OAKLAND, Calif. - PG&E Corporation (NYSE: NYSE:PCG) reported a modest increase in adjusted earnings per share (EPS) for the second quarter of 2024, surpassing analyst expectations.
The company announced an adjusted EPS of $0.31, which is $0.01 higher than the analyst consensus of $0.30. Revenue for the quarter was also higher than anticipated, coming in at $5.99 billion against the consensus estimate of $5.81 billion.
The company's financial performance reflects a solid uptick compared to the same quarter in the previous year, with GAAP earnings rising from $0.19 per share in the second quarter of 2023 to $0.24 per share in the same quarter of 2024.
This improvement is attributed to increased customer capital investment, approved in the 2023 General Rate Case final decision, and non-fuel operating and maintenance savings.
PG&E's CEO Patti Poppe highlighted the company's commitment to safety, wildfire risk reduction, and financial progress. Poppe expressed confidence in PG&E's future, focusing on reducing household energy costs and further cutting carbon emissions. Operational achievements for the quarter included the installation of new powerlines and charging ports, as well as the interconnection of renewable natural gas facilities.
Looking ahead, PG&E reaffirmed its full-year 2024 adjusted EPS guidance, expecting it to fall between $1.33 and $1.37, which aligns closely with the analyst consensus of $1.36. The company's stock saw a slight decrease of 1% following the earnings release, indicating a tempered market reaction.
The updated GAAP earnings guidance for 2024 has been adjusted to a range of $1.11 to $1.17 per share. PG&E's guidance takes into account a range of factors, including authorized revenues, future expenses, and capital expenditures, without the need for equity issuance within the year.
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