Yahoo Finance PG&E Corporation (PCG) Q4 Earnings Miss, Revenues Up Y/Y
PG&E Corporation PCG reported adjusted operating earnings per share of 21 cents in fourth-quarter 2020, which exceeded the Zacks Consensus Estimate of 19 cents by 10.5%. The bottom line, however, declined 69.1% from the year-ago quarter’s reported figure.
Including one-time items, the company recorded GAAP earnings of 9 cents per share in the fourth quarter against a loss of $1.05 in the prior-year quarter.
For 2020, PG&E Corp.’s adjusted operating EPS came in at $1.61 per share, down 59% from the prior-year quarter’s $3.93. The figure, however, exceeded the Zacks Consensus Estimate of $1.60 by 0.6%.
Revenue Update
PG&E Corp’s total revenues of $4,748 million surpassed the Zacks Consensus Estimate of $4,675 million by 1.6%. The top line also rose 0.1% from the year-ago quarter.
For 2020, PG&E Corp.’s revenues were $18,469 million, up 7.8% from the prior-year quarter’s $17,129 million. The figure, however, missed the Zacks Consensus Estimate of $18,790 million by 1.7%.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Pacific Gas & Electric Co. price-consensus-eps-surprise-chart | Pacific Gas & Electric Co. Quote
Operational Highlights
Total operating expenses as of Dec 31, 2020, totaled $16,714 million, which declined 38.6% from $27,223 million as of Dec 31, 2019. The decrease was due to lower wildfire-related claims, net of insurance recoveries.
The company reported an operating income of $1,755 million as of Dec 31, 2020, against the operating losses of $10,094 million as of Dec 31, 2019.
Interest expenses as of Dec 31, 2020, summed $1,260 million compared with $934 million as of Dec 31, 2019.
2021 Guidance
PG&E Corporation issued 2021 guidance for consolidated GAAP losses of $0.52-$0.38 per share, which includes non-core items.
On a non-GAAP basis, the guidance range for 2021 core earnings was reaffirmed at $0.95-$1.05 per share. The Zacks Consensus Estimate for the company’s 2021 earnings, pegged at $1.00 per share, lies at the midpoint of the company’s guided range.
Zacks Rank
PG&E Corp. currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
Xcel Energy Inc. XEL posted fourth-quarter 2020 operating earnings of 54 cents per share, in line with the Zacks Consensus Estimate.
NextEra Energy, Inc. NEE reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.
CMS Energy Corp. CMS reported fourth-quarter 2020 adjusted earnings per share of 56 cents, which surpassed the Zacks Consensus Estimate of 55 cents by 1.8%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Click here for the 4 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
Xcel Energy Inc. (XEL) : Free Stock Analysis Report
NextEra Energy, Inc. (NEE) : Free Stock Analysis Report
Pacific Gas & Electric Co. (PCG) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
