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PG&E Corp. (PCG) Q2 Earnings Lag Estimates, Revenues Fall Y/Y
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PG&E Corporation’s (PCG - Free Report) adjusted earnings per share (EPS) of 25 cents for the second quarter of 2022 missed the Zacks Consensus Estimate of 30 cents by 16.7%. The bottom line also decreased 7.4% from the year-ago quarter’s reported figure.
The company reported GAAP earnings of 17 cents per share compared with 18 cents in the prior-year quarter.
Revenue Update
PG&E Corp’s total revenues of $5,118 million declined 1.9% from the year-ago quarter’s $5,215 million. Revenues also missed the Zacks Consensus Estimate of $5,646 million by 9.4%.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Operating expenses in the second quarter totaled $4,673 million, which increased 2% from $4,581 million in the prior-year quarter. The increase was due to the higher costs of natural gas and increased wildfire-related claims along with the higher depreciation, amortization and decommissioning expenses.
The company reported an operating income of $445 million for the second quarter compared with $634 million in the year-ago quarter.
Interest expenses totaled $411 million compared with $398 million in the prior-year quarter.
Financials
As of Jun 30, 2022, cash and cash equivalents totaled $239 million compared with $291 million as of Dec 31, 2021.
Cash flow from operating activities amounted to $1,639 million as of Jun 30, 2022, compared with $1,230 million in the year-ago period.
Capital expenditures were $4,539 million at the end of the second quarter of 2022 compared with $3,620 million at the end of the second quarter of 2021.
The long-term debt was $44,174 million as of Jun 30, 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.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2022 adjusted earnings of 81 cents per share, which beat the Zacks Consensus Estimate of 75 cents by 8%. The bottom line was also up 14.1% from the prior-year quarter.
For the second quarter, NextEra’s operating revenues were $5,183 million, which lagged the Zacks Consensus Estimate of $5,681 million by 8.8%. However, the top line improved 31.9% year over year.
American Electric Power Company, Inc. (AEP - Free Report) reported second-quarter 2022 operating earnings per share of $1.20, which beat the Zacks Consensus Estimate of $1.18 by 1.7%. The bottom line also improved 1.7% from $1.18 per share in the year-ago quarter.
American Electric’s second-quarter revenues of $4,593.8 million beat the Zacks Consensus Estimate of $4,191.2 million by 9.6%. The reported figure also improved 20.3% from the year-ago quarter’s $3,817.5 million.
FirstEnergy Corporation (FE - Free Report) delivered second-quarter 2022 operating earnings per share (EPS) of 53 cents, on par with the Zacks Consensus Estimate. However, the bottom line declined 10.2% from the year-ago earnings of 59 cents per share.
The company generated operating revenues of $2,819 million in the second quarter, which surpassed the Zacks Consensus Estimate of $2,763 million by 2%. The top line improved 7.5% from $2,623 million in the year-ago quarter.
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PG&E Corp. (PCG) Q2 Earnings Lag Estimates, Revenues Fall Y/Y
PG&E Corporation’s (PCG - Free Report) adjusted earnings per share (EPS) of 25 cents for the second quarter of 2022 missed the Zacks Consensus Estimate of 30 cents by 16.7%. The bottom line also decreased 7.4% from the year-ago quarter’s reported figure.
The company reported GAAP earnings of 17 cents per share compared with 18 cents in the prior-year quarter.
Revenue Update
PG&E Corp’s total revenues of $5,118 million declined 1.9% from the year-ago quarter’s $5,215 million. Revenues also missed the Zacks Consensus Estimate of $5,646 million by 9.4%.
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 second quarter totaled $4,673 million, which increased 2% from $4,581 million in the prior-year quarter. The increase was due to the higher costs of natural gas and increased wildfire-related claims along with the higher depreciation, amortization and decommissioning expenses.
The company reported an operating income of $445 million for the second quarter compared with $634 million in the year-ago quarter.
Interest expenses totaled $411 million compared with $398 million in the prior-year quarter.
Financials
As of Jun 30, 2022, cash and cash equivalents totaled $239 million compared with $291 million as of Dec 31, 2021.
Cash flow from operating activities amounted to $1,639 million as of Jun 30, 2022, compared with $1,230 million in the year-ago period.
Capital expenditures were $4,539 million at the end of the second quarter of 2022 compared with $3,620 million at the end of the second quarter of 2021.
The long-term debt was $44,174 million as of Jun 30, 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.
Recent Utility Releases
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2022 adjusted earnings of 81 cents per share, which beat the Zacks Consensus Estimate of 75 cents by 8%. The bottom line was also up 14.1% from the prior-year quarter.
For the second quarter, NextEra’s operating revenues were $5,183 million, which lagged the Zacks Consensus Estimate of $5,681 million by 8.8%. However, the top line improved 31.9% year over year.
American Electric Power Company, Inc. (AEP - Free Report) reported second-quarter 2022 operating earnings per share of $1.20, which beat the Zacks Consensus Estimate of $1.18 by 1.7%. The bottom line also improved 1.7% from $1.18 per share in the year-ago quarter.
American Electric’s second-quarter revenues of $4,593.8 million beat the Zacks Consensus Estimate of $4,191.2 million by 9.6%. The reported figure also improved 20.3% from the year-ago quarter’s $3,817.5 million.
FirstEnergy Corporation (FE - Free Report) delivered second-quarter 2022 operating earnings per share (EPS) of 53 cents, on par with the Zacks Consensus Estimate. However, the bottom line declined 10.2% from the year-ago earnings of 59 cents per share.
The company generated operating revenues of $2,819 million in the second quarter, which surpassed the Zacks Consensus Estimate of $2,763 million by 2%. The top line improved 7.5% from $2,623 million in the year-ago quarter.