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PG&E Corporation's (PCG) Q3 Earnings Miss, Revenues Up Y/Y
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PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of 22 cents in third-quarter 2020, which missed the Zacks Consensus Estimate of 25 cents by 12%. The bottom line, however, declined from the year-ago quarter’s reported figure of $1.11.
Including one-time items, the company reported GAAP earnings of 4 cents per share against the loss of $3.06 in the prior-year quarter.
Revenue Update
PG&E Corp’s total revenues of $4,882 million surpassed the Zacks Consensus Estimate of $4,812 million by 1.5%. Also, the top line increased 10.2% from the year-ago quarter’s $4,432 million.
While electric revenues increased 7.2% from the prior-year quarter’s reported figure, natural gas revenues improved 22.1% year over year.
Pacific Gas Electric Co. Price, Consensus and EPS Surprise
Operating expenses in the reported quarter totaled $4,484 million, which declined 33.4% from $6,732 million in third-quarter 2019. The decline was due to lower wildfire-related claims.
The company reported an operating income of $398 million against the operating losses of $2,300 million incurred during the previous year’s third quarter.
Interest expenses in third-quarter 2020 summed $391 million compared with $52 million in the year-ago period.
2020 Guidance
PG&E Corporation issued 2020 guidance for consolidated GAAP losses of $1.00-$1.06 per share, which includes non-core items.
On a non-GAAP basis, the guidance range for 2020 core earnings was reaffirmed at $1.60-$1.63 per share. The Zacks Consensus Estimate for the company’s 2020 earnings, pegged at $1.50 per share, lies below the company’s guided range.
Zacks Rank
PG&E Corp. currently carries a Zacks Rank #4 (Sell).
NextEra Energy (NEE - Free Report) , a Zacks Rank #3 company, reported third-quarter 2020 adjusted earnings of $2.66 per share, which beat the Zacks Consensus Estimate of $2.65 by 0.4%.
Entergy Corporation (ETR - Free Report) , a Zacks Rank #3 company, reported third-quarter 2020 adjusted earnings of $2.44 per share, which surpassed the Zacks Consensus Estimate of $2.42 by 0.8%.
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PG&E Corporation's (PCG) Q3 Earnings Miss, Revenues Up Y/Y
PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of 22 cents in third-quarter 2020, which missed the Zacks Consensus Estimate of 25 cents by 12%. The bottom line, however, declined from the year-ago quarter’s reported figure of $1.11.
Including one-time items, the company reported GAAP earnings of 4 cents per share against the loss of $3.06 in the prior-year quarter.
Revenue Update
PG&E Corp’s total revenues of $4,882 million surpassed the Zacks Consensus Estimate of $4,812 million by 1.5%. Also, the top line increased 10.2% from the year-ago quarter’s $4,432 million.
While electric revenues increased 7.2% from the prior-year quarter’s reported figure, natural gas revenues improved 22.1% year over year.
Pacific Gas Electric Co. Price, Consensus and EPS Surprise
Pacific Gas Electric Co. price-consensus-eps-surprise-chart | Pacific Gas Electric Co. Quote
Operational Highlights
Operating expenses in the reported quarter totaled $4,484 million, which declined 33.4% from $6,732 million in third-quarter 2019. The decline was due to lower wildfire-related claims.
The company reported an operating income of $398 million against the operating losses of $2,300 million incurred during the previous year’s third quarter.
Interest expenses in third-quarter 2020 summed $391 million compared with $52 million in the year-ago period.
2020 Guidance
PG&E Corporation issued 2020 guidance for consolidated GAAP losses of $1.00-$1.06 per share, which includes non-core items.
On a non-GAAP basis, the guidance range for 2020 core earnings was reaffirmed at $1.60-$1.63 per share. The Zacks Consensus Estimate for the company’s 2020 earnings, pegged at $1.50 per share, lies below the company’s guided range.
Zacks Rank
PG&E Corp. currently carries a Zacks Rank #4 (Sell).
Recent Utility Releases
American Electric Power (AEP - Free Report) , a Zacks Rank #3 (Hold) company, reported third-quarter 2020 adjusted earnings per share of $1.47, which beat the Zacks Consensus Estimate of $1.46 by 0.7%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
NextEra Energy (NEE - Free Report) , a Zacks Rank #3 company, reported third-quarter 2020 adjusted earnings of $2.66 per share, which beat the Zacks Consensus Estimate of $2.65 by 0.4%.
Entergy Corporation (ETR - Free Report) , a Zacks Rank #3 company, reported third-quarter 2020 adjusted earnings of $2.44 per share, which surpassed the Zacks Consensus Estimate of $2.42 by 0.8%.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot stocks we're targeting >>