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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

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.

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