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PG&E Corporation (PCG) Q1 Earnings Miss Estimates, Down Y/Y
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PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of 89 cents in first-quarter 2020, which missed the Zacks Consensus Estimate of 98 cents by 9.2%. The bottom line, moreover, declined 14.4% from the year-ago quarter’s $1.04.
Including one-time items, the company reported GAAP earnings of 57 cents per share compared with 25 cents in the prior-year quarter.
Revenue Update
PG&E Corp’s total revenues of $4,306 million rose 7.4% from the year-ago quarter’s $4,011 million.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Operating expenses, as of Mar 31, 2020, totaled $3,651 million, which declined 6% from $3,822 million, as of Mar 31, 2019. The decline was due to a reduction in the cost of electricity and natural gas, and operating and maintenance expenses.
The company reported an operating income of $655 million, as of Mar 31, 2020, compared with an operating income of $189 million, as of Mar 31, 2019.
Interest expenses, as of Mar 31, 2020, summed $254 million compared with $103 million, as of Dec 31, 2019.
Guidance
PG&E Corp. has not provided any guidance for 2020 GAAP earnings and adjusted earnings from operations. However, it has provided 2020 non-core items guidance of approximately $2.1-$2.3 billion after tax for bankruptcy and legal costs, wildfire insurance fund contributions, investigation remedies and delayed cost recovery, and the 2011 GT&S capital audit.
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%.
NextEra Energy (NEE - Free Report) reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.
CMS Energy Corporation (CMS - Free Report) reported first-quarter 2020 adjusted EPS of 86 cents, which surpassed the Zacks Consensus Estimate of 77 cents by 11.7%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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PG&E Corporation (PCG) Q1 Earnings Miss Estimates, Down Y/Y
PG&E Corporation (PCG - Free Report) reported adjusted operating earnings per share of 89 cents in first-quarter 2020, which missed the Zacks Consensus Estimate of 98 cents by 9.2%. The bottom line, moreover, declined 14.4% from the year-ago quarter’s $1.04.
Including one-time items, the company reported GAAP earnings of 57 cents per share compared with 25 cents in the prior-year quarter.
Revenue Update
PG&E Corp’s total revenues of $4,306 million rose 7.4% from the year-ago quarter’s $4,011 million.
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
Operating expenses, as of Mar 31, 2020, totaled $3,651 million, which declined 6% from $3,822 million, as of Mar 31, 2019. The decline was due to a reduction in the cost of electricity and natural gas, and operating and maintenance expenses.
The company reported an operating income of $655 million, as of Mar 31, 2020, compared with an operating income of $189 million, as of Mar 31, 2019.
Interest expenses, as of Mar 31, 2020, summed $254 million compared with $103 million, as of Dec 31, 2019.
Guidance
PG&E Corp. has not provided any guidance for 2020 GAAP earnings and adjusted earnings from operations. However, it has provided 2020 non-core items guidance of approximately $2.1-$2.3 billion after tax for bankruptcy and legal costs, wildfire insurance fund contributions, investigation remedies and delayed cost recovery, and the 2011 GT&S capital audit.
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
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%.
NextEra Energy (NEE - Free Report) reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.
CMS Energy Corporation (CMS - Free Report) reported first-quarter 2020 adjusted EPS of 86 cents, which surpassed the Zacks Consensus Estimate of 77 cents by 11.7%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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