Advertisement
New Zealand markets closed

  • NZX 50

    11,796.21
    -39.83 (-0.34%)
     

  • NZD/USD

    0.5892
    -0.0013 (-0.22%)
     

  • NZD/EUR

    0.5523
    -0.0022 (-0.39%)
     

  • ALL ORDS

    7,817.40
    -81.50 (-1.03%)
     

  • ASX 200

    7,567.30
    -74.80 (-0.98%)
     

  • OIL

    83.24
    +0.51 (+0.62%)
     

  • GOLD

    2,406.70
    +8.70 (+0.36%)
     

  • NASDAQ

    17,037.65
    -356.67 (-2.05%)
     

  • FTSE

    7,895.85
    +18.80 (+0.24%)
     

  • Dow Jones

    37,986.40
    +211.02 (+0.56%)
     

  • DAX

    17,737.36
    -100.04 (-0.56%)
     

  • Hang Seng

    16,224.14
    -161.73 (-0.99%)
     

  • NIKKEI 225

    37,068.35
    -1,011.35 (-2.66%)
     

  • NZD/JPY

    91.0710
    -0.1830 (-0.20%)
     

PG&E Corp (PCG) Beats on Q3 Earnings, Reiterates '17 View

Zacks Equity Research
Updated

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

ADVERTISEMENT

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.

Zacks’ Best Private Investment Ideas

While we are happy to share many articles like this on the website, our best recommendations and most in-depth research are not available to the public.

Starting today, for the next month, you can follow all Zacks' private buys and sells in real time. Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors.

Click here for Zacks' private trades >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
CMS Energy Corporation (CMS) : Free Stock Analysis Report
 
FirstEnergy Corporation (FE) : Free Stock Analysis Report
 
Pacific Gas & Electric Co. (PCG) : Free Stock Analysis Report
 
Sempra Energy (SRE) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research