PG&E Corporation’s (PCG - Free Report) adjusted operating earnings per share of 63 cents in fourth-quarter 2017 missed the Zacks Consensus Estimate of 69 cents by 8.7%. Earnings were also down 52.6% from $1.33 reported in the year-ago quarter.
The downside in adjusted earnings was caused by the timing of the 2015 GT&S rate case, which delayed recognition of the full 2016 revenue increase until the fourth quarter of 2016.
GAAP earnings during the quarter were 22 cents per share, compared with $1.36 a year ago.
For 2017, the company reported adjusted operating earnings per share of $3.68 that missed the Zacks Consensus Estimate of $3.69 by a penny. Earnings were also down 2.1% from $3.76 reported in the prior year.
For 2017, the company reported revenues of $17.14 billion, down 3% from $17.67 billion in the prior year. The figure came in line with the Zacks Consensus Estimate of $17.67 billion.
Electric revenues were down 5.3% from the year-ago levels, while natural gas revenues rose 5.5%.
Total operating expenses in 2017 were $14,179 million, down 8.5% from $15,489 million in 2016. Costs declined due to lower cost of electricity as well as operating and maintenance expenses.
Operating income in 2017 came in at $2,956 million, up from $2,177 million in 2016.
Interest expenses in 2017 were $888 million, compared with $829 million in the previous year.
PG&E Corp has not provided its guidance for 2018 GAAP earnings and adjusted earnings from operations due to the uncertainty related to the October 2017 Northern California wildfires.
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.
Recent Peer Release
NextEra Energy (NEE - Free Report) reported fourth-quarter 2017 adjusted earnings of $1.25 per share, lagging the Zacks Consensus Estimate of $1.31 by 4.6%.
Dominion Energy (D - Free Report) reported fourth-quarter 2017 operating earnings of 91 cents per share, beating the Zacks Consensus Estimate of 88 cents by 3.4%.
Exelon’s (EXC - Free Report) fourth-quarter 2017 operating earnings of 55 cents per share lagged the Zacks Consensus Estimate of 62 cents by 11.3%.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>