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PG&E Corp (PCG) Beats on Q3 Earnings, Reiterates '17 View
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PG&E Corporation’s (PCG - Free Report) adjusted operating earnings per share of $1.12 in third-quarter 2017 surpassed the Zacks Consensus Estimate of 94 cents by 19.1%. Earnings were also up 19.1% from 94 cents reported in the year-ago quarter.
The upside in adjusted earnings was driven by growth in rate-base earnings, as well as positive impacts related to the timing of taxes, the timing of operational spending, and the timing of the phase-two decision in the 2015 GT&S rate case.
GAAP earnings during the quarter were $1.07 per share, compared with 77 cents a year ago.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
In the third quarter, the company reported revenues of $4,517 million, down 6.1% from $4,810 million in the year-ago period. The figure missed the Zacks Consensus Estimate of $4,959 million by 8.9%.
Electric revenues were down 8.7% from the year-ago levels, while natural gas revenues rose 6.5%.
Operational Highlights
Total operating expenses in the third quarter were $3,618 million, down 23.2% from $4,170 million in the year-ago period. Costs declined due to lower cost of electricity, natural gas as well as operation and maintenance expenses.
Operating income in the quarter under review came in at $899 million, up from $640 million in the third quarter of 2016.
Interest expenses in the quarter were $220 million, compared with $211 million in the year-ago quarter.
Guidance
The company has reiterated its guidance for 2017 adjusted earnings from operations in the range of $3.55-$3.75 per share.
Sempra Energy’s (SRE - Free Report) third-quarter 2017 adjusted earnings per share of $1.04 came in line with the Zacks Consensus Estimate. Earnings rose 2% from the prior-year quarter figure of $1.02.
CMS Energy Corporation (CMS - Free Report) reported third-quarter 2017 adjusted earnings per share of 62 cents, which surpassed the Zacks Consensus Estimate of 55 cents by 12.7%. Quarterly earnings however declined 11.4% from the year-ago figure of 70 cents.
FirstEnergy Corporation (FE - Free Report) reported third-quarter 2017 operating earnings of 97 cents per share, beating the Zacks Consensus Estimate of 86 cents by 12.8%. Quarterly earnings were also up 7.7% year over year.
Zacks’ Best Private Investment Ideas
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PG&E Corp (PCG) Beats on Q3 Earnings, Reiterates '17 View
PG&E Corporation’s (PCG - Free Report) adjusted operating earnings per share of $1.12 in third-quarter 2017 surpassed the Zacks Consensus Estimate of 94 cents by 19.1%. Earnings were also up 19.1% from 94 cents reported in the year-ago quarter.
The upside in adjusted earnings was driven by growth in rate-base earnings, as well as positive impacts related to the timing of taxes, the timing of operational spending, and the timing of the phase-two decision in the 2015 GT&S rate case.
GAAP earnings during the quarter were $1.07 per share, compared with 77 cents a year ago.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise | Pacific Gas & Electric Co. Quote
Revenue Update
In the third quarter, the company reported revenues of $4,517 million, down 6.1% from $4,810 million in the year-ago period. The figure missed the Zacks Consensus Estimate of $4,959 million by 8.9%.
Electric revenues were down 8.7% from the year-ago levels, while natural gas revenues rose 6.5%.
Operational Highlights
Total operating expenses in the third quarter were $3,618 million, down 23.2% from $4,170 million in the year-ago period. Costs declined due to lower cost of electricity, natural gas as well as operation and maintenance expenses.
Operating income in the quarter under review came in at $899 million, up from $640 million in the third quarter of 2016.
Interest expenses in the quarter were $220 million, compared with $211 million in the year-ago quarter.
Guidance
The company has reiterated its guidance for 2017 adjusted earnings from operations in the range of $3.55-$3.75 per share.
Zacks Rank
PG&E Corp currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Peer Release
Sempra Energy’s (SRE - Free Report) third-quarter 2017 adjusted earnings per share of $1.04 came in line with the Zacks Consensus Estimate. Earnings rose 2% from the prior-year quarter figure of $1.02.
CMS Energy Corporation (CMS - Free Report) reported third-quarter 2017 adjusted earnings per share of 62 cents, which surpassed the Zacks Consensus Estimate of 55 cents by 12.7%. Quarterly earnings however declined 11.4% from the year-ago figure of 70 cents.
FirstEnergy Corporation (FE - Free Report) reported third-quarter 2017 operating earnings of 97 cents per share, beating the Zacks Consensus Estimate of 86 cents by 12.8%. Quarterly earnings were also up 7.7% year over year.
Zacks’ Best Private Investment Ideas
While we are happy to share many articles like this on the website, our best recommendations and most in-depth research are not available to the public.
Starting today, for the next month, you can follow all Zacks' private buys and sells in real time. Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors.
Click here for Zacks' private trades >>