Change Crisis Real Impact I Acquisition Corporation (“CRIS”) (NYSE: CLII).  For more information visit evgo.com and lspower.com.

About LS Power

LS Power is a development, investment and operating company focused on the North American power and energy infrastructure sector. Since its inception in 1990, LS Power has developed, constructed, managed or acquired more than 45,000 MW of power generation, including utility-scale solar, wind, hydro, natural gas-fired and battery energy storage projects, and has developed more than 660 miles of high voltage electric transmission. Additionally, LS Power actively invests in businesses focused on renewable energy and renewable fuels, as well as distributed energy resource platforms, such as CPower Energy Management and EVgo. Across its efforts, LS Power has raised in excess of $46 billion in debt and equity capital to support North American infrastructure. For more information, please visit www.lspower.com.

Contacts:

EVgo

For Investors:
[email protected]

For Media:
[email protected]

LS Power

Steven Arabia

Director, Government Affairs & Media Relations
[email protected]
609-212-3857

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SOURCE EVgo

DETROIT, May 5, 2021 /PRNewswire/ — General Motors Co. (NYSE: GM) today reported first-quarter earnings driven by strong price and mix performance in North America, strong credit and residual value performance at GM Financial, and the industry recovery in China. The company is highly confident in its full-year 2021 guidance outlined earlier this year as it works to manage through the semiconductor shortage, which is impacting automakers globally. Based on information available today, the company expects to be at the higher-end of the EBIT-adjusted range.

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  Chairman and CEO Mary Barra’s letter to shareholders
  
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  tailed quarterly results with year-over-year comparisons
  

First-quarter 2021 results overview

• Revenue of $32.5 billion
• Net income of $3.0 billion, and EBIT-adjusted of $4.4 billion
• Net income margin of 9.3 percent, and EBIT-adjusted margin of 13.6 percent
• Automotive operating cash flow of $(1.1) billion, and adjusted automotive free cash flow of $(1.9) billion
• EPS-diluted of $2.03, and EPS-diluted-adjusted of $2.25*
• GM North America EBIT-adjusted of $3.1 billion, and EBIT-adjusted margin of 12.1 percent
• GM International EBIT-adjusted of $0.3 billion, including China Equity Income of $0.3 billion
• GM Financial EBT-adjusted of $1.2 billion

First-quarter 2020 results overview

• Revenue of $32.7 billion
• Net income of $0.3 billion, and EBIT-adjusted of $1.2 billion
• Net income margin of 0.9 percent, and EBIT-adjusted margin of 3.8 percent
• Automotive operating cash flow of $0.3 billion, and adjusted automotive free cash flow of $(0.9) billion
• EPS-diluted of $0.17, and EPS-diluted-adjusted of $0.62**
• GM North America EBIT-adjusted of $2.2 billion, and EBIT-adjusted margin of 8.5 percent
• GM International EBIT-adjusted of $(0.6) billion, including China Equity Income of $(0.2) billion
• GM Financial EBT-adjusted of $0.2 billion

2021 guidance

• Full-year EPS-diluted of between $4.28 and $5.03, and EPS-diluted-adjusted of between $4.50 and $5.25
• Full-year net income of between $6.8 billion and $7.6 billion, and EBIT-adjusted of between $10.0 billion and $11.0 billion
• Six months ending June 30, 2021 net income of ~$3.5 billion, and EBIT-adjusted of ~$5.5 billion

See below for reconciliations of non-GAAP measures to their most directly comparable GAAP measures or visit the GM Investor Relations website for complete details.

Conference call for investors and analysts

Barra and Chief Financial Officer Paul Jacobson will host a conference call for investors and analysts at 10 a.m. ET today to discuss these results and the company’s growth strategy. Introductory remarks will be followed by a question-and-answer session.

Those who wish to listen to the call may dial in using the following numbers:

• United States: 1-888-808-8618
• International: +1-949-484-0645
• Name of call: GM Earnings Call

General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which powers everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com. 

Cautionary Note on Forward-Looking Statements

: This press release and related comments by management may include “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements represent our current judgement about possible future events and are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgements are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.

Non-GAAP Reconciliations

The following table reconciles net income attributable to stockholders under U.S. GAAP to EBIT-adjusted (dollars in millions):

The following table reconciles diluted earnings (loss) per common share under U.S. GAAP to EPS-diluted-adjusted (dollars in millions, except per share amounts):

The following table reconciles net automotive cash provided by (used in) operating activities under U.S. GAAP to adjusted automotive free cash flow (dollars in millions):

Guidance Reconciliations

The following table reconciles expected Net income attributable to stockholders under U.S. GAAP to expected EBIT-adjusted (dollars in billions):

The following table reconciles expected EPS-diluted under U.S. GAAP to expected EPS-diluted-adjusted:

 

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SOURCE General Motors Co.

NEW YORK, May 5, 2021 /PRNewswire/ — Mind Medicine (MindMed) Inc. (“MindMed” or the “Company”) (NASDAQ: MNMD) (NEO: MMED), (DE: MMQ), a leading psychedelic-inspired medicine company announces the launch of its Project Angie to advance the development of psychedelics, including LSD, to treat pain conditions. MindMed is currently exploring two primary clinical indications for the treatment of pain.

For the commencement of Project Angie, MindMed will initiate a study of LSD in a severe pain indication. MindMed is currently preparing a pre-IND briefing package for this Phase 2a Proof of Concept study which it plans to submit to the FDA in the second half of 2021. In addition, the Company is also evaluating a second indication in a common, often debilitating, chronic pain syndrome.

Patients experiencing chronic pain represent a large and growing segment of the population and, according to IQVIA, the global market for analgesics is expected to grow over $31 billion by 2030.  At the same time, overuse of opioids in the treatment of pain has contributed to the opioid epidemic in the United States and around the world. There has been little innovation in the pain market in decades and the treatment paradigm is still dominated by opioids and nonsteroidal anti-inflammatory drugs (NSAIDs).

Preliminary evidence, including a clinical study co-authored by MindMed collaborating researchers Prof. Dr. Matthias Liechti and Dr. Kim Kuypers, suggests that psychedelics may offer an entirely novel mechanism of action for treating pain, which could ultimately offer patients a new treatment option. The exact mechanisms by which psychedelics may carry out their analgesic effect have not been fully characterized but may involve direct effects on endogenous pain modulation pathways. This mechanism is particularly relevant as altered function, or dysfunction, of these pain modulation pathways has been implicated in a range of pain syndromes.

“Evidence dating back to the 1950s suggests that LSD and other psychedelics may have analgesic effects, but this treatment area remains largely untapped by companies studying psychedelics, with the majority of research focusing solely on psychiatric indications” said MindMed Chief Development Officer, Rob Barrow. 

MindMed CEO & Co-Founder J.R. Rahn said “With the launch of Project Angie, we seek to align closely with MindMed’s core mission to improve mental health and combat substance use for the many patients in need. If we can help to develop a new paradigm to treat pain, it may have the potential to greatly reduce the use of addictive medicines such as opioids currently ravaging society and its mental health.”

Additional details about MindMed’s planned clinical trials in pain will be forthcoming.

About MindMed

MindMed is a clinical-stage psychedelic medicine biotech company that discovers, develops and deploys psychedelic inspired medicines and therapies to address addiction and mental illness. The company is assembling a compelling drug development pipeline of innovative treatments based on psychedelic substances including Psilocybin, LSD, MDMA, DMT and an ibogaine derivative, 18-MC. The MindMed executive team brings extensive biopharmaceutical experience to MindMed’s approach to developing the next generation of psychedelic inspired medicines and therapies.

MindMed trades on the NASDAQ under the symbol MNMD and on the Canadian NEO exchange under the symbol MMED. MindMed is also traded in Germany under the symbol MMQ.

Forward-Looking Statements

Certain statements in this news release related to the Company constitute “forward-looking information” within the meaning of applicable securities laws and are prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “will”, “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe”, “potential” or “continue”, or the negative thereof or similar variations. Forward-looking information in this news release include, but are not limited to, statements regarding the Company’s plans and the timing of such plans related to its study of LSD in a severe pain indications, the potential benefits associated with psychedelics as a pain treatment option generally and compared to other currently available treatment options ability and the Company’s other intended future business plans and operations. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including history of negative cash flows; limited operating history; incurrence of future losses; availability of additional capital; lack of product revenue; compliance with laws and regulations; difficulty associated with research and development; risks associated with clinical trials or studies; heightened regulatory scrutiny; early stage product development; clinical trial risks; regulatory approval processes; novelty of the psychedelic inspired medicines industry; as well as those risk factors discussed or referred to herein and the risks described under the headings “Risk Factors” in the Company’s filings with the securities regulatory authorities in all provinces and territories of Canada which are  available under the Company’s profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results and future events could differ materially from those anticipated in such information. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend and does not assume any obligation to update this forward-looking information.

Media Contact:

[email protected]

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SOURCE Mind Medicine (MindMed) Inc.

CHICAGO and PARK CITY, Utah, May 5, 2021 /PRNewswire/ — Linden Capital Partners (“Linden”) and DW Healthcare Partners IV, LP (“DW Healthcare Partners”), both private equity firms focused exclusively on the healthcare sector, announced today the completion of the merger of Edge Systems, LLC (“HydraFacial”), a category-creating beauty health company, with Vesper Healthcare Acquisition Corp. (NASDAQ: VSPR) (“Vesper” or “Vesper Healthcare”). Vesper is a special purpose acquisition company (“SPAC”) led by former Allergan CEO Brent Saunders. As a result of the transaction, the combined company, now known as The Beauty Health Company (“BeautyHealth” or the “Company”), is expected to trade on the Nasdaq Stock Market under the ticker symbol “SKIN” beginning May 6, 2021. Linden will remain BeautyHealth’s largest shareholder.

Linden and DW Healthcare Partners acquired HydraFacial in 2016. At the time of its acquisition, HydraFacial operated as Edge Systems, LLC. As part of its differentiated Human Capital Program, Linden recruited and partnered with a new senior leadership team to execute on a proprietary value creation plan. Since the 2016 acquisition, HydraFacial has experienced significant growth as a result of Linden’s value creation plan, which included rebranding to HydraFacial, overhauling sales and marketing, expanding into new international markets, and investing heavily to build out the company’s infrastructure across operations, finance, IT, and R&D.

As a publicly traded company, BeautyHealth will continue to execute its organic and inorganic growth strategies under the leadership of Brent Saunders as Executive Chairman and Clint Carnell as CEO. Linden and DW Healthcare Partners will maintain active representation on the Company’s Board of Directors.

“We’d like to thank the entire HydraFacial team for driving extraordinary growth and building the Company into a global leader in the beauty health category,” said Brian Miller, Linden Managing Partner. “As the largest individual shareholder going forward, Linden looks forward to providing continued partnership and support to the Company.”

Linden Partner Kam Shah added, “HydraFacial’s rapid transformation from a niche medical technology provider into a global, category-creating leader in beauty health represents another great example of Linden’s differentiated value creation program at work.”

“We have built a tremendous business in HydraFacial, which has continued to perform well and grow its installed base amidst a global pandemic,” said Doug Schillinger, DW Healthcare Managing Director.

Brent Saunders, CEO of Vesper and former CEO of Allergan added, “Linden and DW Healthcare Partners have shepherded HydraFacial into an impressive, category-creating company that represents the perfect platform to achieve our goal of building a premier company in beauty health.”

Jefferies LLC served as Lead Financial Advisor, Piper Sandler served as Financial Advisor and Kirkland & Ellis LLP acted as legal advisor to HydraFacial.  Goldman Sachs & Co. served as financial advisor to Vesper Healthcare and Wachtell, Lipton, Rosen & Katz acted as legal counsel.

About Linden Capital Partners
Linden Capital Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. Founded in 2004, Linden is one of the country’s largest dedicated healthcare private equity firms. Linden’s strategy is based upon three elements: (i) healthcare specialization, (ii) integrated private equity and operating expertise, and (iii) its differentiated human capital program. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested more than $2.5 billion in healthcare companies and has raised over $3 billion of commitments, augmented by capital provided by the firm’s limited partners for larger transactions. For more information, please visit www.lindenllc.com.

About DW Healthcare Partners
DW Healthcare Partners is a private equity firm focused exclusively on the healthcare industry. The firm manages over $1.43 billion in aggregate capital commitments and invests in leading healthcare companies with proven management teams. DW Healthcare Partners is led by seasoned healthcare executives with more than 120 years of combined industry experience. The firm provides the capital, strategic guidance, and acquisition expertise to help mid-stage companies realize their growth potential. For more information, please visit: www.dwhp.com.  

About The Beauty Health Company
BeautyHealth is a category-creating beauty health company focused on bringing innovative products to market. Our flagship brand HydraFacial is a non-invasive, and approachable beauty health platform and ecosystem with a powerful community of estheticians, consumers and partners, bridging medical and consumer retail to democratize and personalize skin care solutions for the masses. Leading the charge in beauty health as a category-creator, HydraFacial uses a unique delivery system to cleanse, extract, and hydrate with their patented hydradermabrasion technology and super serums that are made with nourishing ingredients, providing an immediate outcome and creating an instantly gratifying glow in just three steps and 30 minutes. HydraFacial® and Perk™ products are available in over 87 countries with over 16,000 delivery systems globally and millions of treatments performed each year. For more information, visit the brand on LinkedIn, Facebook, Instagram, or at HydraFacial.com. For more information, please visit at https://investors.beautyhealth.com/.

About Vesper Healthcare Acquisition Corp.
Vesper Healthcare Acquisition Corp. was a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, with the intention to focus its search on companies in the pharmaceutical and healthcare sectors.

Forward-Looking Statements
Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements.

These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside The Beauty Health Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

Important factors, among others, that may affect actual results or outcomes include the inability to recognize the anticipated benefits of the Business Combination; costs related to the Business Combination; the inability to obtain or maintain the listing of The Beauty Health Company’s shares on Nasdaq; The Beauty Health Company’s ability to manage growth; The Beauty Health Company’s ability to execute its business plan and meet its projections; potential litigation involving The Beauty Health Company’s; changes in applicable laws or regulations; the possibility that The Beauty Health Company’s may be adversely affected by other economic, business, and/or competitive factors; and the impact of the continuing COVID-19 pandemic on the Company’s business. The Beauty Health Company’s does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Media Contact:
Samantha Taccone,
[email protected]

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SOURCE DW Healthcare Partners

NEWARK, N.J., May 5, 2021 /PRNewswire/ — Public Service Enterprise Group (NYSE: PEG) reported Net Income for the first quarter of 2021 of $648 million, or $1.28 per share as compared to Net Income of $448 million, or $0.88 per share, in the first quarter of 2020. Non-GAAP Operating Earnings for the first quarter of 2021 were $650 million, or $1.28 per share, compared to non-GAAP Operating Earnings for the first quarter of 2020 of $520 million, or $1.03 per share. Non-GAAP results for the first quarter exclude items shown in Attachments 7 and 8.

Ralph Izzo, chairman, president and chief executive officer said, “We are off to a solid start in 2021 and well positioned to execute on our financial and strategic goals during the balance of the year.  With the majority of our nearly $2 billion of Clean Energy Future programs having moved from approval to execution, PSE&G is helping to advance the decarbonization of New Jersey in a sizable and equitable way. The recent Biden Infrastructure proposal focusing on climate action contains several encouraging signals supporting offshore wind, existing nuclear generation, and electrification of transportation, all aligned with PSEG’s business plan. PSEG strongly supports a national approach to accelerate economy-wide, net-zero emissions even sooner than 2050, in a constructive manner that expands green jobs by investing in clean energy infrastructure.

The New Jersey Board of Public Utilities’ (BPU) April 27 decision to award our three New Jersey nuclear units a continuation of the full $10 per MWh Zero Emission Certificate through May 2025 will similarly advance climate action in New Jersey by recognizing nuclear’s reliability, resiliency and environmental benefits and help to preserve the state’s largest carbon-free generating resource. We applaud the BPU for its decision – which we believe is in the best interests of the state of New Jersey and its ability to achieve its long-term clean energy goals. PSEG Power has also made progress on the exploration of strategic alternatives for its fossil and solar generating fleet. PSEG has entered into an agreement to sell its 467 MW_DC Solar Source portfolio to an affiliate of LS Power. The solar sale is expected to close in the second or third quarter of 2021, subject to customary regulatory and other closing conditions. PSEG Power is continuing the exploration of strategic alternatives for its fossil generating fleet, and currently anticipates reaching the contract stage around mid-year. With over a decade of capital allocation directed mainly toward PSE&G, PSEG today is primarily a regulated electric and gas utility, and these transactions will move us even further in that direction. PSEG’s remaining generating business will consist of a carbon-free nuclear fleet, and regional offshore wind investments that will be highly contracted.

The COVID-19 pandemic and its economic dislocations continue to impact the New Jersey economy. The large contribution of the Transmission and Residential electric and gas segments to our overall sales mix, as well as a supportive regulatory order that authorizes deferral of certain COVID-19 related costs for future recovery, have had a stabilizing effect on the margins of our utility business. New Jersey has been successful in vaccinating nearly half its population with at least one dose of the available vaccines, and we are hopeful that the remaining restrictions on economic activity will continue to ease in the near term.”

The following table provides a reconciliation of PSEG’s Net Income to non-GAAP Operating Earnings for the first quarter. See Attachments 7 and 8 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings.

Ralph Izzo added, “We are re-affirming non-GAAP Operating Earnings guidance for full-year 2021 of $3.35 – $3.55 per share. This affirmation assumes normal weather and plant operations for the remainder of the year and incorporates the Conservation Incentive Programs that begin in June for electric and in October for gas to cover variations in revenue due to energy efficiency and other impacts. We are on track to execute PSEG’s five-year, $14 billion to $16 billion capital plan through 2025 and have the financial strength to fund it without the need to issue new equity. Over 90% of this capital program is directed to PSE&G, which is expected to produce 6.5% to 8% compound annual growth in rate base over the 2021 – 2025 period.”

The following table outlines PSEG’s expectations for non-GAAP Operating Earnings in 2021 by subsidiary:

Results and Outlook by Operating Subsidiary

PSE&G

PSE&G reported Net Income of $477 million ($0.94 per share) for the first quarter of 2021 compared with Net Income of $440 million ($0.87 per share) for the first quarter of 2020.

PSE&G’s first quarter 2021 results improved by $0.07 per share driven by revenue growth from ongoing capital investment programs, favorable pension/OPEB results and higher electric weather normalized Residential volume. Transmission rate base added $0.02 per share to first quarter Net Income compared to the first quarter of 2020. Gas margin improved by $0.03 per share over last year’s first quarter, driven by the scheduled recovery of investments made under the second phase of the Gas System Modernization Program. Electric margin was $0.01 per share favorable compared to the first quarter of 2020 on higher weather normalized Residential volume. O&M expense was $0.02 per share unfavorable compared with first quarter 2020, reflecting higher costs from several February snowstorms. Depreciation increased by $0.01 per share reflecting higher plant in service.  Distribution-related pension expense was $0.02 per share favorable compared to first quarter 2020.  Flow through taxes and other were $0.02 per share favorable compared to first quarter 2020. This benefit is due to the use of an annual effective tax rate that will reverse over the remainder of the year, and was partly offset by the timing of taxes related to bad debt expense. 

Winter weather, as measured by heating degree-days, was 4% milder than normal but was 18% colder than the mild winter experienced in first quarter 2020. For the trailing 12-months ended March 31, total weather-normalized sales reflect the expected higher Residential and lower Commercial and Industrial sales observed in 2020 due to the economic impacts of COVID-19. Total Electric sales declined by 2% while Gas sales increased by approximately 1%. Residential customer growth for Electric and Gas remained positive during the period.

PSE&G invested approximately $0.6 billion in the first quarter and is on track to fully execute on its planned 2021 capital investment program of $2.7 billion. The 2021 capital spending program will include infrastructure upgrades to its transmission and distribution facilities, as well as the rollout of the Clean Energy Future investments in energy efficiency, energy cloud (smart meters) and electric vehicle charging infrastructure.

PSE&G’s forecast of Net Income for 2021 is unchanged at $1,410 million – $1,470 million.

PSEG Power

PSEG Power reported Net Income of $161 million ($0.32 per share) for the first quarter of 2021, non-GAAP Operating Earnings of $163 million ($0.32 per share), and non-GAAP Adjusted EBITDA of $321 million. This compares to first quarter 2020 Net Income of $13 million, non-GAAP Operating Earnings of $85 million and non-GAAP Adjusted EBITDA of $201 million. 

PSEG Power’s first quarter results benefited from expected margin improvement in capacity and other items associated with a favorable weather comparison to the first quarter of 2020, as well as certain other items expected to reverse in subsequent quarters. A scheduled improvement in PJM capacity revenue improved non-GAAP Operating Earnings comparisons by $0.03 per share compared with Q1 2020. Higher generation output for the quarter added $0.01 per share from the absence of the unplanned Salem 1 outage in first quarter of 2020. Favorable market conditions, influenced by February’s cold weather, increased results by $0.03 per share, as the expected $2/MWh average decline in recontracting will become more pronounced in future quarters. The weather-related improvement in total gas send-out to Commercial and Industrial customers increased results by $0.04 per share. This increase in gas operations is expected to reverse later in the year due to the absence in 2021 of a one-time benefit recognized in the third quarter of 2020.  Lower O&M expense was $0.03 per share favorable in the quarter, reflecting the absence of first quarter outages at Bergen 2 and Salem Unit 1 in 2020.  Lower depreciation and lower interest expense combined to improve comparisons by $0.01 per share versus the year-ago quarter.

Generation output increased by just under 1% to total 13.3 TWh, reflecting the absence of a month-long unplanned outage experienced at Salem Unit 1 during the first quarter 2020. PSEG Power’s CCGT fleet produced 4.7 TWh, down 8%, reflecting lower market demand. The nuclear fleet produced 8.2 TWh, up 3%, and operated at a capacity factor of 98.8% for the first quarter, representing 62% of total generation. PSEG Power is forecasting generation output of 36 to 38 TWh for the three remaining quarters of 2021, and has hedged approximately 95% – 100% of production at an average price of $30 per MWh. 

The forecast of PSEG Power’s non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA for 2021 remain unchanged at $280 million – $370 million, and $850 million – $950 million, respectively. 

PSEG Enterprise/Other

PSEG Enterprise/Other reported Net Income of $10 million, $0.02 per share, for the first quarter of 2021 compared to a Net Loss of $5 million, $(0.01) per share, for the first quarter of 2020. The increase was driven by higher tax benefits recorded in the first quarter of 2021 due to the use of an annual effective tax rate that will reverse over the remainder of the year, as well as interest income associated with a prior IRS audit settlement. 

For 2021, the forecast for PSEG Enterprise/Other remains unchanged at a Net Loss of $15 million. 

Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG’s principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G),
PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 13 consecutive years (

https://corporate.pseg.com

).

Non-GAAP Financial Measures

Management uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG’s financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of returns (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and material one-time items.

Management believes the presentation of non-GAAP Adjusted EBITDA for PSEG Power is useful to investors and other users of our financial statements in evaluating operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Management also believes that non-GAAP Adjusted EBITDA is widely used by investors to measure operating performance without regard to items such as income tax expense, interest expense and depreciation and amortization, which can vary substantially from company to company depending upon, among other things, the book value of assets, capital structure and whether assets were constructed or acquired. Non-GAAP Adjusted EBITDA also allows investors and other users to assess the underlying financial performance of our fleet before management’s decision to deploy capital. Non-GAAP Adjusted EBITDA excludes the same items as our non-GAAP Operating Earnings measure as well as income tax expense, interest expense and depreciation and amortization.

See Attachments 7 and 8 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA. The presentation of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA is intended to complement, and should not be considered an alternative to the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA as presented in this release may not be comparable to similarly titled measures used by other companies.

Due to the forward looking nature of non-GAAP Operating Earnings and non-GAAP Adjusted EBITDA guidance, PSEG is unable to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measure. Management is unable to project certain reconciling items, in particular MTM and NDT gains (losses), for future periods due to market volatility.

Forward-Looking Statements

Certain of the matters discussed in this report about our and our subsidiaries’ future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward- looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management’s beliefs as well as assumptions made by and information currently available to management. When used herein, the words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” “potential,” “forecast,” “project,” variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward- looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:

• any inability to successfully develop, obtain regulatory approval for, or construct generation, transmission and distribution projects;
• lack of growth or slower growth in the number of customers or the failure of our Conservation Incentive Program to fully address a decline in customer demand;
• any equipment failures, accidents, severe weather events, acts of war or terrorism or other incidents, including pandemics such as the ongoing coronavirus pandemic, that may impact our ability to provide safe and reliable service to our customers;
• any inability to recover the carrying amount of our long-lived assets;
• any inability to maintain sufficient liquidity;
• the impact of cybersecurity attacks or intrusions;
• the impact of the ongoing coronavirus pandemic;
• the impact of our covenants in our debt instruments on our operations;
• adverse performance of our nuclear decommissioning and defined benefit plan trust fund investments and changes in funding requirements;
• risks associated with the timeline and ultimate outcome of our exploration of strategic alternatives relating to PSEG Power’s non-nuclear generating fleet;
• the failure to complete, or delays in completing, our proposed investment in the Ocean Wind offshore wind project, or following the completion of our initial investment in the project, the failure to realize the anticipated strategic and financial benefits of the project;
• fluctuations in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units;
• our ability to obtain adequate fuel supply;
• market risks impacting the operation of our generating stations;
• changes in technology related to energy generation, distribution and consumption and changes in customer usage patterns;
• third-party credit risk relating to our sale of generation output and purchase of fuel;
• any inability of PSEG Power to meet its commitments under forward sale obligations;
• reliance on transmission facilities to maintain adequate transmission capacity for our power generation fleet;
• the impact of changes in state and federal legislation and regulations on our business, including PSE&G’s ability to recover costs and earn returns on authorized investments;
• PSE&G’s proposed investment programs may not be fully approved by regulators and its capital investment may be lower than planned;
• the absence of a long-term legislative or other solution for our New Jersey nuclear plants that sufficiently values them for their carbon-free, fuel diversity and resilience attributes, or the impact of the current or subsequent payments for such attributes being materially adversely modified through legal proceedings;
• adverse changes in energy industry laws, policies and regulations, including market structures and transmission planning and transmission returns;
• risks associated with our ownership and operation of nuclear facilities, including regulatory risks, such as compliance with the Atomic Energy Act and trade control, environmental and other regulations, as well as financial, environmental and health and safety risks;
• changes in federal and state environmental regulations and enforcement; and
• delays in receipt of, or an inability to receive, necessary licenses and permits.

All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward- looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.

The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

 

 

 

 

 

 

 

 

 

 

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SOURCE PSEG

CHICAGO, May 5, 2021 /PRNewswire/ — CME Group Inc., the world’s leading and most diverse derivatives marketplace, today declared a second-quarter dividend of $0.90 per share.  The dividend is payable June 25, 2021, to shareholders of record as of June 10, 2021.

As the world’s leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals.  The company offers futures and options on futures trading through the CME Globex® platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing. With a range of pre- and post-trade products and services underpinning the entire lifecycle of a trade, CME Group also offers optimization and reconciliation services through TriOptima, and trade processing services through Traiana.

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and, E-mini are trademarks of Chicago Mercantile Exchange Inc.  CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc. BrokerTec, EBS, TriOptima, and Traiana are trademarks of BrokerTec Europe LTD, EBS Group LTD, TriOptima AB, and Traiana, Inc., respectively. Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are service and/or trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor’s Financial Services LLC and S&P/Dow Jones Indices LLC, as the case may be, and have been licensed for use by Chicago Mercantile Exchange Inc.  All other trademarks are the property of their respective owners. 

CME-G

 

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SOURCE CME Group