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Mar 31, 2024
PG&E Q1 2024 Earnings Report
PG&E Corporation's first-quarter results were reported, indicating the company is on track to deliver solid 2024 results.
Key Takeaways
PG&E Corporation reported a strong first quarter with GAAP earnings of $0.34 per share and non-GAAP core earnings of $0.37 per share. The company is on track to deliver solid 2024 results, driven by customer capital investment and operating & maintenance savings. 2024 EPS GAAP guidance updated in the range of $1.15 to $1.20 per share and non-GAAP core EPS guidance reaffirmed at $1.33 to $1.37 per share.
GAAP earnings were $0.34 per share for the first quarter of 2024, compared to $0.27 for the same period in 2023.
Non-GAAP core earnings were $0.37 per share for the first quarter of 2024, compared to $0.29 per share for the same period in 2023.
2024 EPS GAAP guidance updated in the range of $1.15 to $1.20 per share.
2024 non-GAAP core EPS guidance reaffirmed at $1.33 to $1.37 per share.
PG&E
PG&E
PG&E Revenue by Segment
Revenue by Segment
Electric Revenue
CapyFin.comNatural Gas Revenue
CapyFin.com Forward Guidance
PG&E Corporation is updating 2024 GAAP earnings guidance in the range of $1.15 to $1.20 per share (previously $1.10 to $1.14 per share). The guidance range for projected 2024 non-GAAP core earnings is reaffirmed at $1.33 to $1.37 per share.
Positive Outlook
- Factors driving GAAP earnings include costs related to unrecoverable interest expense of $285 million to $365 million after tax and other earnings factors, including allowance for funds used during construction equity, incentive revenues, tax benefits, and cost savings, net of below-the-line costs.
- Additional factors include the amortization of the Wildfire Fund asset and accretion of the related Wildfire Fund liability.
- PG&E Corporation’s and the Utility’s reorganization cases under Chapter 11.
- Wildfire-related costs, and investigation remedies.
- Partially offset by prior period net regulatory impact.
Challenges Ahead
- Costs related to unrecoverable interest expense of $285 million to $365 million after tax
- Amortization of the Wildfire Fund asset and accretion of the related Wildfire Fund liability
- PG&E Corporation’s and the Utility’s reorganization cases under Chapter 11
- Wildfire-related costs
- Investigation remedies
Revenue & Expenses
Visualization of income flow from segment revenue to net income