PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of $1.03 in second-quarter 2020, which surpassed the Zacks Consensus Estimate of 68 cents by 51.5%. The bottom line, however, declined 6.4% from the year-ago quarter’s reported figure.
Including one-time items, the company incurred a GAAP loss of $3.73 per share compared with a loss of $4.83 in the prior-year quarter.
Revenue Update
PG&E Corp’s total revenues of $4,533 million rose 15% from the year-ago quarter’s $3,943 million.
While electric revenues increased 16.6% from the prior-year quarter’s reported figure, natural gas revenues improved 10.1% year over year.
Operational Highlights
Operating expenses in the reported quarter totaled $4,251 million, which declined 43.9% from $7,583 million in second-quarter 2019. The decline was due to lower cost of electricity and wildfire-related claims.
The company reported an operating income of $282 million against the operating losses of $3,640 million incurred during the previous year’s second quarter.
Interest expenses in second-quarter 2020 summed $199 million compared with $60 million in the year-ago period.
Pacific Gas Electric Co. Price, Consensus and EPS Surprise
PG&E Corporation issued 2020 guidance for consolidated GAAP losses of 99 cents to $1.05 per share, which includes non-core items.
On a non-GAAP basis, the guidance range for 2020 core earnings is $1.60-$1.63 per share. The Zacks Consensus Estimate for the company’s 2020 earnings, pegged at $1.32 per share, lies below the company’s guided range.
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
NextEra Energy (NEE - Free Report) reported second-quarter 2020 adjusted earnings of $2.61 per share, surpassing the Zacks Consensus Estimate of $2.50 by 4.4%.
FirstEnergy Corporation (FE - Free Report) delivered second-quarter 2020 operating earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 55 cents by 3.64%.
Edison International (EIX - Free Report) reported second-quarter 2020 adjusted earnings of $1.00 per share, which missed the Zacks Consensus Estimate of $1.11 by 9.9%.
5 Stocks Set to Double
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Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
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Free: See Our Top Stock and 4 Runners Up >>
PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of $1.03 in second-quarter 2020, which surpassed the Zacks Consensus Estimate of 68 cents by 51.5%. The bottom line, however, declined 6.4% from the year-ago quarter’s reported figure.
Including one-time items, the company incurred a GAAP loss of $3.73 per share compared with a loss of $4.83 in the prior-year quarter.
Revenue Update
PG&E Corp’s total revenues of $4,533 million rose 15% from the year-ago quarter’s $3,943 million.
While electric revenues increased 16.6% from the prior-year quarter’s reported figure, natural gas revenues improved 10.1% year over year.
Operational Highlights
Operating expenses in the reported quarter totaled $4,251 million, which declined 43.9% from $7,583 million in second-quarter 2019. The decline was due to lower cost of electricity and wildfire-related claims.
The company reported an operating income of $282 million against the operating losses of $3,640 million incurred during the previous year’s second quarter.
Interest expenses in second-quarter 2020 summed $199 million compared with $60 million in the year-ago period.
Pacific Gas Electric Co. Price, Consensus and EPS Surprise
PG&E Corporation issued 2020 guidance for consolidated GAAP losses of 99 cents to $1.05 per share, which includes non-core items.
On a non-GAAP basis, the guidance range for 2020 core earnings is $1.60-$1.63 per share. The Zacks Consensus Estimate for the company’s 2020 earnings, pegged at $1.32 per share, lies below the company’s guided range.
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
NextEra Energy (NEE - Free Report) reported second-quarter 2020 adjusted earnings of $2.61 per share, surpassing the Zacks Consensus Estimate of $2.50 by 4.4%.
FirstEnergy Corporation (FE - Free Report) delivered second-quarter 2020 operating earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 55 cents by 3.64%.
Edison International (EIX - Free Report) reported second-quarter 2020 adjusted earnings of $1.00 per share, which missed the Zacks Consensus Estimate of $1.11 by 9.9%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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