PG&E Corporation’s PCG adjusted operating earnings per share of $1.12 in third-quarter 2017 surpassed the Zacks Consensus Estimate of 94 cents by 19.1%. Earnings were also up 19.1% from 94 cents reported in the year-ago quarter.
The upside in adjusted earnings was driven by growth in rate-base earnings, as well as positive impacts related to the timing of taxes, the timing of operational spending, and the timing of the phase-two decision in the 2015 GT&S rate case.
GAAP earnings during the quarter were $1.07 per share, compared with 77 cents a year ago.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise | Pacific Gas & Electric Co. Quote
Revenue Update
In the third quarter, the company reported revenues of $4,517 million, down 6.1% from $4,810 million in the year-ago period. The figure missed the Zacks Consensus Estimate of $4,959 million by 8.9%.
Electric revenues were down 8.7% from the year-ago levels, while natural gas revenues rose 6.5%.
Operational Highlights
Total operating expenses in the third quarter were $3,618 million, down 23.2% from $4,170 million in the year-ago period. Costs declined due to lower cost of electricity, natural gas as well as operation and maintenance expenses.
Operating income in the quarter under review came in at $899 million, up from $640 million in the third quarter of 2016.
Interest expenses in the quarter were $220 million, compared with $211 million in the year-ago quarter.
Guidance
The company has reiterated its guidance for 2017 adjusted earnings from operations in the range of $3.55-$3.75 per share.
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 Peer Release
Sempra Energy’s SRE third-quarter 2017 adjusted earnings per share of $1.04 came in line with the Zacks Consensus Estimate. Earnings rose 2% from the prior-year quarter figure of $1.02.
CMS Energy Corporation CMS reported third-quarter 2017 adjusted earnings per share of 62 cents, which surpassed the Zacks Consensus Estimate of 55 cents by 12.7%. Quarterly earnings however declined 11.4% from the year-ago figure of 70 cents.
FirstEnergy Corporation FE reported third-quarter 2017 operating earnings of 97 cents per share, beating the Zacks Consensus Estimate of 86 cents by 12.8%. Quarterly earnings were also up 7.7% year over year.
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