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PG&E Corporation’s (PCG - Free Report) adjusted earnings per share (EPS) of 24 cents in the third quarter of 2023 lagged the Zacks Consensus Estimate of 28 cents by 14.3%. The bottom line decreased 17.2% from the year-ago quarter’s reported figure.
The company reported GAAP earnings of 16 cents per share compared with 21 cents in the prior-year quarter.
Revenue Update
In the third quarter, PCG reported total revenues of $5,888 million compared with $5,394 million in the year-ago period. Operating revenues missed the Zacks Consensus Estimate of $5,946.1 million by 0.9%.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Total operating expenses in the third quarter summed at $5,487 million, which increased 17.5% from the prior-year quarter.
The company reported an operating income of $401 million for the quarter compared with $726 million in the year-ago period.
Interest expenses totaled $682 million compared with $525 million in the prior-year quarter.
Financials
As of Sep 30, 2023, cash and cash equivalents totaled $589 million compared with $734 million as of Dec 31, 2022.
Cash flow from operating activities amounted to $4,270 million for the nine months ended Sep 30, 2023 compared with $2,712 million in the year-ago period.
Capital expenditures were $7,101 million for the nine months ended Sep 30, 2023 compared with $7,411 million in the prior-year period.
The long-term debt was $50,343 million as of Sep 30, 2023 compared with $47,742 million as of Dec 31, 2022.
Guidance
PG&E Corp. reaffirmed its 2023 adjusted EPS guidance in the range of $1.19-$1.23. The Zacks Consensus Estimate for 2023 earnings, pegged at $1.21 per share, is in line with the midpoint of the company’s guided range.
NextEra Energy, Inc. (NEE - Free Report) released third-quarter 2023 adjusted earnings of 94 cents per share, which beat the Zacks Consensus Estimate of 86 cents by 9.3%. The bottom line was also up 10.6% from the prior-year quarter. The year-over-year improvement was due to the solid performances of Florida Power & Light Company and NextEra Energy Resources.
For the third quarter, NextEra’s operating revenues were $7,172 million, which lagged the Zacks Consensus Estimate of $7,453 million by 3.8%. The top line improved 6.7% year over year.
Upcoming Utility Releases
Public Service Enterprise Group Incorporated (PEG - Free Report) :The company has a long-term earnings growth rate of 5.5%. The Zacks Consensus Estimate for third-quarter earnings is pegged at $3.45 per share.
The Zacks Consensus Estimate for third-quarter sales stands at $10.58 billion, which implies a growth rate of 7.9%. The company delivered an earnings surprise of 14.75% in the last reported quarter.
Edison International (EIX - Free Report) :The company has a long-term earnings growth rate of 3.7%. The Zacks Consensus Estimate for third-quarter earnings is pegged at $4.71 per share, suggesting a growth rate of 1.9%.
The Zacks Consensus Estimate for third-quarter sales stands at $17.61 billion, which calls for a growth rate of 2.3%. The company delivered an earnings surprise of 8.60% in the last reported quarter.
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PG&E Corp. (PCG) Misses Q3 Earnings, Reaffirms 2023 View
PG&E Corporation’s (PCG - Free Report) adjusted earnings per share (EPS) of 24 cents in the third quarter of 2023 lagged the Zacks Consensus Estimate of 28 cents by 14.3%. The bottom line decreased 17.2% from the year-ago quarter’s reported figure.
The company reported GAAP earnings of 16 cents per share compared with 21 cents in the prior-year quarter.
Revenue Update
In the third quarter, PCG reported total revenues of $5,888 million compared with $5,394 million in the year-ago period. Operating revenues missed the Zacks Consensus Estimate of $5,946.1 million by 0.9%.
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
Total operating expenses in the third quarter summed at $5,487 million, which increased 17.5% from the prior-year quarter.
The company reported an operating income of $401 million for the quarter compared with $726 million in the year-ago period.
Interest expenses totaled $682 million compared with $525 million in the prior-year quarter.
Financials
As of Sep 30, 2023, cash and cash equivalents totaled $589 million compared with $734 million as of Dec 31, 2022.
Cash flow from operating activities amounted to $4,270 million for the nine months ended Sep 30, 2023 compared with $2,712 million in the year-ago period.
Capital expenditures were $7,101 million for the nine months ended Sep 30, 2023 compared with $7,411 million in the prior-year period.
The long-term debt was $50,343 million as of Sep 30, 2023 compared with $47,742 million as of Dec 31, 2022.
Guidance
PG&E Corp. reaffirmed its 2023 adjusted EPS guidance in the range of $1.19-$1.23. The Zacks Consensus Estimate for 2023 earnings, pegged at $1.21 per share, is in line with the midpoint of the company’s guided range.
Zacks Rank
PG&E Corp. currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A Recent Utility Release
NextEra Energy, Inc. (NEE - Free Report) released third-quarter 2023 adjusted earnings of 94 cents per share, which beat the Zacks Consensus Estimate of 86 cents by 9.3%. The bottom line was also up 10.6% from the prior-year quarter. The year-over-year improvement was due to the solid performances of Florida Power & Light Company and NextEra Energy Resources.
For the third quarter, NextEra’s operating revenues were $7,172 million, which lagged the Zacks Consensus Estimate of $7,453 million by 3.8%. The top line improved 6.7% year over year.
Upcoming Utility Releases
Public Service Enterprise Group Incorporated (PEG - Free Report) :The company has a long-term earnings growth rate of 5.5%. The Zacks Consensus Estimate for third-quarter earnings is pegged at $3.45 per share.
The Zacks Consensus Estimate for third-quarter sales stands at $10.58 billion, which implies a growth rate of 7.9%. The company delivered an earnings surprise of 14.75% in the last reported quarter.
Edison International (EIX - Free Report) :The company has a long-term earnings growth rate of 3.7%. The Zacks Consensus Estimate for third-quarter earnings is pegged at $4.71 per share, suggesting a growth rate of 1.9%.
The Zacks Consensus Estimate for third-quarter sales stands at $17.61 billion, which calls for a growth rate of 2.3%. The company delivered an earnings surprise of 8.60% in the last reported quarter.