PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of $1.16 in second-quarter 2018, which surpassed the Zacks Consensus Estimate of 95 cents by 22.1%. The bottom line was also up 34.9% from 86 cents in the year-ago quarter.
Excluding one-time items, the company incurred GAAP loss of $1.91 per share compared to earnings of 79 cents generated in the prior-year quarter.
Revenue Update
PG&E Corp’s total revenues of $4,234 million missed the Zacks Consensus Estimate of $4,291 million by 1.3%. The top line also declined 0.4% from the year-ago quarter’s number.
While electric revenues decreased 0.3% from the prior-year quarter’s tally, natural gas revenues slipped 0.5% year over year.
Operational Highlights
Total operating expenses in the reported quarter totaled $5,699 million, down 62.1% from $3,515 million in last year’s second quarter. Costs declined due to lower cost of electricity as well as cost of natural gas.
The company incurred operating loss of $1,465 million compared to operating income of $735 million in last year’s second quarter.
Interest expenses in second-quarter 2018 summed $226 million compared with $225 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.
Other Utility Releases
DTE Energy Company (DTE - Free Report) reported second-quarter 2018 operating earnings per share of $1.36, which outpaced the Zacks Consensus Estimate of $1.11 by 22.5%.
Xcel Energy Inc. (XEL - Free Report) recorded second-quarter 2018 operating earnings of 52 cents per share, beating the Zacks Consensus Estimate of 47 cents by 10.6%.
American Electric Power’s (AEP - Free Report) second-quarter 2018 adjusted earnings per share (EPS) came in at $1.01, which exceeded the Zacks Consensus Estimate of 88 cents per share by 14.8%.
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PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of $1.16 in second-quarter 2018, which surpassed the Zacks Consensus Estimate of 95 cents by 22.1%. The bottom line was also up 34.9% from 86 cents in the year-ago quarter.
Excluding one-time items, the company incurred GAAP loss of $1.91 per share compared to earnings of 79 cents generated in the prior-year quarter.
Revenue Update
PG&E Corp’s total revenues of $4,234 million missed the Zacks Consensus Estimate of $4,291 million by 1.3%. The top line also declined 0.4% from the year-ago quarter’s number.
While electric revenues decreased 0.3% from the prior-year quarter’s tally, natural gas revenues slipped 0.5% year over year.
Operational Highlights
Total operating expenses in the reported quarter totaled $5,699 million, down 62.1% from $3,515 million in last year’s second quarter. Costs declined due to lower cost of electricity as well as cost of natural gas.
The company incurred operating loss of $1,465 million compared to operating income of $735 million in last year’s second quarter.
Interest expenses in second-quarter 2018 summed $226 million compared with $225 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.
Other Utility Releases
DTE Energy Company (DTE - Free Report) reported second-quarter 2018 operating earnings per share of $1.36, which outpaced the Zacks Consensus Estimate of $1.11 by 22.5%.
Xcel Energy Inc. (XEL - Free Report) recorded second-quarter 2018 operating earnings of 52 cents per share, beating the Zacks Consensus Estimate of 47 cents by 10.6%.
American Electric Power’s (AEP - Free Report) second-quarter 2018 adjusted earnings per share (EPS) came in at $1.01, which exceeded the Zacks Consensus Estimate of 88 cents per share by 14.8%.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>
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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