The company reported an operating income of $1.13 billion compared with $0.51 billion a year ago. Recent Utility Releases PG&E Corporation (PCG) reported second-quarter 2024 adjusted earnings per share (EPS) of 31 cents, which surpassed the Zacks Consensus Estimate of 30 cents by 3.3%. The bottom line also improved 34.8% from the year-ago quarter's reported figure. The year-over-year improvement in the bottom line can be attributed to an increase in customer capital investment and non-fuel operating and mai ...

Core Insights - PG&E Corporation is on track to deliver solid financial results for 2024, with significant progress in safety and operations during Q2 2024 [7][40] - The company reported non-GAAP core earnings of $674 million, or $0.31 per share, for Q2 2024, an increase from $494 million, or $0.23 per share, in Q2 2023 [8][20] - GAAP earnings for Q2 2024 were $520 million, or $0.24 per share, compared to $406 million, or $0.19 per share, in the same period of 2023 [22][20] Financial Performance - Total operating revenues for Q2 2024 were $5.986 billion, up from $5.290 billion in Q2 2023 [50] - Operating income for Q2 2024 was $1.134 billion, compared to $506 million in Q2 2023 [50] - The company reaffirmed its 2024 non-GAAP core EPS guidance in the range of $1.33 to $1.37 per share [26][20] Wildfire-Related Costs - Wildfire-related costs, net of insurance, are projected to be approximately $30 million to $35 million for 2024 [2] - The company recorded wildfire-related costs of $6 million for Q2 2024, compared to $11 million for the same period in 2023 [9][20] - Legal and other costs associated with wildfires, including the 2019 Kincade fire, 2020 Zogg fire, and 2021 Dixie fire, continue to impact financial results [2][39] Operational Developments - PG&E installed 46 miles of underground powerlines and 43 miles of stronger poles in high fire-risk areas in 2024 [21] - The company connected 2,900 new residential and business customers to its electric system, totaling 5,184 in 2024 [21] - PG&E interconnected the first of four new renewable natural gas facilities planned for 2024, contributing to greenhouse gas emission reductions [21] Guidance and Future Outlook - The company updated its 2024 GAAP earnings guidance to a range of $1.11 to $1.17 per share [44] - PG&E is forecasting no equity needs in 2024 and reaffirming its financing plan for 2024-2028 [20][44] - The increase in earnings is attributed to customer capital investment and operational savings [41][24]

The Utility's Cost of electricity includes the cost of power purchased from third parties (including renewable energy resources), fuel and associated transmission costs used in its own generation facilities, fuel and associated transmission costs supplied to other facilities under power purchase agreements, costs to comply with California's cap-and-trade program, and realized gains and losses on price risk management activities. See Note 8 of the Notes to the Condensed Consolidated Financial Statements in I ...

Financial Performance - PG&E Corporation reported second-quarter 2024 income available for common shareholders of $520 million, or $0.24 per share, compared to $406 million, or $0.19 per share in Q2 2023, representing a 28% increase[2][3]. - Non-GAAP core earnings for Q2 2024 were $674 million, or $0.31 per share, up from $494 million, or $0.23 per share in the same period last year, reflecting a 35% increase[6][7]. - The total operating revenues for Q2 2024 were $5.986 billion, compared to $5.290 billion in Q2 2023, marking a 13.2% increase[18]. - Operating income for Q2 2024 was $1.134 billion, significantly higher than $506 million in the same quarter of 2023[18]. - PG&E's net income for the first half of 2024 was $1.259 billion, compared to $982 million for the same period in 2023, indicating a 28.2% increase[18]. - PG&E Corporation reported GAAP earnings of $520 million for Q2 2024, up 28.0% from $406 million in Q2 2023, with EPS increasing from $0.19 to $0.24[19]. - Non-GAAP core earnings for Q2 2024 were $674 million, a 36.4% increase from $494 million in Q2 2023, with EPS rising from $0.23 to $0.31[19]. - For the first half of 2024, PG&E's GAAP earnings reached $1,252 million, compared to $975 million in the same period of 2023, with EPS increasing from $0.46 to $0.58[19]. Guidance and Projections - The company updated its 2024 GAAP EPS guidance to a range of $1.11 to $1.17 per share, previously $1.15 to $1.20 per share[9][10]. - The company reaffirmed its 2024 non-GAAP core EPS guidance at $1.33 to $1.37 per share[10]. - The company anticipates 2024 GAAP EPS guidance between $1.11 and $1.17, with non-GAAP core EPS guidance ranging from $1.33 to $1.37[25]. Costs and Expenses - Estimated non-core items for 2024 include approximately $305 million for the amortization of Wildfire Fund contributions[26]. - PG&E expects to incur around $90 million in bankruptcy and legal costs for 2024, with post-tax costs estimated at $65 million[29]. - The company recorded $78 million in costs related to the amortization of the Wildfire Fund asset for Q2 2024[19]. - PG&E's tax-related adjustments for 2024 are projected to be approximately $70 million, associated with customer bill credits from the San Bruno natural gas explosion[35]. - Wildfire-related costs, net of insurance, amounted to $6 million for Q2 2024, with total costs for the first half of 2024 reaching $11 million[22]. - PG&E's ongoing strategic repositioning includes costs related to the investigation remedies, which totaled $16 million for Q2 2024[21]. Strategic Initiatives - PG&E installed 46 miles of underground powerlines and 43 miles of stronger poles and covered powerlines in high fire-risk areas during the second quarter[3]. - The company connected 2,900 new residential and business customers to its electric system, totaling 5,184 new connections in 2024[3]. - PG&E interconnected the first of four new renewable natural gas facilities planned for 2024, aimed at reducing greenhouse gas emissions[3]. Non-GAAP Measures - PG&E Corporation uses non-GAAP core earnings and non-GAAP core EPS to measure underlying financial performance, excluding non-core items[37]. - The company believes non-GAAP core earnings and non-GAAP core EPS provide better insight into business trends compared to historical results[37]. - Non-GAAP core earnings and non-GAAP core EPS are not substitutes for GAAP measures and may not be comparable to similar measures used by other companies[38]. - PG&E Corporation is unable to predict reconciling items affecting GAAP net income for 2025-2028 with reasonable certainty due to various uncertainties[37]. - Reconciling items primarily include wildfire-related costs, timing of regulatory recoveries, special tax items, and investigation remedies[37].

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? PG&E (PCG) , which belongs to the Zacks Utility - Electric Power industry, could be a great candidate to consider. For the last reported quarter, PG&E came out with earnings of $0.37 per share versus the Zacks Consensus Estimate of $0.35 per share, representing a surprise of 5.71%. For the previous quarter, the company was expected to post earnings of ...

More Qualifying Customers Can Receive Up to a $2,000 Bill Credit Under New Guidelines OAKLAND, Calif., July 24, 2024 /PRNewswire/ -- To provide additional financial assistance to more households with past-due energy bills, Pacific Gas and Electric Company (PG&E) is modifying guidelines midyear for the Relief for Energy Assistance through Community Help (REACH) program. REACH and REACH Triple Match help qualifying low- to moderate-income customers pay their past-due energy bill and help prevent service disco ...

PG&E Corporation (PCG) is scheduled to report second-quarter 2024 results on Jul 25 before market open. Let's take a closer look at the factors that are likely to be reflected in PG&E's upcoming quarterly results. During most of the second quarter, PCG's service territories observed mixed temperature patterns. While its service areas witnessed unprecedented snowfall for a few days in May 2024, accompanied by average precipitation, above-normal temperatures were recorded in June. Hence, the overall impact of ...

PG&E Corporation (PCG) is poised to benefit from positive developments like steady infrastructural investments, the addition of clean energy projects and initiatives to build California's electric vehicle charging infrastructure. The Zacks Consensus Estimate for PCG's 2024 and 2025 sales indicates a rise of 4.9% and 4.1%, respectively, from the prior-year figures. Capital Expenditure Price Movement Some other top-ranked stocks from the same industry are CenterPoint Energy (CNP) , FirstEnergy (FE) and Consol ...

"Scammers seek to create a sense of panic, threatening disconnection of utility services if immediate payment is not made," said Matt Foley, lead customer scam investigator for PG&E. "If a phone call, visit to your home or email doesn't feel right, don't fall for it. Hang up, shut the door or delete it. Remember, PG&E will never ask for your financial information over the phone or via email, nor will we request payment via pre-paid debit cards or other methods of money transfer, including mobile application ...

A replay of the live conference call and webcast will be available at http://investor.pgecorp.com/newsevents/events-and-presentations/default.aspx. What: Second Quarter 2024 Earnings Call PG&E Corporation (NYSE: PCG) is a holding company headquartered in Oakland. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000- square-mile service area in Northern and Central California. For more information, visit http://www.pgecorp.com. Wh ...