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PG&E Corporation’s (PCG - Free Report) adjusted earnings per share (EPS) of 23 cents in the second quarter of 2023 lagged the Zacks Consensus Estimate of 27 cents by 14.8%. The bottom line decreased 8% from the year-ago quarter’s reported figure.
The company reported GAAP earnings of 19 cents per share compared with 17 cents in the prior-year quarter.
Revenue Update
In the second quarter, PCG reported total revenues of $5,290 million compared with $5,118 million in the year-ago period. Operating revenues missed the Zacks Consensus Estimate of $5,608.6 million by 5.7%.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Total operating expenses in the second quarter summed at $4,784 million, which increased 2.4% from the prior-year quarter.
The company reported an operating income of $506 million for the quarter compared with $445 million in the year-ago period.
Interest expenses totaled $640 million compared with $411 million in the prior-year quarter.
Financials
As of Jun 30, 2023, cash and cash equivalents totaled $805 million compared with $734 million as of Dec 31, 2022.
Cash flow from operating activities amounted to $2,460 million for the six months ended Jun 30, 2023 compared with $1,639 million in the year-ago period.
Capital expenditures were $4,680 million for the six months ended Jun 30, 2023 compared with $4,539 million in the prior-year period.
The long-term debt was $50,230 million as of Jun 30, 2023 compared with $47,742 million as of Dec 31, 2022.
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 $1.21 per share, is in line with the midpoint of the company’s guided range.
Zacks Rank
PG&E Corp. currently carries a Zacks Rank #4 (Sell).
NextEra Energy, Inc. (NEE - Free Report) released second-quarter 2023 adjusted earnings of 88 cents per share, which beat the Zacks Consensus Estimate of 83 cents by 6%. The bottom line was also up 8.6% from the prior-year quarter. The year-over-year improvement was due to the solid performances of Florida Power & Light Company and NextEra Energy Resources.
For the second quarter, NextEra’s operating revenues were $7,349 million, which surpassed the Zacks Consensus Estimate of $6,681 million by 10%. The top line improved 41.8% year over year.
CenterPoint Energy, Inc. (CNP - Free Report) reported second-quarter 2023 adjusted earnings of 28 cents per share, which lagged the Zacks Consensus Estimate of 29 cents by 3.4%. The bottom line also declined 10.7% from the year-ago quarter’s figure of 31 cents.
CNP generated revenues of $1,875 million, down 3.5% from the year-ago figure. The top line missed the Zacks Consensus Estimate of $1,922.8 million by 2.5%.
An Upcoming Utility Release
Ameren Corporation (AEE - Free Report) has an Earnings ESP of +2.05%. The Zacks Consensus Estimate for Ameren’s second-quarter revenues is pegged at $1.73 billion, implying growth of 0.3% from the year-ago quarter.
The Zacks Consensus Estimate for AEE’s second-quarter earnings is pegged at 75 cents per share. The company’s four-quarter average earnings surprise is 4.70%.
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PG&E Corp. (PCG) Misses Q2 Earnings, Reaffirms 2023 View
PG&E Corporation’s (PCG - Free Report) adjusted earnings per share (EPS) of 23 cents in the second quarter of 2023 lagged the Zacks Consensus Estimate of 27 cents by 14.8%. The bottom line decreased 8% from the year-ago quarter’s reported figure.
The company reported GAAP earnings of 19 cents per share compared with 17 cents in the prior-year quarter.
Revenue Update
In the second quarter, PCG reported total revenues of $5,290 million compared with $5,118 million in the year-ago period. Operating revenues missed the Zacks Consensus Estimate of $5,608.6 million by 5.7%.
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 second quarter summed at $4,784 million, which increased 2.4% from the prior-year quarter.
The company reported an operating income of $506 million for the quarter compared with $445 million in the year-ago period.
Interest expenses totaled $640 million compared with $411 million in the prior-year quarter.
Financials
As of Jun 30, 2023, cash and cash equivalents totaled $805 million compared with $734 million as of Dec 31, 2022.
Cash flow from operating activities amounted to $2,460 million for the six months ended Jun 30, 2023 compared with $1,639 million in the year-ago period.
Capital expenditures were $4,680 million for the six months ended Jun 30, 2023 compared with $4,539 million in the prior-year period.
The long-term debt was $50,230 million as of Jun 30, 2023 compared with $47,742 million as of Dec 31, 2022.
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 $1.21 per share, is in line with the midpoint of the company’s guided range.
Zacks Rank
PG&E Corp. currently carries a Zacks Rank #4 (Sell).
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) released second-quarter 2023 adjusted earnings of 88 cents per share, which beat the Zacks Consensus Estimate of 83 cents by 6%. The bottom line was also up 8.6% from the prior-year quarter. The year-over-year improvement was due to the solid performances of Florida Power & Light Company and NextEra Energy Resources.
For the second quarter, NextEra’s operating revenues were $7,349 million, which surpassed the Zacks Consensus Estimate of $6,681 million by 10%. The top line improved 41.8% year over year.
CenterPoint Energy, Inc. (CNP - Free Report) reported second-quarter 2023 adjusted earnings of 28 cents per share, which lagged the Zacks Consensus Estimate of 29 cents by 3.4%. The bottom line also declined 10.7% from the year-ago quarter’s figure of 31 cents.
CNP generated revenues of $1,875 million, down 3.5% from the year-ago figure. The top line missed the Zacks Consensus Estimate of $1,922.8 million by 2.5%.
An Upcoming Utility Release
Ameren Corporation (AEE - Free Report) has an Earnings ESP of +2.05%. The Zacks Consensus Estimate for Ameren’s second-quarter revenues is pegged at $1.73 billion, implying growth of 0.3% from the year-ago quarter.
The Zacks Consensus Estimate for AEE’s second-quarter earnings is pegged at 75 cents per share. The company’s four-quarter average earnings surprise is 4.70%.