PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of 89 cents in first-quarter 2020, which missed the Zacks Consensus Estimate of 98 cents by 9.2%. The bottom line, moreover, declined 14.4% from the year-ago quarter’s $1.04.
Including one-time items, the company reported GAAP earnings of 57 cents per share compared with 25 cents in the prior-year quarter.
Revenue Update
PG&E Corp’s total revenues of $4,306 million rose 7.4% from the year-ago quarter’s $4,011 million.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Operational Highlights
Operating expenses, as of Mar 31, 2020, totaled $3,651 million, which declined 6% from $3,822 million, as of Mar 31, 2019. The decline was due to a reduction in the cost of electricity and natural gas, and operating and maintenance expenses.
The company reported an operating income of $655 million, as of Mar 31, 2020, compared with an operating income of $189 million, as of Mar 31, 2019.
Interest expenses, as of Mar 31, 2020, summed $254 million compared with $103 million, as of Dec 31, 2019.
Guidance
PG&E Corp. has not provided any guidance for 2020 GAAP earnings and adjusted earnings from operations. However, it has provided 2020 non-core items guidance of approximately $2.1-$2.3 billion after tax for bankruptcy and legal costs, wildfire insurance fund contributions, investigation remedies and delayed cost recovery, and the 2011 GT&S capital audit.
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
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%.
NextEra Energy (NEE - Free Report) reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.
CMS Energy Corporation (CMS - Free Report) reported first-quarter 2020 adjusted EPS of 86 cents, which surpassed the Zacks Consensus Estimate of 77 cents by 11.7%.
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Zacks Names "Single Best Pick to Double"
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PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of 89 cents in first-quarter 2020, which missed the Zacks Consensus Estimate of 98 cents by 9.2%. The bottom line, moreover, declined 14.4% from the year-ago quarter’s $1.04.
Including one-time items, the company reported GAAP earnings of 57 cents per share compared with 25 cents in the prior-year quarter.
Revenue Update
PG&E Corp’s total revenues of $4,306 million rose 7.4% from the year-ago quarter’s $4,011 million.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Operational Highlights
Operating expenses, as of Mar 31, 2020, totaled $3,651 million, which declined 6% from $3,822 million, as of Mar 31, 2019. The decline was due to a reduction in the cost of electricity and natural gas, and operating and maintenance expenses.
The company reported an operating income of $655 million, as of Mar 31, 2020, compared with an operating income of $189 million, as of Mar 31, 2019.
Interest expenses, as of Mar 31, 2020, summed $254 million compared with $103 million, as of Dec 31, 2019.
Guidance
PG&E Corp. has not provided any guidance for 2020 GAAP earnings and adjusted earnings from operations. However, it has provided 2020 non-core items guidance of approximately $2.1-$2.3 billion after tax for bankruptcy and legal costs, wildfire insurance fund contributions, investigation remedies and delayed cost recovery, and the 2011 GT&S capital audit.
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
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%.
NextEra Energy (NEE - Free Report) reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.
CMS Energy Corporation (CMS - Free Report) reported first-quarter 2020 adjusted EPS of 86 cents, which surpassed the Zacks Consensus Estimate of 77 cents by 11.7%.
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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