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PG&E Corp. (PCG) Misses Q4 Earnings, Reaffirms 2023 View

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PG&E Corporation’s (PCG - Free Report) adjusted earnings per share (EPS) of 26 cents for the fourth quarter of 2022 lagged the Zacks Consensus Estimate of 28 cents by 7.1%. The bottom line also decreased 7.1% from the year-ago quarter’s reported figure.

The year-over-year decline in adjusted earnings can be attributed to redeployment and other miscellaneous items, offset by cost reductions and growth in rate base earnings.

The company reported GAAP earnings of 24 cents per share compared with 22 cents in the prior-year quarter.

For the full-year 2022, PCG’s adjusted EPS of $1.10 compared with $1.08 in the previous year’s quarter. Earnings came in line with the Zacks Consensus Estimate.

Revenue Update

For the full-year 2022, PSEG reported total revenues of $21.68 billion compared with $20.64 billion in the year-ago period. Operating revenues lagged the Zacks Consensus Estimate of $22.01 billion by 1.5%.

Pacific Gas & Electric Co. Price, Consensus and EPS Surprise

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 2022 summed at $19,843 million, which increased 5.8% from the prior-year quarter. The increase was due to the higher natural gas cost and depreciation, amortization and decommissioning.

The company reported an operating income of $1,837 million for 2022 compared with $1,883 million in the year-ago period.

Interest expenses totaled $1,917 million compared with $1,601 million in the prior-year quarter.

Financials

As of Dec 31, 2022, cash and cash equivalents totaled $734 million compared with $291 million as of Dec 31, 2021.

Cash flow from operating activities amounted to $3,721 million as of Dec 31, 2022 compared with $2,262 million in the year-ago period.

Capital expenditures were $9,584 million at the end of 2022 compared with $7,689 million at the end of 2021.

The long-term debt was $47,742 million as of Dec 31, 2022 compared with $38,225 million as of Dec 31, 2021.

Guidance

PG&E Corp. reaffirmed its 2023 adjusted EPS guidance in the range of $1.19-$1.23. The Zacks Consensus Estimate for 2023 earnings, pegged at $1.24 per share, is higher than 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.

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Public Service Enterprise Group Incorporated (PEG - Free Report) , or PSEG, reported fourth-quarter 2022 adjusted operating earnings of 64 cents per share, which beat the Zacks Consensus Estimate of 63 cents by 1.6%.

Operating revenues came in at $3,139 million in the fourth quarter, which beat the Zacks Consensus Estimate of $2,179.4 million by 44%. The top line also increased by 2.7% from the year-ago quarter’s $3,056 million.

Duke Energy Corporation (DUK - Free Report) reported fourth-quarter 2022 adjusted earnings of $1.11 per share, which surpassed the Zacks Consensus Estimate of $1.06 by 4.7%. The bottom line also improved 26.1% year over year.

Total operating revenues came in at $7,351 million, which improved 20.2% from $6,117 million in the year-ago period. The reported top line also surpassed the Zacks Consensus Estimate of $6,608 million by 11.2%.

CMS Energy Corporation (CMS - Free Report) reported a fourth-quarter 2022 adjusted EPS of 60 cents from continuing operations, which came in line with the Zacks Consensus Estimate. The reported figure improved 27.7% on a year-over-year basis.

For the quarter under review, CMS Energy’s operating revenues were $2,278 million, which exceeded the Zacks Consensus Estimate of $2,185.3 million by 4.2%. The top line improved 12.1% on a year-over-year basis.

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