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PG&E Corporation PCG reported third-quarter 2024 adjusted earnings per share (EPS) of 37 cents, which outpaced the Zacks Consensus Estimate of 32 cents by 15.6%. The bottom line also improved 54.2% from the year-ago quarter’s reported figure.
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The company reported GAAP earnings of 27 cents per share compared with 16 cents in the prior-year quarter.
The year-over-year improvement in the bottom line can be attributed to an increase in customer capital investment and non-fuel operating and maintenance savings.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Pacific Gas & Electric Co. price-consensus-eps-surprise-chart | Pacific Gas & Electric Co. Quote
Revenue Update
PCG reported third-quarter total revenues of $5.94 billion, which rose 0.9% from $5.89 billion registered in the year-ago period. Operating revenues, however, lagged the Zacks Consensus Estimate of $6.67 billion by 10.9%.
Operational Highlights
Total operating expenses were $4.91 billion, down 10.5% from the prior-year reported figure.
The company reported an operating income of $1.03 billion compared with $0.40 billion a year ago.
Interest expenses totaled $795 million compared with $682 million in the prior-year quarter.
Financials
As of Sept. 30, 2024, cash and cash equivalents totaled $0.90 billion compared with $0.64 billion as of Dec. 31, 2023.
Cash flow from operating activities amounted to $6.10 billion for the first nine months of 2024 compared with $4.27 billion in the prior-year period.
Capital expenditures totaled $7.54 billion during the first nine months of 2024 compared with $7.10 billion in the corresponding period of 2023.
As of Sept. 30, 2024, the long-term debt amounted to $54.75 billion compared with $50.98 billion as of Dec. 31, 2023.
Guidance
PG&E updated its 2024 adjusted EPS guidance. The company now expects to generate adjusted earnings in the range of $1.34-$1.37 per share, narrower than the earlier guidance of $1.33-$1.37. The Zacks Consensus Estimate for 2024 earnings is pegged at $1.36 per share, almost in line with the midpoint of the company’s guided range.
The company also issued its 2025 earnings guidance. PCG expects to generate adjusted earnings in the range of $1.47-$1.51 per share. The Zacks Consensus Estimate for 2025 earnings is pegged at $1.47 per share, which came in line with the lower end of the company’s guided range.
Zacks Rank
PG&E currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.