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PG&E Corporation (PCG - Free Report) reported first-quarter 2024 adjusted earnings per share (EPS) of 37 cents, which surpassed the Zacks Consensus Estimate of 35 cents by 5.7%. The bottom line also improved 27.6% from the year-ago quarter’s reported figure.
The company reported GAAP earnings of 34 cents per share compared with 27 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, non-fuel operating and maintenance (O&M) savings, along with lower costs related to the Wildfire Fund amortization expense.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
PCG reported first-quarter total revenues of $5.86 billion, down 5.6% from $6.21 billion registered in the year-ago period. Operating revenues also missed the Zacks Consensus Estimate of $6.66 billion by 11.9%.
Operational Highlights
Total operating expenses in the first quarter of 2024 were $4.59 billion, down 17.8% from the prior-year reported figure.
The company reported an operating income of $1.28 billion compared with $0.63 billion a year ago.
Interest expenses totaled $715 million compared with $602 million in the prior-year quarter.
Financials
As of Mar 31, 2024, cash and cash equivalents totaled $658 million compared with $635 million as of Dec 31, 2023.
Cash flow from operating activities amounted to $2.26 billion for the first quarter of 2024 compared with $1.19 billion in the first quarter of 2023.
Capital expenditures totaled $2.64 billion during the first quarter compared with $2.29 billion in the corresponding period of 2023.
As of Mar 31, 2024, the long-term debt amounted to $53.42 million compared with $50.98 billion as of Dec 31, 2023.
Guidance
PG&E reiterated its 2024 adjusted EPS guidance. The company still expects to generate adjusted earnings in the range of $1.33-$1.37 per share. The Zacks Consensus Estimate for 2024 earnings is pegged at $1.35 per share, which came in line with the midpoint of the company’s guided range.
Entergy Corporation (ETR - Free Report) reported first-quarter 2024 adjusted earnings of $1.08 per share, which missed the Zacks Consensus Estimate of $1.44 by 25%. The bottom line also came in lower than the company’s prior-year reported figure of $1.14.
Entergy reported revenues of $2.79 billion, which missed the Zacks Consensus Estimate of $3.18 billion by 12%. The figure also declined 6.3% from $2.98 billion reported in the year-ago quarter due to lower revenues from each of its segments.
AVANGRID, Inc. (AGR - Free Report) reported first-quarter 2024 earnings of 88 cents per share, which surpassed the Zacks Consensus Estimate of 71 cents by 23.9%. The bottom line also increased 37.5% from the year-ago quarter’s figure of 64 cents.
Operating revenues amounted to $2.42 billion, which missed the Zacks Consensus Estimate of $2.57 billion by 6.01%. The top line also decreased 2% from $2.47 billion reported in the comparable period of 2023. NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2024 adjusted earnings of 91 cents per share, which beat the Zacks Consensus Estimate of 80 cents by 13.8%. The bottom line was also up nearly 8.3% year over year.
In the first quarter, NextEra’s operating revenues totaled $5.73 billion, which lagged the Zacks Consensus Estimate of $6.46 billion by 11.4%. The top line plunged 14.7% year over year.
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PG&E (PCG) Q1 Earnings Beat Estimates, Revenues Decline Y/Y
PG&E Corporation (PCG - Free Report) reported first-quarter 2024 adjusted earnings per share (EPS) of 37 cents, which surpassed the Zacks Consensus Estimate of 35 cents by 5.7%. The bottom line also improved 27.6% from the year-ago quarter’s reported figure.
The company reported GAAP earnings of 34 cents per share compared with 27 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, non-fuel operating and maintenance (O&M) savings, along with lower costs related to the Wildfire Fund amortization expense.
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 first-quarter total revenues of $5.86 billion, down 5.6% from $6.21 billion registered in the year-ago period. Operating revenues also missed the Zacks Consensus Estimate of $6.66 billion by 11.9%.
Operational Highlights
Total operating expenses in the first quarter of 2024 were $4.59 billion, down 17.8% from the prior-year reported figure.
The company reported an operating income of $1.28 billion compared with $0.63 billion a year ago.
Interest expenses totaled $715 million compared with $602 million in the prior-year quarter.
Financials
As of Mar 31, 2024, cash and cash equivalents totaled $658 million compared with $635 million as of Dec 31, 2023.
Cash flow from operating activities amounted to $2.26 billion for the first quarter of 2024 compared with $1.19 billion in the first quarter of 2023.
Capital expenditures totaled $2.64 billion during the first quarter compared with $2.29 billion in the corresponding period of 2023.
As of Mar 31, 2024, the long-term debt amounted to $53.42 million compared with $50.98 billion as of Dec 31, 2023.
Guidance
PG&E reiterated its 2024 adjusted EPS guidance. The company still expects to generate adjusted earnings in the range of $1.33-$1.37 per share. The Zacks Consensus Estimate for 2024 earnings is pegged at $1.35 per share, which came in line with the midpoint 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.
Recent Utility Releases
Entergy Corporation (ETR - Free Report) reported first-quarter 2024 adjusted earnings of $1.08 per share, which missed the Zacks Consensus Estimate of $1.44 by 25%. The bottom line also came in lower than the company’s prior-year reported figure of $1.14.
Entergy reported revenues of $2.79 billion, which missed the Zacks Consensus Estimate of $3.18 billion by 12%. The figure also declined 6.3% from $2.98 billion reported in the year-ago quarter due to lower revenues from each of its segments.
AVANGRID, Inc. (AGR - Free Report) reported first-quarter 2024 earnings of 88 cents per share, which surpassed the Zacks Consensus Estimate of 71 cents by 23.9%. The bottom line also increased 37.5% from the year-ago quarter’s figure of 64 cents.
Operating revenues amounted to $2.42 billion, which missed the Zacks Consensus Estimate of $2.57 billion by 6.01%. The top line also decreased 2% from $2.47 billion reported in the comparable period of 2023.
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2024 adjusted earnings of 91 cents per share, which beat the Zacks Consensus Estimate of 80 cents by 13.8%. The bottom line was also up nearly 8.3% year over year.
In the first quarter, NextEra’s operating revenues totaled $5.73 billion, which lagged the Zacks Consensus Estimate of $6.46 billion by 11.4%. The top line plunged 14.7% year over year.