Markets
PCG

PG&E Corp. (PCG) Beats on Q1 Earnings, Reaffirms Views

PG&E Corporation 's PCG adjusted operating earnings per share of 82 cents in the first quarter of 2016 beat the Zacks Consensus Estimate of 76 cents by 7.9%. However, the reported figure declined 5.7% from 87 cents in the year-ago quarter.

GAAP earnings during the quarter were 22 cents per share versus 6 cents per share a year ago.

Pg&E Corporation (PCG) EPS BNRI & Surprise Percent - Last 5 Quarters | FindTheCompany

Revenue Update

PG&E's total revenue of $3,974 million in the quarter beat the Zacks Consensus Estimate of $3,859 million by 3%. Revenues also increased 1.9% from $3,899 million in the year-ago period.

Electric revenues were 3.9% higher in the quarter while natural gas revenues were down 4.9%.

Operational Highlight

Total operating expenses in the first quarter were $3,879 million, up 1.3% from $3,828 million in the year-ago period. Costs in the quarter rose due to higher operation and maintenance expenses.

Operating income came in at $95 million, up from $71 million in the first quarter 2015.

Guidance

The utility has maintained its 2016 guidance for adjusted earnings from operations in the range of $3.65−$3.85 per share.

The company had earlier projected capital expenditure to be $5.6 billion for 2016 and in the range of $5.4-$6.5 billion annually from 2017 to 2019.

At Its Peers

CMS Energy Corporation CMS reported first-quarter 2016 adjusted earnings per share of 59 cents, missing the Zacks Consensus Estimate of 68 cents by 13.2%. Quarterly earnings also plunged 19.2% from the year-ago figure of 73 cents.

DTE Energy Company DTE reported first-quarter 2016 operating earnings per share of $1.52, in line with the Zacks Consensus Estimate. Reported earnings, however, dropped 7.9% from the year-ago figure of $1.65.

American Electric Power Co., Inc. AEP reported first-quarter 2016 operating earnings of $1.02 per share, missing the Zacks Consensus Estimate of $1.06 by 3.8%. Earnings also dropped 20.3% from the year-ago figure owing to an unseasonably warm winter that led to weak residential sales and low power prices.

Zacks Rank

Currently, PG&E Corporation carries a Zacks Rank #3 (Hold).

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 >>

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

AMER ELEC PWR (AEP): Free Stock Analysis Report

CMS ENERGY (CMS): Free Stock Analysis Report

PG&E CORP (PCG): Free Stock Analysis Report

DTE ENERGY CO (DTE): Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

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.

In This Story

PCG DTE CMS AEP

Other Topics

Earnings Stocks

Latest Markets Videos

Zacks

Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. Today, that discovery is still the heart of the Zacks Rank. A wealth of resources for individual investors is available at www.zacks.com.

Learn More