PG&E Corporation’s (PCG - Free Report) adjusted operating earnings per share (EPS) of $1.33 in the fourth quarter of 2016 surpassed the Zacks Consensus Estimate of $1.29 by 3.1%. Earnings were also up 166% from 50 cents reported in the year-ago quarter.
GAAP earnings during the quarter were $1.36 per share, compared with 27 cents a year ago.
During full-year 2016, the company’s adjusted operating EPS came in at $3.76, which beat the Zacks Consensus Estimate of $3.72 by 1.1%.
Revenue Update
During 2016, the company reported revenues of $17.67 billion, up 4.95% from $16.83 billion in 2015. The full-year revenue figure however missed the Zacks Consensus Estimate of $17.89 billion by 1.2%.
Electric revenues were up 1.5% from the 2015 levels while natural gas revenues rose 19.7%.
Operational Highlights
Total operating expenses in 2016 were $15.49 billion, up 1.1% from $15.33 billion in 2015. Costs increased due to higher operation and maintenance expenses as well as depreciation, amortization and decommissioning costs.
Operating income came in at $2.17 billion, up from $1.51 billion in 2015.
Interest expenses in 2016 were $829 million, compared with $773 million in the year-ago quarter.
Guidance
The company has reiterated its guidance for 2017 adjusted earnings from operations at the range of $3.55−$3.75 per share.
PG&E Corporation expects to incur capital expenditure of $6 billion in 2017.
Zacks Rank
PG&E Corporation currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Releases
American Electric Power Co., Inc. (AEP - Free Report) reported fourth-quarter 2016 operating EPS of 67 cents, beating the Zacks Consensus Estimate of 55 cents by 21.8%.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2016 adjusted EPS of $1.21, missing the Zacks Consensus Estimate of $1.29 by 6.2%. Reported earnings were, however, up 3.4% year over year.
CMS Energy Corp. (CMS - Free Report) reported fourth-quarter 2016 adjusted EPS of 29 cents, in line with the Zacks Consensus Estimate. Quarterly earnings, however, tanked 23.7% year over year.
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PG&E Corporation’s (PCG - Free Report) adjusted operating earnings per share (EPS) of $1.33 in the fourth quarter of 2016 surpassed the Zacks Consensus Estimate of $1.29 by 3.1%. Earnings were also up 166% from 50 cents reported in the year-ago quarter.
GAAP earnings during the quarter were $1.36 per share, compared with 27 cents a year ago.
During full-year 2016, the company’s adjusted operating EPS came in at $3.76, which beat the Zacks Consensus Estimate of $3.72 by 1.1%.
Revenue Update
During 2016, the company reported revenues of $17.67 billion, up 4.95% from $16.83 billion in 2015. The full-year revenue figure however missed the Zacks Consensus Estimate of $17.89 billion by 1.2%.
Electric revenues were up 1.5% from the 2015 levels while natural gas revenues rose 19.7%.
Operational Highlights
Total operating expenses in 2016 were $15.49 billion, up 1.1% from $15.33 billion in 2015. Costs increased due to higher operation and maintenance expenses as well as depreciation, amortization and decommissioning costs.
Operating income came in at $2.17 billion, up from $1.51 billion in 2015.
Interest expenses in 2016 were $829 million, compared with $773 million in the year-ago quarter.
Guidance
The company has reiterated its guidance for 2017 adjusted earnings from operations at the range of $3.55−$3.75 per share.
PG&E Corporation expects to incur capital expenditure of $6 billion in 2017.
Zacks Rank
PG&E Corporation currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Releases
American Electric Power Co., Inc. (AEP - Free Report) reported fourth-quarter 2016 operating EPS of 67 cents, beating the Zacks Consensus Estimate of 55 cents by 21.8%.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2016 adjusted EPS of $1.21, missing the Zacks Consensus Estimate of $1.29 by 6.2%. Reported earnings were, however, up 3.4% year over year.
CMS Energy Corp. (CMS - Free Report) reported fourth-quarter 2016 adjusted EPS of 29 cents, in line with the Zacks Consensus Estimate. Quarterly earnings, however, tanked 23.7% year over year.
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In this latest Special Report, Zacks’ Aggressive Growth Strategist Brian Bolan explores a full-blown technological breakthrough in the making – autonomous cars. He also spotlights 8 stocks with tremendous gain potential to feed off this phenomenon. Click to see the stocks right now >>
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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