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PG&E (PCG) to Report Q2 Earnings: Here's What to Expect
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PG&E Corporation (PCG - Free Report) is scheduled to report second-quarter 2024 results on Jul 25 before market open.
In the last reported quarter, the company posted an earnings surprise of 5.71%. However, the company has a trailing four-quarter average negative earnings surprise of 4.74%.
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 second quarter, PCG’s service territories observed mixed temperature patterns. While its service areas witnessed unprecedented snowfall for a few days in May 2024, accompanied by average precipitation, above-normal temperatures were recorded in June. Hence, the overall impact of temperature on PG&E’s second-quarter revenues can be expected to be moderate.
Favorable outcomes from PCG’s earlier approved general rate case (GRC) fillings must have bolstered the company’s second-quarter revenue performance. The Zacks Consensus Estimate for second-quarter revenues is pegged at $5.83 billion, which indicates growth of 10.2% from the year-ago quarter’s level.
Solid sales growth expectations, along with PCG’s efforts to reduce its non-fuel operation and maintenance (O&M) expenses, are likely to have boosted its overall earnings performance. The Zacks Consensus Estimate for second-quarter earnings is pegged at 30 cents per share, which implies year-over-year growth of 30.4%.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for PG&E this time. 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 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Here, we have mentioned the following players from the same industry that have the right combination of elements to beat on earnings in the upcoming releases.
Edison International (EIX - Free Report) is slated to report its second-quarter 2024 results on Jul 25 after market close. It has an Earnings ESP of +0.66% and a Zacks Rank of 2 at present.
The Zacks Consensus Estimate for EIX’s second-quarter 2024 earnings stands at $1.02 per share, which suggests a 1% improvement from the second-quarter 2023 reported figure. The Zacks Consensus Estimate for second-quarter sales is pegged at $4.10 billion, which implies a 3.3% increase from that reported in the prior-year quarter.
CMS Energy (CMS - Free Report) is expected to report its second-quarter 2024 results on Jul 25 before market open. It has an Earnings ESP of +0.39% and carries a Zacks Rank of 2 at present.
The Zacks Consensus Estimate for CMS’ second-quarter earnings stands at 64 cents per share. Meanwhile, the company’s long-term (three to five years) earnings growth is pegged at 7.6%. The Zacks Consensus Estimate for CMS Energy’s second-quarter sales is pegged at $1.69 billion, which implies an 8.8% increase from that reported in the prior-year quarter.
The Southern Company (SO - Free Report) is slated to report its second-quarter 2024 results on Aug 1 before market open. It has an Earnings ESP of +3.50% and a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for SO’s second-quarter earnings stands at 93 cents per share, which suggests a 17.7% improvement from the second-quarter 2023 reported figure. The Zacks Consensus Estimate for second-quarter sales is pegged at $6.26 billion, which implies a 9% increase from that reported in the prior-year quarter.
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PG&E (PCG) to Report Q2 Earnings: Here's What to Expect
PG&E Corporation (PCG - Free Report) is scheduled to report second-quarter 2024 results on Jul 25 before market open.
In the last reported quarter, the company posted an earnings surprise of 5.71%. However, the company has a trailing four-quarter average negative earnings surprise of 4.74%.
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 second quarter, PCG’s service territories observed mixed temperature patterns. While its service areas witnessed unprecedented snowfall for a few days in May 2024, accompanied by average precipitation, above-normal temperatures were recorded in June. Hence, the overall impact of temperature on PG&E’s second-quarter revenues can be expected to be moderate.
Pacific Gas & Electric Co. Price and EPS Surprise
Pacific Gas & Electric Co. price-eps-surprise | Pacific Gas & Electric Co. Quote
Favorable outcomes from PCG’s earlier approved general rate case (GRC) fillings must have bolstered the company’s second-quarter revenue performance. The Zacks Consensus Estimate for second-quarter revenues is pegged at $5.83 billion, which indicates growth of 10.2% from the year-ago quarter’s level.
Solid sales growth expectations, along with PCG’s efforts to reduce its non-fuel operation and maintenance (O&M) expenses, are likely to have boosted its overall earnings performance. The Zacks Consensus Estimate for second-quarter earnings is pegged at 30 cents per share, which implies year-over-year growth of 30.4%.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for PG&E this time. 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 0.00%. 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 #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Stocks to Consider
Here, we have mentioned the following players from the same industry that have the right combination of elements to beat on earnings in the upcoming releases.
Edison International (EIX - Free Report) is slated to report its second-quarter 2024 results on Jul 25 after market close. It has an Earnings ESP of +0.66% and a Zacks Rank of 2 at present.
The Zacks Consensus Estimate for EIX’s second-quarter 2024 earnings stands at $1.02 per share, which suggests a 1% improvement from the second-quarter 2023 reported figure. The Zacks Consensus Estimate for second-quarter sales is pegged at $4.10 billion, which implies a 3.3% increase from that reported in the prior-year quarter.
CMS Energy (CMS - Free Report) is expected to report its second-quarter 2024 results on Jul 25 before market open. It has an Earnings ESP of +0.39% and carries a Zacks Rank of 2 at present.
The Zacks Consensus Estimate for CMS’ second-quarter earnings stands at 64 cents per share. Meanwhile, the company’s long-term (three to five years) earnings growth is pegged at 7.6%. The Zacks Consensus Estimate for CMS Energy’s second-quarter sales is pegged at $1.69 billion, which implies an 8.8% increase from that reported in the prior-year quarter.
The Southern Company (SO - Free Report) is slated to report its second-quarter 2024 results on Aug 1 before market open. It has an Earnings ESP of +3.50% and a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for SO’s second-quarter earnings stands at 93 cents per share, which suggests a 17.7% improvement from the second-quarter 2023 reported figure. The Zacks Consensus Estimate for second-quarter sales is pegged at $6.26 billion, which implies a 9% increase from that reported in the prior-year quarter.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.