PG&E Q2 2024 Earnings Report
Key Takeaways
PG&E Corporation reported GAAP earnings of $0.24 per share and non-GAAP core earnings of $0.31 per share for the second quarter of 2024. The company is on track to deliver solid 2024 results, driven by customer capital investment and operating and maintenance savings.
GAAP earnings were $0.24 per share for the second quarter of 2024, compared to $0.19 for the same period in 2023.
Non-GAAP core earnings were $0.31 per share for the second quarter of 2024, compared to $0.23 per share for the same period in 2023.
Installed 46 miles of underground powerlines and 43 miles of stronger poles and covered powerlines in the highest fire-risk areas.
Connected 2,900 new residential and business customers to our electric system.
PG&E
PG&E
PG&E Revenue by Segment
Forward Guidance
PG&E Corporation is updating 2024 GAAP earnings guidance in the range of $1.11 to $1.17 per share and reaffirming 2024 non-GAAP core EPS guidance at $1.33 to $1.37 per share.
Positive Outlook
- 2024 EPS GAAP guidance updated in the range of $1.11 to $1.17 per share.
- 2024 non-GAAP core EPS guidance reaffirmed at $1.33 to $1.37 per share.
- Forecasting no equity needs in 2024.
- Reaffirming 2024-2028 financing plan.
- 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.
Challenges Ahead
- Costs related to unrecoverable interest expense of $285 million to $365 million after tax.
- 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.
- Investigation remedies.
Revenue & Expenses
Visualization of income flow from segment revenue to net income