Public Service Enterprise Group Inc. PEG, or PSEG, reported first-quarter 2016 operating earnings of 91 cents per share, surpassing the Zacks Consensus Estimate of 89 cents by 2.2%. Quarterly earnings, however, declined from the year-ago figure of $1.04 by 12.5%.On a GAAP basis, quarterly earnings were 93 cents per share, down from $1.15 a year ago. Public Service Enterprise Group Inc. (PEG) EPS BNRI & Surprise Percent - Last 5 Quarters | FindTheCompanyTotal RevenueRevenues of $2,616 million in the reported quarter beat the Zacks Consensus Estimate of $2,497 million by 4.8%, but fell 16.6% from the year-ago figure of $3,135 million.During the reported quarter, Electric sales volume decreased 6.3% to 9,734 million kilowatt-hours, while Gas sales volume plunged 20% to 1,495 million therms.At the electric segment, results reflects 10.4% slump in the residential sector, a 9.3% drop in the interdepartmental sector, a 4.3% reduction in the commercial and industrial sector, and a 3.8% dip in Street Lighting.Total gas sales in the reported quarter declined due to an 8.4% reduction in non-firm sales volume of gas and a 23.7% slump in firm sales volume of gas.Highlights of the ReleaseOperating income tanked 21.1% year over year to $827 million in the quarter. Total operating expenses were $1,789 million, down 14.3%.Interest expenses in the reported quarter were $92 million, compared with $98 million a year ago.Segment PerformancePSE&G: Segment operating earnings were $262 million, up 8.3% from $242 million in the prior-year period. Quarterly results reflect the impact of an expansion in its capital program comprising transmission and distribution, partly offset by unseasonably mild weather.PSEG Power: The segment generated operating earnings of $184 million, down from $278 million a year ago. The downside was due to unseasonably mild weather and wholesale market prices for energy.PSEG Enterprise/Other: The segment generated operating earnings of $17 million, as against $9 million in 2015.Financial UpdateAs of Mar 31, 2016, cash and cash equivalents were $592 million, compared with $394 million as of Dec 31, 2015.Long-term debt as of Mar 31, 2016 was $10,231 million, up from the 2015-end level of $9,561 million.Public Service Enterprise Group generated $1,214 million in cash from operations in the first quarter, down 27.7% year over year.2016 GuidanceThe company reiterated its overall earnings guidance of $2.80–$3.00 per share.PSE&G’s operating earnings are still expected in the range of $875–$925 million.The company continues to expect PSEG Power operating earnings in the $490–$540 million band.PSEG Enterprise/ Other’s operating earnings are still estimated to be $60 million.Other Utility ReleasesDTE Energy Company DTE reported first-quarter 2016 operating earnings per share of $1.52, in line with the Zacks Consensus Estimate. Reported earnings, however, dropped 7.9% from the year-ago figure of $1.65.Entergy Corporation ETR reported first-quarter 2016 operational earnings of $1.35 per share, beating the Zacks Consensus Estimate of $1.17 by 15.4%. The reported number, however, plunged 19.6% from $1.68 per share reported in the year-ago period.FirstEnergy Corporation FE announced first-quarter 2016 operating earnings of 80 cents per share, outpacing the Zacks Consensus Estimate of 76 cents by 5.3% and surging 29% from the prior-year figure of 62 cents.Zacks RankPublic Service Enterprise Group currently has a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ENTERGY CORP (ETR): Free Stock Analysis Report FIRSTENERGY CP (FE): Free Stock Analysis Report DTE ENERGY CO (DTE): Free Stock Analysis Report PUBLIC SV ENTRP (PEG): Free Stock Analysis Report To read this article on Zacks.com click here.