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PG&E Corporation’s (PCG - Free Report) adjusted earnings per share (EPS) of 47 cents in the fourth quarter of 2023 surpassed the Zacks Consensus Estimate of 45 cents by 4.4%. The bottom line improved 80.8% from the year-ago quarter’s reported figure.
The company reported GAAP earnings of 43 cents per share compared with 24 cents in the prior-year quarter.
For 2023, the company reported adjusted EPS of $1.23, which surpassed the Zacks Consensus Estimate of $1.21 by 1.7%. The full-year bottom line improved 11.8% from the year-ago reported figure of $1.10.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
In the fourth quarter, PCG reported total revenues of $7,041 million compared with $5,370 million in the year-ago period. Operating revenues also beat the Zacks Consensus Estimate of $6,431.6 million by 9.5%.
For 2023, the company generated total revenues of $24.43 billion, up from $21.68 billion recorded in 2022. The full-year top line also surpassed the consensus estimate of $23.82 billion by 2.6%.
Operational Highlights
Total operating expenses in 2023 were $21.76 billion, which increased 9.6% from the prior-year reported figure.
The company reported an operating income of $2,671 million for 2023 compared with $1,837 million a year ago.
Interest expenses totaled $2,850 million in 2023 compared with $1,917 million in the previous year.
Financials
As of Dec 31, 2023, cash and cash equivalents totaled $635 million compared with $734 million as of Dec 31, 2022.
Cash flow from operating activities amounted to $4.75 billion for 2023 compared with $3.72 billion in 2022.
Capital expenditures totaled $9.71 billion in 2023 compared with $9.58 billion in the previous year.
The long-term debt amounted to $50.98 million as of Dec 31, 2023, compared with $47.74 billion as of Dec 31, 2022.
Guidance
PG&E increased its 2024 adjusted EPS guidance. The company now expects to generate adjusted earnings in the range of $1.33-$1.37 per share compared with the earlier projection of $1.31-$1.35. The Zacks Consensus Estimate for 2024 earnings is pegged at $1.35 per share, in line with the midpoint of the company’s newly guided range.
DTE Energy Company (DTE - Free Report) reported fourth-quarter 2023 operating EPS of $1.97, which came in line with the Zacks Consensus Estimate. The bottom line, however, improved 50.4% from the year-ago quarter’s reported figure of $1.31.
DTE Energy initiated its 2024 operating EPS projection. The company expects operating EPS in the range of $6.54-$6.83.
Xcel Energy (XEL - Free Report) reported fourth-quarter 2023 operating earnings of 83 cents per share, which lagged the Zacks Consensus Estimate of 85 cents by 2.3%. However, the bottom line improved 620.3% from the year-ago quarter’s figure of 69 cents.
The fourth-quarter revenues of $3,442 million missed the Zacks Consensus Estimate of $3,972 million by 13.34%. The figure also declined 15.07% from the year-ago quarter’s level of $4,053 million.
CMS Energy Corporation (CMS - Free Report) reported fourth-quarter 2023 adjusted EPS of $1.05, which beat the Zacks Consensus Estimate of $1.04 by 1%. The bottom line also increased 75% from 60 cents reported in the prior-year quarter.
Operating revenues totaled $1,950 million, which lagged the Zacks Consensus Estimate of $2,461.4 million by 20.8%. The top line also decreased 14.4% on a year-over-year basis.
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PG&E (PCG) Q4 Earnings Beat Estimates, '24 EPS View Raised
PG&E Corporation’s (PCG - Free Report) adjusted earnings per share (EPS) of 47 cents in the fourth quarter of 2023 surpassed the Zacks Consensus Estimate of 45 cents by 4.4%. The bottom line improved 80.8% from the year-ago quarter’s reported figure.
The company reported GAAP earnings of 43 cents per share compared with 24 cents in the prior-year quarter.
For 2023, the company reported adjusted EPS of $1.23, which surpassed the Zacks Consensus Estimate of $1.21 by 1.7%. The full-year bottom line improved 11.8% from the year-ago reported figure of $1.10.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Pacific Gas & Electric Co. price-consensus-eps-surprise-chart | Pacific Gas & Electric Co. Quote
Revenue Update
In the fourth quarter, PCG reported total revenues of $7,041 million compared with $5,370 million in the year-ago period. Operating revenues also beat the Zacks Consensus Estimate of $6,431.6 million by 9.5%.
For 2023, the company generated total revenues of $24.43 billion, up from $21.68 billion recorded in 2022. The full-year top line also surpassed the consensus estimate of $23.82 billion by 2.6%.
Operational Highlights
Total operating expenses in 2023 were $21.76 billion, which increased 9.6% from the prior-year reported figure.
The company reported an operating income of $2,671 million for 2023 compared with $1,837 million a year ago.
Interest expenses totaled $2,850 million in 2023 compared with $1,917 million in the previous year.
Financials
As of Dec 31, 2023, cash and cash equivalents totaled $635 million compared with $734 million as of Dec 31, 2022.
Cash flow from operating activities amounted to $4.75 billion for 2023 compared with $3.72 billion in 2022.
Capital expenditures totaled $9.71 billion in 2023 compared with $9.58 billion in the previous year.
The long-term debt amounted to $50.98 million as of Dec 31, 2023, compared with $47.74 billion as of Dec 31, 2022.
Guidance
PG&E increased its 2024 adjusted EPS guidance. The company now expects to generate adjusted earnings in the range of $1.33-$1.37 per share compared with the earlier projection of $1.31-$1.35. The Zacks Consensus Estimate for 2024 earnings is pegged at $1.35 per share, in line with the midpoint of the company’s newly guided range.
Zacks Rank
PG&E currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
DTE Energy Company (DTE - Free Report) reported fourth-quarter 2023 operating EPS of $1.97, which came in line with the Zacks Consensus Estimate. The bottom line, however, improved 50.4% from the year-ago quarter’s reported figure of $1.31.
DTE Energy initiated its 2024 operating EPS projection. The company expects operating EPS in the range of $6.54-$6.83.
Xcel Energy (XEL - Free Report) reported fourth-quarter 2023 operating earnings of 83 cents per share, which lagged the Zacks Consensus Estimate of 85 cents by 2.3%. However, the bottom line improved 620.3% from the year-ago quarter’s figure of 69 cents.
The fourth-quarter revenues of $3,442 million missed the Zacks Consensus Estimate of $3,972 million by 13.34%. The figure also declined 15.07% from the year-ago quarter’s level of $4,053 million.
CMS Energy Corporation (CMS - Free Report) reported fourth-quarter 2023 adjusted EPS of $1.05, which beat the Zacks Consensus Estimate of $1.04 by 1%. The bottom line also increased 75% from 60 cents reported in the prior-year quarter.
Operating revenues totaled $1,950 million, which lagged the Zacks Consensus Estimate of $2,461.4 million by 20.8%. The top line also decreased 14.4% on a year-over-year basis.