PG&E Corp. (PCG) Tops Q1 EPS by 5c, Offers Guidance

PG&E Corp. (NYSE: PCG) reported Q1 EPS of $0.30, $0.05 better than the analyst estimate of $0.25. Revenue for the quarter came in at $5.8 billion versus the consensus estimate of $5.31 billion.

GUIDANCE:

PG&E Corp. sees FY2022 EPS of $1.07-$1.13, versus the consensus of $1.09.

• PG&E Corporation is adjusting 2022 GAAP earnings guidance in the range of $0.85 to $1.16 per diluted share, which includes non-core items. PG&E Corporation is adjusting 2022 non-core items guidance in the range of $(70) million to $450 million after tax, reflecting costs related to the amortization of Wildfire Fund contributions under AB1054, PG&E Corporation’s and Utility’s reorganization cases under Chapter 11, investigation remedies, and wildfire-related costs, partially offset by rate neutral securitization and Fire Victim Trust tax benefits and prior period net regulatory impact.
• On a non-GAAP basis, the guidance range for projected 2022 non-GAAP core earnings is reaffirmed at $1.07 to $1.13 per diluted share. Factors driving non-GAAP core earnings include unrecoverable interest expense of $330 million to $370 million after tax and other earnings factors, including allowance for funds used during construction (AFUDC) equity, incentive revenues, tax benefits, and cost savings, net of below-the-line costs.

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

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