PG&E Corporation ( PCG Quick Quote 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 Quick Quote 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 Quick Quote 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 Quick Quote 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!
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