PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of 21 cents in fourth-quarter 2020, which exceeded the Zacks Consensus Estimate of 19 cents by 10.5%. The bottom line, however, declined 69.1% from the year-ago quarter’s reported figure.Including one-time items, the company recorded GAAP earnings of 9 cents per share in the fourth quarter against a loss of $1.05 in the prior-year quarter.
For 2020, PG&E Corp.’s adjusted operating EPS came in at $1.61 per share, down 59% from the prior-year quarter’s $3.93. The figure, however, exceeded the Zacks Consensus Estimate of $1.60 by 0.6%.
Revenue Update
PG&E Corp’s total revenues of $4,748 million surpassed the Zacks Consensus Estimate of $4,675 million by 1.6%. The top line also rose 0.1% from the year-ago quarter.For 2020, PG&E Corp.’s revenues were $18,469 million, up 7.8% from the prior-year quarter’s $17,129 million. The figure, however, missed the Zacks Consensus Estimate of $18,790 million by 1.7%.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Operational Highlights
Total operating expenses as of Dec 31, 2020, totaled $16,714 million, which declined 38.6% from $27,223 million as of Dec 31, 2019. The decrease was due to lower wildfire-related claims, net of insurance recoveries.The company reported an operating income of $1,755 million as of Dec 31, 2020, against the operating losses of $10,094 million as of Dec 31, 2019.
Interest expenses as of Dec 31, 2020, summed $1,260 million compared with $934 million as of Dec 31, 2019.
2021 Guidance
PG&E Corporation issued 2021 guidance for consolidated GAAP losses of $0.52-$0.38 per share, which includes non-core items.On a non-GAAP basis, the guidance range for 2021 core earnings was reaffirmed at $0.95-$1.05 per share. The Zacks Consensus Estimate for the company’s 2021 earnings, pegged at $1.00 per share, lies at the midpoint of the company’s guided range.
Zacks Rank
PG&E Corp. currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2020 operating earnings of 54 cents per share, in line with the Zacks Consensus Estimate.NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.
CMS Energy Corp. (CMS - Free Report) reported fourth-quarter 2020 adjusted earnings per share of 56 cents, which surpassed the Zacks Consensus Estimate of 55 cents by 1.8%.
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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.
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PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of 21 cents in fourth-quarter 2020, which exceeded the Zacks Consensus Estimate of 19 cents by 10.5%. The bottom line, however, declined 69.1% from the year-ago quarter’s reported figure.
Including one-time items, the company recorded GAAP earnings of 9 cents per share in the fourth quarter against a loss of $1.05 in the prior-year quarter.
For 2020, PG&E Corp.’s adjusted operating EPS came in at $1.61 per share, down 59% from the prior-year quarter’s $3.93. The figure, however, exceeded the Zacks Consensus Estimate of $1.60 by 0.6%.
Revenue Update
PG&E Corp’s total revenues of $4,748 million surpassed the Zacks Consensus Estimate of $4,675 million by 1.6%. The top line also rose 0.1% from the year-ago quarter.
For 2020, PG&E Corp.’s revenues were $18,469 million, up 7.8% from the prior-year quarter’s $17,129 million. The figure, however, missed the Zacks Consensus Estimate of $18,790 million by 1.7%.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Operational Highlights
Total operating expenses as of Dec 31, 2020, totaled $16,714 million, which declined 38.6% from $27,223 million as of Dec 31, 2019. The decrease was due to lower wildfire-related claims, net of insurance recoveries.
The company reported an operating income of $1,755 million as of Dec 31, 2020, against the operating losses of $10,094 million as of Dec 31, 2019.
Interest expenses as of Dec 31, 2020, summed $1,260 million compared with $934 million as of Dec 31, 2019.
2021 Guidance
PG&E Corporation issued 2021 guidance for consolidated GAAP losses of $0.52-$0.38 per share, which includes non-core items.
On a non-GAAP basis, the guidance range for 2021 core earnings was reaffirmed at $0.95-$1.05 per share. The Zacks Consensus Estimate for the company’s 2021 earnings, pegged at $1.00 per share, lies at the midpoint of the company’s guided range.
Zacks Rank
PG&E Corp. currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2020 operating earnings of 54 cents per share, in line with the Zacks Consensus Estimate.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.
CMS Energy Corp. (CMS - Free Report) reported fourth-quarter 2020 adjusted earnings per share of 56 cents, which surpassed the Zacks Consensus Estimate of 55 cents by 1.8%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Click here for the 4 trades >>
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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