PG&E (PCG)2024-07-24 23:28Financial Performance - PG&E Corporation reported second-quarter 2024 income available for common shareholders of 0.24 per share, compared to 0.19 per share in Q2 2023, representing a 28% increase[2][3]. - Non-GAAP core earnings for Q2 2024 were 0.31 per share, up from 0.23 per share in the same period last year, reflecting a 35% increase[6][7]. - The total operating revenues for Q2 2024 were 5.290 billion in Q2 2023, marking a 13.2% increase[18]. - Operating income for Q2 2024 was 506 million in the same quarter of 2023[18]. - PG&E's net income for the first half of 2024 was 982 million for the same period in 2023, indicating a 28.2% increase[18]. - PG&E Corporation reported GAAP earnings of 406 million in Q2 2023, with EPS increasing from 0.24[19]. - Non-GAAP core earnings for Q2 2024 were 494 million in Q2 2023, with EPS rising from 0.31[19]. - For the first half of 2024, PG&E's GAAP earnings reached 975 million in the same period of 2023, with EPS increasing from 0.58[19]. Guidance and Projections - The company updated its 2024 GAAP EPS guidance to a range of 1.17 per share, previously 1.20 per share[9][10]. - The company reaffirmed its 2024 non-GAAP core EPS guidance at 1.37 per share[10]. - The company anticipates 2024 GAAP EPS guidance between 1.17, with non-GAAP core EPS guidance ranging from 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 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 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].