PG&E Q1 2023 Earnings Report
Key Takeaways
PG&E Corporation reported first-quarter 2023 income available for common shareholders of $569 million, or $0.27 per diluted share. Non-GAAP core earnings were $615 million, or $0.29 per diluted share. The company is on track to meet earnings targets and reduce non-fuel operating and maintenance costs by 2%.
GAAP earnings were $0.27 per diluted share for the first quarter of 2023, compared to earnings of $0.22 per diluted share for the same period in 2022.
Non-GAAP core earnings were $0.29 per diluted share for the first quarter of 2023, compared to earnings of $0.30 per diluted share for the same period in 2022.
2023 EPS guidance updated for GAAP earnings in the range of $1.00 to $1.13 per share.
2023 EPS guidance reaffirmed for non-GAAP core earnings in the range of $1.19 to $1.23 per share.
PG&E
PG&E
PG&E Revenue by Segment
Forward Guidance
PG&E Corporation is updating 2023 GAAP earnings guidance in the range of $1.00 to $1.13 per diluted share and reaffirmed non-GAAP core earnings guidance at $1.19 to $1.23 per diluted share.
Positive Outlook
- Costs related to unrecoverable interest expense of $370 million to $430 million after tax
- Allowance for funds used during construction equity
- Incentive revenues
- Tax benefits
- Cost savings, net of below-the-line costs
Challenges Ahead
- The amortization of the Wildfire Fund asset and accretion of the related Wildfire Fund liability
- Investigation remedies
- PG&E Corporation’s and the Utility’s reorganization cases under Chapter 11
- Wildfire-related costs
- Fire Victim Trust tax benefits and prior period net regulatory impact
Revenue & Expenses
Visualization of income flow from segment revenue to net income