) adjusted operating earnings per share of 63 cents in the first
quarter of 2013 fell short of the Zacks Consensus Estimate of 70
cents. The reported figure also came in below the year-ago number
of 89 cents by 29.2%. Lower regulated return on equity and debt
as compared to last year was the main factor behind the
On a reported basis, the company clocked earnings per share of 55
cents compared with earnings of 56 cents in the year-ago quarter.
PG&E's top line increased to $3,672.0 million in the quarter
from $3,641.0 million in the year-ago period but missed our
expectation of $3,767.0 million. Electric revenue generated
$2,799.0 million in the quarter (up almost 1% year over year),
while Natural Gas clocked $873.0 million (up 0.5%).
On the cost front, total operating expenses stood at $3,170.0
million in the quarter, up from the year-earlier level of
PG&E affirmed its full year 2013 operating earnings guidance
range of $2.55-$2.75 per share.
The company retains a Zacks Rank #3 (Hold). In the near term, we
would advise investors to focus on its Zacks Rank #1 (Strong Buy)
Brookfield Infrastructure Partners L.P.
Empresa Nacional de Electricidad S.A.
BROOKFIELD INFR (BIP): Free Stock Analysis
ENDESA-CHILE (EOC): Free Stock Analysis
PG&E CORP (PCG): Free Stock Analysis
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