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PG&E Corp. (PCG) Beats on Q1 Earnings, Revenues Increase Y/Y

PG&E Corporation 's PCG adjusted operating earnings per share (EPS) of $1.06 in the first quarter of 2017 surpassed the Zacks Consensus Estimate of 83 cents by 27.7%. Earnings were also up 29.3% from 82 cents reported in the year-ago quarter.

GAAP earnings during the quarter were $1.13 per share, compared with 22 cents a year ago.

Revenue Update

In the first quarter, the company reported revenues of $4,268 million, up 7.4% from $3,974 million in the year-ago period. The figure also surpassed the Zacks Consensus Estimate of $4,149 million by 2.9%.

Electric revenues were down 2.1% from the year-ago levels, while natural gas revenues rose 42.7%.

Operational Highlights

Total operating expenses in the first quarter were $3,388 million, down 12.7% from $3,879 million in the year-ago period. Costs declined due to lower cost of electricity, and operation and maintenance expenses.

Operating income came in at $880 million, up from $95 million in the first quarter of 2016.

Interest expenses in the quarter were $218 million, compared with $203 million in the year-ago quarter.

Pacific Gas & Electric Co. Price, Consensus and EPS Surprise

Pacific Gas & Electric Co. Price, Consensus and EPS Surprise | Pacific Gas & Electric Co. Quote

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 Corporation currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .

Peer Releases

DTE Energy Company DTE reported first-quarter 2017 operating earnings per share of $1.79, which beat the Zacks Consensus Estimate of $1.57 by 14%. Total revenue came in at $3.24 billion, which surpassed the Zacks Consensus Estimate of $2.58 billion by 25.6%.

Entergy Corporation ETR reported first-quarter 2017 operational earnings of 99 cents per share, lagging the Zacks Consensus Estimate of $1.06 by 6.6%. Total revenue of $2,588.5 million beat the Zacks Consensus Estimate of $2,566 million by 0.9%.

NextEra Energy, Inc. NEE reported first-quarter 2017 adjusted EPS of $1.75, beating the Zacks Consensus Estimate of $1.56 by 12.2%. Operating revenues totaled $3,972 million, beating the Zacks Consensus Estimate of $3,943 million by nearly 0.7%.

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NextEra Energy, Inc. (NEE): Free Stock Analysis Report

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Pacific Gas & Electric Co. (PCG): Free Stock Analysis Report

DTE Energy Company (DTE): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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