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PG&E Corporation (PCG) Q1 Earnings Miss Estimates, Down Y/Y
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PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of 23 cents in first-quarter 2021, which missed the Zacks Consensus Estimate of 28 cents. The bottom line, moreover, plunged 74.2% from the year-ago quarter’s 89 cents.
Including one-time items, the company reported GAAP earnings of 6 cents per share compared with the prior-year quarter’s 57 cents.
Revenue Update
PG&E Corp’s total revenues of $4,716 million rose 9.5% from the year-ago quarter’s $4,306 million. Revenues, however, missed the Zacks Consensus Estimate of $4,756 million. This year-over-year upside was primarily driven by an increase in Electric and Natural Gas sales.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Operating expenses, as of Mar 31, 2021, totaled $4,412 million, which flared up 20.8% from $3,651 million, as of Mar 31, 2020. This rise was due to higher cost of electricity and natural gas, and elevated operating and maintenance expenses.
The company reported an operating income of $304 million, as of Mar 31, 2021, compared with the operating income of $655 million, as of Mar 31, 2020.
Interest expenses, as of Mar 31, 2021, summed $408 million compared with $254 million, as of Mar 31, 2020.
Guidance
PG&E Corporation has adjusted the 2021 GAAP earnings guidance in the range of $0.07-$0.21 per share.
On a non-GAAP basis, the guidance for the ongoing-year core earnings has been reaffirmed at $0.95-$1.05 per share. The Zacks Consensus Estimate for 2021 earnings, pegged at $1.00 per share, lies at the mid-point of the company’s guided range.
DTE Energy Company (DTE - Free Report) reported first-quarter 2021 operating earnings per share (EPS) of $2.44, which surpassed the Zacks Consensus Estimate of $2.16.
American Electric Power Co., Inc. (AEP - Free Report) delivered first-quarter 2021 adjusted earnings per share of $1.15, which missed the Zacks Consensus Estimate of $1.23.
NextEra Energy, Inc. (NEE - Free Report) came up with first-quarter 2021 adjusted earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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PG&E Corporation (PCG) Q1 Earnings Miss Estimates, Down Y/Y
PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of 23 cents in first-quarter 2021, which missed the Zacks Consensus Estimate of 28 cents. The bottom line, moreover, plunged 74.2% from the year-ago quarter’s 89 cents.
Including one-time items, the company reported GAAP earnings of 6 cents per share compared with the prior-year quarter’s 57 cents.
Revenue Update
PG&E Corp’s total revenues of $4,716 million rose 9.5% from the year-ago quarter’s $4,306 million. Revenues, however, missed the Zacks Consensus Estimate of $4,756 million. This year-over-year upside was primarily driven by an increase in Electric and Natural Gas sales.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Pacific Gas & Electric Co. price-consensus-eps-surprise-chart | Pacific Gas & Electric Co. Quote
Operational Highlights
Operating expenses, as of Mar 31, 2021, totaled $4,412 million, which flared up 20.8% from $3,651 million, as of Mar 31, 2020. This rise was due to higher cost of electricity and natural gas, and elevated operating and maintenance expenses.
The company reported an operating income of $304 million, as of Mar 31, 2021, compared with the operating income of $655 million, as of Mar 31, 2020.
Interest expenses, as of Mar 31, 2021, summed $408 million compared with $254 million, as of Mar 31, 2020.
Guidance
PG&E Corporation has adjusted the 2021 GAAP earnings guidance in the range of $0.07-$0.21 per share.
On a non-GAAP basis, the guidance for the ongoing-year core earnings has been reaffirmed at $0.95-$1.05 per share. The Zacks Consensus Estimate for 2021 earnings, pegged at $1.00 per share, lies at the mid-point of the company’s guided range.
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
DTE Energy Company (DTE - Free Report) reported first-quarter 2021 operating earnings per share (EPS) of $2.44, which surpassed the Zacks Consensus Estimate of $2.16.
American Electric Power Co., Inc. (AEP - Free Report) delivered first-quarter 2021 adjusted earnings per share of $1.15, which missed the Zacks Consensus Estimate of $1.23.
NextEra Energy, Inc. (NEE - Free Report) came up with first-quarter 2021 adjusted earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>