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PG&E (PCG) Q2 Earnings Top Estimates, Revenues Increase Y/Y
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PG&E Corporation (PCG - Free Report) reported second-quarter 2024 adjusted earnings per share (EPS) of 31 cents, which surpassed the Zacks Consensus Estimate of 30 cents by 3.3%. The bottom line also improved 34.8% from the year-ago quarter’s reported figure.
The company reported GAAP earnings of 24 cents per share compared with 19 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 and non-fuel operating and maintenance (O&M) savings.
Revenue Update
PCG reported second-quarter total revenues of $5.99 billion, up 13.2% from $5.29 billion registered in the year-ago period. Operating revenues also surpassed the Zacks Consensus Estimate of $5.83 billion by 2.7%.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Total operating expenses in the second quarter of 2024 were $4.85 billion, up 1.4% from the prior-year reported figure.
The company reported an operating income of $1.13 billion compared with $0.51 billion a year ago.
Interest expenses totaled $812 million compared with $640 million in the prior-year quarter.
Financials
As of Jun 30, 2024, cash and cash equivalents totaled $1.32 billion compared with $0.64 billion as of Dec 31, 2023.
Cash flow from operating activities amounted to $2.97 billion for the second quarter of 2024 compared with $2.46 billion in the second quarter of 2023.
Capital expenditures totaled $4.94 billion during the second quarter compared with $4.68 billion in the corresponding period of 2023.
As of Jun 30, 2024, the long-term debt amounted to $52.66 billion compared with $50.98 billion as of Dec 31, 2023.
Guidance
PG&E reaffirmed 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.
AVANGRID, Inc. (AGR - Free Report) reported second-quarter 2024 earnings of 49 cents per share, which surpassed the Zacks Consensus Estimate of 27 cents by 81.5%. The bottom line also increased 133.3% from the year-ago quarter’s figure of 21 cents.
Operating revenues amounted to $1.92 billion, which beat the Zacks Consensus Estimate of $1.72 billion by 11.9%. The top line also increased 21.2% from $1.59 billion reported in the comparable period of 2023.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%. The bottom line was also up nearly 9.1% year over year.
In the second quarter, NextEra Energy’s operating revenues were $6.06 billion, which lagged the Zacks Consensus Estimate of $7.26 billion by 16.8%. The top line plunged 17.4% year over year.
CMS Energy Corporation (CMS - Free Report) reported second-quarter 2024 adjusted earnings per share of 66 cents, which beat the Zacks Consensus Estimate of 63 cents by 4.8%. However, the bottom line declined 12% from 75 cents reported in the prior-year quarter.
Operating revenues totaled $1.61 billion, which lagged the Zacks Consensus Estimate of $1.69 billion by 5%. However, the top line increased 3.3% on a year-over-year basis.
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PG&E (PCG) Q2 Earnings Top Estimates, Revenues Increase Y/Y
PG&E Corporation (PCG - Free Report) reported second-quarter 2024 adjusted earnings per share (EPS) of 31 cents, which surpassed the Zacks Consensus Estimate of 30 cents by 3.3%. The bottom line also improved 34.8% from the year-ago quarter’s reported figure.
The company reported GAAP earnings of 24 cents per share compared with 19 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 and non-fuel operating and maintenance (O&M) savings.
Revenue Update
PCG reported second-quarter total revenues of $5.99 billion, up 13.2% from $5.29 billion registered in the year-ago period. Operating revenues also surpassed the Zacks Consensus Estimate of $5.83 billion by 2.7%.
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 second quarter of 2024 were $4.85 billion, up 1.4% from the prior-year reported figure.
The company reported an operating income of $1.13 billion compared with $0.51 billion a year ago.
Interest expenses totaled $812 million compared with $640 million in the prior-year quarter.
Financials
As of Jun 30, 2024, cash and cash equivalents totaled $1.32 billion compared with $0.64 billion as of Dec 31, 2023.
Cash flow from operating activities amounted to $2.97 billion for the second quarter of 2024 compared with $2.46 billion in the second quarter of 2023.
Capital expenditures totaled $4.94 billion during the second quarter compared with $4.68 billion in the corresponding period of 2023.
As of Jun 30, 2024, the long-term debt amounted to $52.66 billion compared with $50.98 billion as of Dec 31, 2023.
Guidance
PG&E reaffirmed 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 #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
AVANGRID, Inc. (AGR - Free Report) reported second-quarter 2024 earnings of 49 cents per share, which surpassed the Zacks Consensus Estimate of 27 cents by 81.5%. The bottom line also increased 133.3% from the year-ago quarter’s figure of 21 cents.
Operating revenues amounted to $1.92 billion, which beat the Zacks Consensus Estimate of $1.72 billion by 11.9%. The top line also increased 21.2% from $1.59 billion reported in the comparable period of 2023.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%. The bottom line was also up nearly 9.1% year over year.
In the second quarter, NextEra Energy’s operating revenues were $6.06 billion, which lagged the Zacks Consensus Estimate of $7.26 billion by 16.8%. The top line plunged 17.4% year over year.
CMS Energy Corporation (CMS - Free Report) reported second-quarter 2024 adjusted earnings per share of 66 cents, which beat the Zacks Consensus Estimate of 63 cents by 4.8%. However, the bottom line declined 12% from 75 cents reported in the prior-year quarter.
Operating revenues totaled $1.61 billion, which lagged the Zacks Consensus Estimate of $1.69 billion by 5%. However, the top line increased 3.3% on a year-over-year basis.