We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
PG&E Corporation (PCG) Q4 Earnings Miss, Revenues Up Y/Y
Read MoreHide Full Article
PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of 68 cents in fourth-quarter 2019, which missed the Zacks Consensus Estimate of 77 cents by 11.7%. The bottom line, moreover, declined 15% from the year-ago quarter’s figure.
Including one-time items, the company incurred a GAAP loss of $6.84 per share compared with a loss of $13.24 in the prior-year quarter.
For 2019, PG&E Corp.’s adjusted operating EPS came in at $3.93 per share, down 1.75% from the prior-year quarter’s $4. The figure also missed the Zacks Consensus Estimate of $4.01 by 2%.
Revenue Update
PG&E Corp’s total revenues of $4,743 million surpassed the Zacks Consensus Estimate of $4,098 million by 15.7%. The top line also rose 18.6% from the year-ago quarter.
For 2019, PG&E Corp.’s revenues were $17,129 million, up 2.2% from the prior-year quarter’s $16,759 million. The figure also exceeded the Zacks Consensus Estimate of $16,610 million by 3.1%.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Total operating expenses, as of Dec 31, 2019, totaled $27,223 million, which increased 2.9% from $26,459 million as of Dec 31, 2018. The increase was due to higher cost of natural gas, elevated operating and maintenance expenses and escalated depreciation, amortization and decommissioning expenses.
The company incurred operating losses of $11,042 million, as of Dec 31, 2019, compared with operating losses of $10,129 million as of Dec 31, 2018.
Interest expenses, as of Dec 31, 2019, summed $934 million compared with $929 million as of Dec 31, 2018.
Guidance
PG&E Corp has not provided a guidance for 2020 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 provided 2020 non-core items guidance of approximately $1.4 billion after tax for Chapter 11-related costs, wildfire fund-related costs, investigation remedies and delayed cost recoveries, and GT&S capital audit.
Five-Year Financial Forecast
As a milestone in the process of emerging from Chapter 11 reorganization, PG&E Corp released a five-year financial forecast highlighting capital and rate base growth along with other material drivers of the business. It also filed three-statement financials with the Bankruptcy Court. The company remains on track to get its Chapter 11 Plan confirmed by Jun 30, 2020.
CMS Energy (CMS - Free Report) reported fourth-quarter 2019 adjusted earnings per share (EPS) of 68 cents, up 70% from the year-ago quarter’s reported figure of 40 cents. The bottom line, however, missed the Zacks Consensus Estimate of 69 cents.
NextEra Energy (NEE - Free Report) reported fourth-quarter 2019 adjusted earnings of $1.44 per share, lagging the Zacks Consensus Estimate of $1.54 by 6.5%.
Dominion Energy (D - Free Report) reported fourth-quarter 2019 operating earnings of $1.18 per share, beating the Zacks Consensus Estimate of $1.16 by 1.7%.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2019, while the S&P 500 gained and impressive +53.6%, five of our strategies returned +65.8%, +97.1%, +118.0%, +175.7% and even +186.7%.
This outperformance has not just been a recent phenomenon. From 2000 – 2019, while the S&P averaged +6.0% per year, our top strategies averaged up to +54.7% per year.
Image: Bigstock
PG&E Corporation (PCG) Q4 Earnings Miss, Revenues Up Y/Y
PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of 68 cents in fourth-quarter 2019, which missed the Zacks Consensus Estimate of 77 cents by 11.7%. The bottom line, moreover, declined 15% from the year-ago quarter’s figure.
Including one-time items, the company incurred a GAAP loss of $6.84 per share compared with a loss of $13.24 in the prior-year quarter.
For 2019, PG&E Corp.’s adjusted operating EPS came in at $3.93 per share, down 1.75% from the prior-year quarter’s $4. The figure also missed the Zacks Consensus Estimate of $4.01 by 2%.
Revenue Update
PG&E Corp’s total revenues of $4,743 million surpassed the Zacks Consensus Estimate of $4,098 million by 15.7%. The top line also rose 18.6% from the year-ago quarter.
For 2019, PG&E Corp.’s revenues were $17,129 million, up 2.2% from the prior-year quarter’s $16,759 million. The figure also exceeded the Zacks Consensus Estimate of $16,610 million by 3.1%.
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, as of Dec 31, 2019, totaled $27,223 million, which increased 2.9% from $26,459 million as of Dec 31, 2018. The increase was due to higher cost of natural gas, elevated operating and maintenance expenses and escalated depreciation, amortization and decommissioning expenses.
The company incurred operating losses of $11,042 million, as of Dec 31, 2019, compared with operating losses of $10,129 million as of Dec 31, 2018.
Interest expenses, as of Dec 31, 2019, summed $934 million compared with $929 million as of Dec 31, 2018.
Guidance
PG&E Corp has not provided a guidance for 2020 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 provided 2020 non-core items guidance of approximately $1.4 billion after tax for Chapter 11-related costs, wildfire fund-related costs, investigation remedies and delayed cost recoveries, and GT&S capital audit.
Five-Year Financial Forecast
As a milestone in the process of emerging from Chapter 11 reorganization, PG&E Corp released a five-year financial forecast highlighting capital and rate base growth along with other material drivers of the business. It also filed three-statement financials with the Bankruptcy Court. The company remains on track to get its Chapter 11 Plan confirmed by Jun 30, 2020.
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.
Recent Utility Releases
CMS Energy (CMS - Free Report) reported fourth-quarter 2019 adjusted earnings per share (EPS) of 68 cents, up 70% from the year-ago quarter’s reported figure of 40 cents. The bottom line, however, missed the Zacks Consensus
Estimate of 69 cents.
NextEra Energy (NEE - Free Report) reported fourth-quarter 2019 adjusted earnings of $1.44 per share, lagging the Zacks Consensus Estimate of $1.54 by 6.5%.
Dominion Energy (D - Free Report) reported fourth-quarter 2019 operating earnings of $1.18 per share, beating the Zacks Consensus Estimate of $1.16 by 1.7%.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2019, while the S&P 500 gained and impressive +53.6%, five of our strategies returned +65.8%, +97.1%, +118.0%, +175.7% and even +186.7%.
This outperformance has not just been a recent phenomenon. From 2000 – 2019, while the S&P averaged +6.0% per year, our top strategies averaged up to +54.7% per year.
See their latest picks free >>