UPDATE 1-PSEG backs full year profit forecast

Wed May 2, 2012 8:13am EDT

May 2 (Reuters) - Public Service Enterprise Group Inc posted a higher quarterly profit, helped by a better performance at its nuclear operations and lower costs, and the power company backed its full-year profit forecast.

The company expects operating earnings of $2.25 to $2.50 per share for this year.

Analysts on average were expecting earnings of $2.34 per share, according to Thomson Reuters I/B/E/S.

Cost control measures helped PSEG meet the challenge of a milder winter, lower demand and a collapse in gas prices, Chief Executive Ralph Izzo said in a statement.

First-quarter operating income rose slightly to $432 million, or 85 cents per share, from $431 million a year ago.

Production from its nuclear fleet increased 0.5 percent.

Shares of the company closed at $31.47 on Tuesday on the New York Stock Exchange.

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