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PG&E Corporation (PCG) Q3 Earnings Top, Revenues Lag Estimates
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PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of $1.13 in third-quarter 2018, which surpassed the Zacks Consensus Estimate of $1.12 by 0.9%. The bottom line also increased 0.9% from the year-ago quarter’s tally. This year-over-year upside can be attributed to growth in rate base earnings and probable cost recoveries of insurance premiums incurred in 2018.
Excluding one-time items, the company reported GAAP earnings of $1.09 per share compared with earnings of $10.7 generated in the prior-year quarter.
Revenue Update
PG&E Corp’s total revenues of $4,381 million missed the Zacks Consensus Estimate of $4,548 million by 3.7%. The top line also declined 3% from the year-ago quarter’s number.
While electric revenues decreased 5% from the prior-year quarter’s tally, natural gas revenues improved 5.3% year over year.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Total operating expenses in the reported quarter totaled $3,685 million, up 1.5% from $3,631 million in third-quarter 2017. Costs increased due to higher operating and maintenance expenses.
The company generated operating income of $696 million compared with $886 million registered in last year’s third quarter.
Interest expenses in third-quarter 2018 summed $232 million compared with $220 million in the year-ago period.
Guidance
PG&E Corp has not provided guidance for 2018 GAAP earnings and adjusted earnings from operations due to the uncertainty related to the Northern California wildfires in October 2017.
Duke Energy Corporation (DUK - Free Report) reported third-quarter 2018 adjusted earnings of $1.65 per share, which surpassed the Zacks Consensus Estimate of $1.53 by 7.8%. Quarterly earnings also improved 3.8% year over year.
DTE Energy Co. (DTE - Free Report) reported third-quarter 2018 operating earnings per share of $2.13, which outpaced the Zacks Consensus Estimate of $1.74 by 22.4%.
FirstEnergy Corp. (FE - Free Report) reported third-quarter 2018 operating earnings of 80 cents per share, exceeding the Zacks Consensus Estimate of 73 cents by 9.59%.
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PG&E Corporation (PCG) Q3 Earnings Top, Revenues Lag Estimates
PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of $1.13 in third-quarter 2018, which surpassed the Zacks Consensus Estimate of $1.12 by 0.9%. The bottom line also increased 0.9% from the year-ago quarter’s tally. This year-over-year upside can be attributed to growth in rate base earnings and probable cost recoveries of insurance premiums incurred in 2018.
Excluding one-time items, the company reported GAAP earnings of $1.09 per share compared with earnings of $10.7 generated in the prior-year quarter.
Revenue Update
PG&E Corp’s total revenues of $4,381 million missed the Zacks Consensus Estimate of $4,548 million by 3.7%. The top line also declined 3% from the year-ago quarter’s number.
While electric revenues decreased 5% from the prior-year quarter’s tally, natural gas revenues improved 5.3% year over year.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise | Pacific Gas & Electric Co. Quote
Operational Highlights
Total operating expenses in the reported quarter totaled $3,685 million, up 1.5% from $3,631 million in third-quarter 2017. Costs increased due to higher operating and maintenance expenses.
The company generated operating income of $696 million compared with $886 million registered in last year’s third quarter.
Interest expenses in third-quarter 2018 summed $232 million compared with $220 million in the year-ago period.
Guidance
PG&E Corp has not provided guidance for 2018 GAAP earnings and adjusted earnings from operations due to the uncertainty related to the Northern California wildfires in October 2017.
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 Utility Releases
Duke Energy Corporation (DUK - Free Report) reported third-quarter 2018 adjusted earnings of $1.65 per share, which surpassed the Zacks Consensus Estimate of $1.53 by 7.8%. Quarterly earnings also improved 3.8% year over year.
DTE Energy Co. (DTE - Free Report) reported third-quarter 2018 operating earnings per share of $2.13, which outpaced the Zacks Consensus Estimate of $1.74 by 22.4%.
FirstEnergy Corp. (FE - Free Report) reported third-quarter 2018 operating earnings of 80 cents per share, exceeding the Zacks Consensus Estimate of 73 cents by 9.59%.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>