PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of $1.10 in second-quarter 2019, which surpassed the Zacks Consensus Estimate of 97 cents by 13.4%. The bottom line, however, declined 5.2% from the year-ago quarter’s figure.
Including one-time items, the company incurred a GAAP loss of $4.83 per share compared with a loss of $1.91 in the prior-year quarter.
PG&E Corp’s total revenues of $3,943 million missed the Zacks Consensus Estimate of $4,299 million by 8.3%. The top line also declined 6.9% from the year-ago quarter.
While electric revenues decreased 11% from the prior-year quarter’s figure, natural gas revenues improved 8.1% year over year.
Operating expenses in the reported quarter totaled $7,583 million, which surged 33% from $5,699 million in second-quarter 2018. The increase was due to higher cost of natural gas, elevated operating and maintenance expenses, higher wildfire-related claims, and escalated depreciation, amortization and decommissioning expenses.
The company incurred operating losses of $3,638 million compared with operating losses of $1,465 million in the previous year’s second quarter.
Interest expenses in second-quarter 2019 summed $60 million compared with $222 million in the year-ago period.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
PG&E Corp has not provided guidance for 2019 GAAP earnings and adjusted earnings from operations, due to the continuing uncertainty related to the 2018 Camp Fire, the 2017 Northern California wildfires, the Chapter 11 proceedings, and legislative and regulatory reforms.
PG&E Corp currently carries a Zacks Rank #4 (Sell).
Recent Utility Releases
American Electric Power Co., Inc. (AEP - Free Report) , a Zacks Rank #3 (Hold) stock, reported second-quarter 2019 adjusted earnings per share of $1.00, surpassing the Zacks Consensus Estimate of 98 cents by 2%. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
NextEra Energy (NEE - Free Report) , a Zacks Rank #3 stock, reported second-quarter 2019 adjusted earnings of $2.35 per share, beating the Zacks Consensus Estimate of $2.28 by 3.1%. Moreover, earnings were up 12.9% on a year-over-year basis.
CMS Energy Corporation (CMS - Free Report) , a Zacks Rank #3 stock, reported second-quarter 2019 adjusted earnings per share of 33 cents, down 32.7% year over year. The bottom line also missed the Zacks Consensus Estimate of 44 cents by 25%.
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