PG&E Corporation (NYSE:PCG) reported adjusted operating earnings per share of 91 cents in first-quarter 2018, which missed the Zacks Consensus Estimate of $1.03 by 11.7%. Earnings were also down 14.2% from $1.06 in the year-ago quarter.
GAAP earnings during the reported quarter were 86 cents per share, down from $1.13 in the prior-year quarter.
Revenue Update
PG&E’s total revenues of $4,056 million missed the Zacks Consensus Estimate of $4,233 million by 4.2%. The top line declined 5% from the year-ago quarter’s level.
Electric revenues were down 3.7% from the prior-year quarter’s tally and natural gas revenues declined 8.1% year over year.
Operational Highlights
Total operating expenses as of Mar 31, 2018 were $3,457 million, down 1.6% from $3,401 million as of Mar 31, 2017. Costs declined due to lower cost of electricity as well as cost of natural gas.
Operating income as of Mar 31, 2018 came in at $599 million, down from $867 million of Mar 31, 2017.
Interest expenses in first-quarter 2018 were $220 million, compared with $218 million in the year-ago period.
Guidance
PG&E has not provided guidance for 2018 GAAP earnings and adjusted earnings from operations, owing to the uncertainty related to the Northern California wildfires in October 2017.
Zacks Rank
PG&E 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
FirstEnergy Corp. (NYSE:FE) reported first-quarter 2018 operating earnings of 67 cents per share, which lagged the Zacks Consensus Estimate of 68 cents by 1.5%.
NextEra Energy, Inc. (NYSE:NEE) reported first-quarter 2018 adjusted earnings of $1.94 per share, beating the Zacks Consensus Estimate of $1.78 by 8.9%.
DTE Energy (NYSE:DTE) reported first-quarter 2018 operating earnings per share of $1.91, which beat the Zacks Consensus Estimate of $1.89 by 1.06%.
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