PG&E Corporation’s ( PCG Quick Quote 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.
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%.
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.
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.
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.
PG&E Corp. currently carries a Zacks Rank #3 (Hold). You can see
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