PG&E Corp. (PCG) Misses Q3 EPS by 5c, Revenues Beat; Reaffirms FY20 & FY21 EPS Outlook

PG&E Corp. (NYSE: PCG) reported Q3 EPS of $0.22, $0.05 worse than the analyst estimate of $0.27. Revenue for the quarter came in at $4.88 billion versus the consensus estimate of $4.72 billion.

• Recorded GAAP earnings were $0.04 per share for the third quarter of 2020, compared to losses of $3.06 per share for the same period in 2019.
• Non-GAAP core earnings were $0.22 per share for the third quarter of 2020, compared to $1.11 per share for the same period in 2019.
• 2020 EPS guidance adjusted for GAAP losses in the range of $1.00 to $1.06 and reaffirmed for non-GAAP core earnings of $1.60 to $1.63 per share.
• 2021 EPS guidance adjusted for GAAP earnings in the range of $0.14 to $0.26 and reaffirmed non-GAAP core earnings of $0.95 to $1.05 per share.

“We are focused on building a new PG&E that will deliver on our commitments to operate safely, reduce risk, and put our customers at the center of everything we do,” said Bill Smith, Interim Chief Executive Officer, PG&E Corporation. “Given the many challenges facing California, from wildfires to COVID-19, we know that being a trustworthy partner is more important than ever. We will do that by continuing our important wildfire mitigation work, leveraging innovative technologies to help California meet its clean energy goals, and achieving our performance targets in all areas of our business.”

GUIDANCE:

PG&E Corp. sees FY2020 EPS of $1.60-$1.63, versus the consensus of $1.78.

PG&E Corp. sees FY2021 EPS of $0.95-$1.05, versus the consensus of $1.20.

For earnings history and earnings-related data on PG&E Corp. (PCG) click here.

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