PG&E Corp. (PCG) Misses Q3 EPS by 2c, Offers Guidance

PG&E Corp. (NYSE: PCG) reported Q3 EPS of $0.24, $0.02 worse than the analyst estimate of $0.26. Revenue for the quarter came in at $5.46 billion versus the consensus estimate of $5.37 billion.

GUIDANCE:

PG&E Corp. sees FY2021 EPS of $0.95-$1.05, versus the consensus of $0.99.

• PG&E Corporation is adjusting 2021 GAAP earnings guidance to a range of $(0.12) to $0.07 per share, which includes non-core items. PG&E Corporation is adjusting 2021 non-core items guidance to a range of $2.1 billion to $2.3 billion after tax, reflecting costs related to PG&E Corporation and Utility’s reorganization cases under Chapter 11, the amortization of wildfire insurance fund contributions under AB1054, investigation remedies, 2019-2020 wildfire-related costs, and prior period net regulatory recoveries, partially offset by the rate neutral securitization inception impact.
• On a non-GAAP basis, the guidance range for projected 2021 core earnings is reaffirmed at $0.95 to $1.05 per share. Factors driving non-GAAP core earnings include net below the line and spend above authorized of up to $100 million after tax and unrecoverable interest expense of $300 million to $325 million after tax.
• Guidance is based on various assumptions and forecasts, including those relating to authorized revenues, future expenses, capital expenditures, rate base, equity issuances, rate neutral securitization, and certain other factors.
  

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

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