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PG&E Corp. (PCG) Q3 Earnings Beat Estimates, Revenues Fall Y/Y
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PG&E Corporation’s (PCG - Free Report) adjusted earnings per share (EPS) of 29 cents for the third quarter of 2022 beat the Zacks Consensus Estimate of 24 cents by 20.8%. The bottom line also increased 20.8% from the year-ago quarter’s reported figure.
The year-over-year improvement in adjusted earnings can be attributed to regulatory items, taxes, reinvestment, and other miscellaneous items, growth in rate base earnings and cost reductions.
The company reported GAAP earnings of 21 cents per share against a loss of 55 cents in the prior-year quarter.
Revenue Update
PG&E Corp’s total revenues of $5,394 million declined 1.3% from the year-ago quarter’s $5,465 million. Revenues also missed the Zacks Consensus Estimate of $5,948 million by 9.3%.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Total operating expenses in the third quarter totaled $4,668 million, which decreased 9.6% from the prior-year quarter. The decline was due to lower electricity, operating and maintenance costs as well as a wildfire fund expense.
The company reported an operating income of $726 million for the third quarter compared with $304 million in the year-ago quarter.
Interest expenses totaled $525 million compared with $399 million in the prior-year quarter.
Financials
As of Sep 30, 2022, cash and cash equivalents totaled $262 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 $2,712 million at the end of the third quarter of 2022 compared with $2,053 million at the end of the third quarter of 2021.
The long-term debt was $47,854 million as of Sep 30, 2022, compared with $38,225 million as of Dec 31, 2021.
Guidance
PG&E Corp. narrowed its adjusted earnings per share guidance to the range of $1.09-$1.11 per share, compared with the prior guidance range of $1.07-$1.13 for 2022. The Zacks Consensus Estimate for 2022 earnings, pegged at $1.11 per share, is in line with the higher end of the company’s updated guidance range.
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2022 operating earnings per share (EPS) of 79 cents, beating the Zacks Consensus Estimate of 77 cents by 2.6%. It generated operating revenues of $3,533 million in the third quarter, which surpassed the Zacks Consensus Estimate of $3,190 million by 10.8%. The top line improved 13.1% from the year-ago quarter.
As of Sep 30, 2022, FE had cash and cash equivalents of $251 million compared with $1,462 million as of Dec 31, 2021. Net cash provided by operating activities for the first nine months of 2022 was $1,837 million compared with $2,104 million in the year-ago period.
Upcoming Releases
Ameren (AEE - Free Report) is scheduled to report its third quarter 2022 results on Nov 3. The Zacks Consensus Estimate for its third-quarter earnings is pegged at $1.71 per share, indicating an improvement of 3.6% from the prior-year reported figure.
Ameren boasts a long-term earnings growth rate of 7.2%. The Zacks Consensus Estimate for AEE’s third-quarter sales is pegged at $1.90 billion, suggesting a 5% increase from the prior-year reported figure.
Pinnacle West Capital (PNW - Free Report) is slated to report its third quarter 2022 results on Nov 3. The Zacks Consensus Estimate for its third-quarter earnings, pegged at $2.62 per share, implies a decline of 12.7% from the prior-year quarter’s reported figure.
PNW has a four-quarter earnings surprise of 115.48%. The Zacks Consensus Estimate for Pinnacle’s third-quarter sales suggests a growth rate of 0.6% from the prior-year quarter’s reported figure.
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PG&E Corp. (PCG) Q3 Earnings Beat Estimates, Revenues Fall Y/Y
PG&E Corporation’s (PCG - Free Report) adjusted earnings per share (EPS) of 29 cents for the third quarter of 2022 beat the Zacks Consensus Estimate of 24 cents by 20.8%. The bottom line also increased 20.8% from the year-ago quarter’s reported figure.
The year-over-year improvement in adjusted earnings can be attributed to regulatory items, taxes, reinvestment, and other miscellaneous items, growth in rate base earnings and cost reductions.
The company reported GAAP earnings of 21 cents per share against a loss of 55 cents in the prior-year quarter.
Revenue Update
PG&E Corp’s total revenues of $5,394 million declined 1.3% from the year-ago quarter’s $5,465 million. Revenues also missed the Zacks Consensus Estimate of $5,948 million by 9.3%.
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
Total operating expenses in the third quarter totaled $4,668 million, which decreased 9.6% from the prior-year quarter. The decline was due to lower electricity, operating and maintenance costs as well as a wildfire fund expense.
The company reported an operating income of $726 million for the third quarter compared with $304 million in the year-ago quarter.
Interest expenses totaled $525 million compared with $399 million in the prior-year quarter.
Financials
As of Sep 30, 2022, cash and cash equivalents totaled $262 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 $2,712 million at the end of the third quarter of 2022 compared with $2,053 million at the end of the third quarter of 2021.
The long-term debt was $47,854 million as of Sep 30, 2022, compared with $38,225 million as of Dec 31, 2021.
Guidance
PG&E Corp. narrowed its adjusted earnings per share guidance to the range of $1.09-$1.11 per share, compared with the prior guidance range of $1.07-$1.13 for 2022. The Zacks Consensus Estimate for 2022 earnings, pegged at $1.11 per share, is in line with the higher end of the company’s updated guidance range.
Zacks Rank
PG&E Corp. currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A Recent Utility Release
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2022 operating earnings per share (EPS) of 79 cents, beating the Zacks Consensus Estimate of 77 cents by 2.6%. It generated operating revenues of $3,533 million in the third quarter, which surpassed the Zacks Consensus Estimate of $3,190 million by 10.8%. The top line improved 13.1% from the year-ago quarter.
As of Sep 30, 2022, FE had cash and cash equivalents of $251 million compared with $1,462 million as of Dec 31, 2021. Net cash provided by operating activities for the first nine months of 2022 was $1,837 million compared with $2,104 million in the year-ago period.
Upcoming Releases
Ameren (AEE - Free Report) is scheduled to report its third quarter 2022 results on Nov 3. The Zacks Consensus Estimate for its third-quarter earnings is pegged at $1.71 per share, indicating an improvement of 3.6% from the prior-year reported figure.
Ameren boasts a long-term earnings growth rate of 7.2%. The Zacks Consensus Estimate for AEE’s third-quarter sales is pegged at $1.90 billion, suggesting a 5% increase from the prior-year reported figure.
Pinnacle West Capital (PNW - Free Report) is slated to report its third quarter 2022 results on Nov 3. The Zacks Consensus Estimate for its third-quarter earnings, pegged at $2.62 per share, implies a decline of 12.7% from the prior-year quarter’s reported figure.
PNW has a four-quarter earnings surprise of 115.48%. The Zacks Consensus Estimate for Pinnacle’s third-quarter sales suggests a growth rate of 0.6% from the prior-year quarter’s reported figure.