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PG&E
🇺🇸 NYSE:PCG
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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.

Total Revenue
$5.86B
Previous year: $6.21B
-5.6%
EPS
$0.37
Previous year: $0.29
+27.6%
Gross Profit
$1.28B
Previous year: $2.09B
-39.1%
Cash and Equivalents
$1.02B
Previous year: $1.03B
-0.8%
Free Cash Flow
-$377M
Previous year: -$1.1B
-65.8%
Total Assets
$128B
Previous year: $120B
+6.7%

PG&E

PG&E

PG&E Revenue by Segment

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

Company Overview

Full financial data and analysis

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