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PG&E (PCG) to Report Q4 Earnings: Here's What to Expect
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PG&E Corporation (PCG - Free Report) is scheduled to report fourth-quarter and full-year 2023 results on Feb 22, before the opening bell.
In the last reported quarter, the company reported a negative earnings surprise of 14.29%. The company has a trailing four-quarter average negative earnings surprise of 9.06%.
Let’s take a closer look at the factors that are likely to be reflected in PG&E’s upcoming quarterly results.
Factors to Note
During most of the fourth quarter, PCG’s service territories observed above-normal temperature patterns, accompanied with precipitation. Such a weather pattern is likely to have had a favorable impact on the company’s overall revenues in the soon-to-reported quarter.
Moreover, favorable outcomes expected from PCG’s 2023 general rate case (GRC), as well as revenues authorized in the Wildfire Mitigation and Catastrophic Events (WMCE) proceedings, must have bolstered the company’s fourth-quarter revenue performance.
The Zacks Consensus Estimate for revenues is pegged at $6.43 billion, indicating growth of 19.8% from the year-ago quarter’s level.
As of Sep 30, 2023, PCG was on track for achieving at least a 2% reduction in its non-fuel operation and maintenance (O&M) expense by 2023-end. Expecting the company to have duly achieved this target for 2023, its O&M expenses must have declined in the fourth quarter as well.
This, along with solid sales growth expectations, is likely to have boosted PCG’s overall bottom-line performance.
The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 45 cents per share, implying year-over-year growth of 73.1%.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for PG&E this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is not the case here.
Earnings ESP: The company’s Earnings ESP is -0.55%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Here are three Utility players that have the right combination of elements to come up with an earnings beat this reporting cycle.
Sempra Energy (SRE - Free Report) has an Earnings ESP of +0.29% and a Zacks Rank #3 at present. The company delivered a four-quarter average earnings surprise of 9.03%.
The Zacks Consensus Estimate for SRE’s fourth-quarter sales is pegged at $4.03 billion, indicating growth of 16.7% from that recorded in the prior-year quarter. The consensus mark for earnings is pinned at $1.13 per share.
Entergy (ETR - Free Report) has an Earnings ESP of +1.45% and a Zacks Rank #3 at present. The company delivered a four-quarter average earnings surprise of 4.35%.
The Zacks Consensus Estimate for ETR’s fourth-quarter sales is pegged at $3.27 billion. The consensus mark for earnings is pinned at 55 cents per share, implying an increase of 7.8% from that recorded a year ago.
Dominion Energy (D - Free Report) has an Earnings ESP of +0.63% and a Zacks Rank #3 at present. The company delivered a four-quarter average earnings surprise of 3.27%.
The Zacks Consensus Estimate for D’s fourth-quarter earnings is pegged at 40 cents per share. The consensus mark for sales is pinned at $3.81 billion.
Image: Bigstock
PG&E (PCG) to Report Q4 Earnings: Here's What to Expect
PG&E Corporation (PCG - Free Report) is scheduled to report fourth-quarter and full-year 2023 results on Feb 22, before the opening bell.
In the last reported quarter, the company reported a negative earnings surprise of 14.29%. The company has a trailing four-quarter average negative earnings surprise of 9.06%.
Let’s take a closer look at the factors that are likely to be reflected in PG&E’s upcoming quarterly results.
Factors to Note
During most of the fourth quarter, PCG’s service territories observed above-normal temperature patterns, accompanied with precipitation. Such a weather pattern is likely to have had a favorable impact on the company’s overall revenues in the soon-to-reported quarter.
Pacific Gas & Electric Co. Price and EPS Surprise
Pacific Gas & Electric Co. price-eps-surprise | Pacific Gas & Electric Co. Quote
Moreover, favorable outcomes expected from PCG’s 2023 general rate case (GRC), as well as revenues authorized in the Wildfire Mitigation and Catastrophic Events (WMCE) proceedings, must have bolstered the company’s fourth-quarter revenue performance.
The Zacks Consensus Estimate for revenues is pegged at $6.43 billion, indicating growth of 19.8% from the year-ago quarter’s level.
As of Sep 30, 2023, PCG was on track for achieving at least a 2% reduction in its non-fuel operation and maintenance (O&M) expense by 2023-end. Expecting the company to have duly achieved this target for 2023, its O&M expenses must have declined in the fourth quarter as well.
This, along with solid sales growth expectations, is likely to have boosted PCG’s overall bottom-line performance.
The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 45 cents per share, implying year-over-year growth of 73.1%.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for PG&E this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is not the case here.
Earnings ESP: The company’s Earnings ESP is -0.55%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: PCG currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Stocks to Consider
Here are three Utility players that have the right combination of elements to come up with an earnings beat this reporting cycle.
Sempra Energy (SRE - Free Report) has an Earnings ESP of +0.29% and a Zacks Rank #3 at present. The company delivered a four-quarter average earnings surprise of 9.03%.
The Zacks Consensus Estimate for SRE’s fourth-quarter sales is pegged at $4.03 billion, indicating growth of 16.7% from that recorded in the prior-year quarter. The consensus mark for earnings is pinned at $1.13 per share.
Entergy (ETR - Free Report) has an Earnings ESP of +1.45% and a Zacks Rank #3 at present. The company delivered a four-quarter average earnings surprise of 4.35%.
The Zacks Consensus Estimate for ETR’s fourth-quarter sales is pegged at $3.27 billion. The consensus mark for earnings is pinned at 55 cents per share, implying an increase of 7.8% from that recorded a year ago.
Dominion Energy (D - Free Report) has an Earnings ESP of +0.63% and a Zacks Rank #3 at present. The company delivered a four-quarter average earnings surprise of 3.27%.
The Zacks Consensus Estimate for D’s fourth-quarter earnings is pegged at 40 cents per share. The consensus mark for sales is pinned at $3.81 billion.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.