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PG&E Corp. (PCG) Q3 Earnings Miss Estimates, Revenues Up Y/Y
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PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of 24 cents in third-quarter 2021, which missed the Zacks Consensus Estimate of 26 cents by 7.7%. The bottom line however improved 9.1% from the year-ago quarter’s reported figure.
This upside in adjusted earnings can be attributed to the growth in rate base earnings, the change in shares, and wildfire mitigation costs above authorized.
Including one-time items, the company incurred GAAP loss of 55 cents per share against earnings of 4 cents in the prior-year quarter.
Revenue Update
PG&E Corp’s total revenues of $5,465 million rose 11.9% from the year-ago quarter’s $4,882 million. Revenues exceeded the Zacks Consensus Estimate of $5,232 million by 4.4%. This year-over-year upside was primarily driven by an increase in both Electric and Natural Gas sales.
Operating expenses in the reported quarter totaled $5,161 million, which increased 15.1% from $4,484 million in third-quarter 2020. The decline was due to higher costs of electricity, natural gas, as well as increased operation and maintenance along with wildfire fund expenses.
The company reported an operating income of $304 million compared with $398 million during the previous year’s third quarter.
Interest expenses in third-quarter 2021 totaled $399 million compared with $391 million in the year-ago period.
Guidance
On a non-GAAP basis, PG&E Corp. reaffirmed its guidance for 2021 core earnings in the range of 95 cents-$1.05 per share. The Zacks Consensus Estimate for 2021 earnings, pegged at 99 cents per share, lies just below the midpoint of the company’s guided range.
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2021 adjusted earnings of 75 cents per share, which beat the Zacks Consensus Estimate of 72 cents by 4.2%.
Avangrid, Inc. (AGR - Free Report) reported third-quarter 2021 earnings of 34 cents per share, beating the Zacks Consensus Estimate of 30 cents by 13.3%.
DTE Energy Company (DTE - Free Report) reported third-quarter 2021 operating earnings per share of $1.72, which missed the Zacks Consensus Estimate of $1.83 by 6%. The bottom line also declined 19.6% from the year-ago quarter’s $2.14.
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PG&E Corp. (PCG) Q3 Earnings Miss Estimates, Revenues Up Y/Y
PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of 24 cents in third-quarter 2021, which missed the Zacks Consensus Estimate of 26 cents by 7.7%. The bottom line however improved 9.1% from the year-ago quarter’s reported figure.
This upside in adjusted earnings can be attributed to the growth in rate base earnings, the change in shares, and wildfire mitigation costs above authorized.
Including one-time items, the company incurred GAAP loss of 55 cents per share against earnings of 4 cents in the prior-year quarter.
Revenue Update
PG&E Corp’s total revenues of $5,465 million rose 11.9% from the year-ago quarter’s $4,882 million. Revenues exceeded the Zacks Consensus Estimate of $5,232 million by 4.4%. This year-over-year upside was primarily driven by an increase in both Electric and Natural Gas sales.
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Operational Highlights
Operating expenses in the reported quarter totaled $5,161 million, which increased 15.1% from $4,484 million in third-quarter 2020. The decline was due to higher costs of electricity, natural gas, as well as increased operation and maintenance along with wildfire fund expenses.
The company reported an operating income of $304 million compared with $398 million during the previous year’s third quarter.
Interest expenses in third-quarter 2021 totaled $399 million compared with $391 million in the year-ago period.
Guidance
On a non-GAAP basis, PG&E Corp. reaffirmed its guidance for 2021 core earnings in the range of 95 cents-$1.05 per share. The Zacks Consensus Estimate for 2021 earnings, pegged at 99 cents per share, lies just below the midpoint 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
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2021 adjusted earnings of 75 cents per share, which beat the Zacks Consensus Estimate of 72 cents by 4.2%.
Avangrid, Inc. (AGR - Free Report) reported third-quarter 2021 earnings of 34 cents per share, beating the Zacks Consensus Estimate of 30 cents by 13.3%.
DTE Energy Company (DTE - Free Report) reported third-quarter 2021 operating earnings per share of $1.72, which missed the Zacks Consensus Estimate of $1.83 by 6%. The bottom line also declined 19.6% from the year-ago quarter’s $2.14.