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PG&E Corporation (PCG - Free Report) reported adjusted earnings per share (EPS) of 30 cents in the first quarter of 2022, which beat the Zacks Consensus Estimate of 25 cents by 20%. The bottom line also increased 30.4% from the year-ago quarter’s reported figure.
The company reported GAAP earnings of 22 cents per share compared with 6 cents in the prior-year quarter.
Revenue Update
PG&E Corp’s total revenues of $5,798 million rose 22.9% from the year-ago quarter’s $4,716 million. Revenues also exceeded the Zacks Consensus Estimate of $4,974.7 million by 16.5%.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Operating expenses in the first quarter totaled $5,262 million, which increased 19.3% from $4,412 million in prior-year quarter. The increase was due to the higher costs of natural gas and the increased operation and maintenance expenses along with the higher depreciation, amortization and decommissioning expenses.
The company reported an operating income of $536 million in the first quarter compared with $304 million in the year-ago quarter.
Interest expenses totaled $419 million compared with $408 million in the prior-year quarter.
Financials
As of Mar 31, 2022, cash and cash equivalents totaled $247 million compared with $291 million as of Dec 31, 2021.
Cash flow from operating activities amounted to $1,661 million as of Mar 31, 2022 compared with $1,198 million in the year-ago period.
Capital expenditures were $2,310 million at the end of the first quarter of 2022 compared with $1,778 million at the end of the first quarter of 2021.
The long-term debt was $39,123 million as of Mar 31, 2022 compared with $38,225 million as of Dec 31, 2021.
Guidance
PG&E Corp. reaffirmed its adjusted earnings guidance in the range of $1.07-$1.13 per share for 2022. The Zacks Consensus Estimate for 2022 earnings, pegged at $1.09 per share, lies below the midpoint of the company’s guided range.
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2022 operating EPS of 60 cents, which missed the Zacks Consensus Estimate of 62 cents by 3.2%. The bottom line declined by 13% from the year-ago earnings of 69 cents per share.
FirstEnergygenerated operating revenues of $2,991 million in the first quarter, which surpassed the Zacks Consensus Estimate of $2,782 million by 7.5%. FE’s top line improved by 8.7% from $2,752 million in the year-ago quarter.
NextEra Energy (NEE - Free Report) reported first-quarter 2022 adjusted earnings of 74 cents per share, which beat the Zacks Consensus Estimate of 69 cents by 7.3%. The bottom line was also up 10.5% from the prior-year quarter.
NextEra Energy’soperating revenues were $2,890 million, which lagged the Zacks Consensus Estimate of $5,178 million by 44.2%. NEE’s top line also decreased by 22.4% year over year.
Entergy Corporation (ETR - Free Report) reported first-quarter 2022 adjusted earnings of $1.32 per share, which missed the Zacks Consensus Estimate of $1.38 by 4.3%. The reported figure also declined by 10.2% from $1.47 per share in the year-ago quarter.
Entergy’s first-quarter revenues of $2.88 billion exceeded the Zacks Consensus Estimate of $2.75 billion by 4.8%. As of Mar 31, 2022, ETR had cash and cash equivalents of $701.6 million compared with $442.6 million as of Dec 31, 2021.
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PG&E Corp (PCG) Q1 Earnings Beat Estimates, Revenues Rise Y/Y
PG&E Corporation (PCG - Free Report) reported adjusted earnings per share (EPS) of 30 cents in the first quarter of 2022, which beat the Zacks Consensus Estimate of 25 cents by 20%. The bottom line also increased 30.4% from the year-ago quarter’s reported figure.
The company reported GAAP earnings of 22 cents per share compared with 6 cents in the prior-year quarter.
Revenue Update
PG&E Corp’s total revenues of $5,798 million rose 22.9% from the year-ago quarter’s $4,716 million. Revenues also exceeded the Zacks Consensus Estimate of $4,974.7 million by 16.5%.
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 in the first quarter totaled $5,262 million, which increased 19.3% from $4,412 million in prior-year quarter. The increase was due to the higher costs of natural gas and the increased operation and maintenance expenses along with the higher depreciation, amortization and decommissioning expenses.
The company reported an operating income of $536 million in the first quarter compared with $304 million in the year-ago quarter.
Interest expenses totaled $419 million compared with $408 million in the prior-year quarter.
Financials
As of Mar 31, 2022, cash and cash equivalents totaled $247 million compared with $291 million as of Dec 31, 2021.
Cash flow from operating activities amounted to $1,661 million as of Mar 31, 2022 compared with $1,198 million in the year-ago period.
Capital expenditures were $2,310 million at the end of the first quarter of 2022 compared with $1,778 million at the end of the first quarter of 2021.
The long-term debt was $39,123 million as of Mar 31, 2022 compared with $38,225 million as of Dec 31, 2021.
Guidance
PG&E Corp. reaffirmed its adjusted earnings guidance in the range of $1.07-$1.13 per share for 2022. The Zacks Consensus Estimate for 2022 earnings, pegged at $1.09 per share, lies 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.
Utility Releases
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2022 operating EPS of 60 cents, which missed the Zacks Consensus Estimate of 62 cents by 3.2%. The bottom line declined by 13% from the year-ago earnings of 69 cents per share.
FirstEnergygenerated operating revenues of $2,991 million in the first quarter, which surpassed the Zacks Consensus Estimate of $2,782 million by 7.5%. FE’s top line improved by 8.7% from $2,752 million in the year-ago quarter.
NextEra Energy (NEE - Free Report) reported first-quarter 2022 adjusted earnings of 74 cents per share, which beat the Zacks Consensus Estimate of 69 cents by 7.3%. The bottom line was also up 10.5% from the prior-year quarter.
NextEra Energy’soperating revenues were $2,890 million, which lagged the Zacks Consensus Estimate of $5,178 million by 44.2%. NEE’s top line also decreased by 22.4% year over year.
Entergy Corporation (ETR - Free Report) reported first-quarter 2022 adjusted earnings of $1.32 per share, which missed the Zacks Consensus Estimate of $1.38 by 4.3%. The reported figure also declined by 10.2% from $1.47 per share in the year-ago quarter.
Entergy’s first-quarter revenues of $2.88 billion exceeded the Zacks Consensus Estimate of $2.75 billion by 4.8%. As of Mar 31, 2022, ETR had cash and cash equivalents of $701.6 million compared with $442.6 million as of Dec 31, 2021.