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Sep 30, 2022
PG&E Q3 2022 Earnings Report
PG&E Corporation's financial performance for Q3 2022 improved, with GAAP earnings of $0.21 per diluted share and non-GAAP core earnings of $0.29 per diluted share.
Key Takeaways
PG&E Corporation reported third-quarter 2022 GAAP earnings of $0.21 per diluted share, a significant improvement compared to losses of $(0.55) per diluted share in the same period of 2021. Non-GAAP core earnings were $0.29 per diluted share, up from $0.24 in the prior year. The company updated its 2022 EPS guidance for GAAP earnings to $0.80 to $1.01 per diluted share and narrowed non-GAAP core earnings guidance to $1.09 to $1.11 per diluted share.
GAAP earnings were $0.21 per diluted share for Q3 2022, compared to losses of $(0.55) per diluted share for Q3 2021.
Non-GAAP core earnings were $0.29 per diluted share for Q3 2022, compared to earnings of $0.24 per diluted share for Q3 2021.
2022 EPS guidance for GAAP earnings was updated to a range of $0.80 to $1.01 per diluted share.
2022 EPS guidance for non-GAAP core earnings was narrowed to a range of $1.09 to $1.11 per diluted share.
Revenue by Segment
Forward Guidance
PG&E Corporation updated 2022 GAAP earnings guidance in the range of $0.80 to $1.01 per diluted share and narrowed the guidance range for projected 2022 non-GAAP core earnings to $1.09 to $1.11 per diluted share. PG&E Corporation is initiating 2023 GAAP earnings guidance in the range of $0.98 to $1.21 per diluted share and non-GAAP core earnings in the range of $1.19 to $1.23 per share.
Positive Outlook
- Updated 2022 GAAP earnings guidance to a range of $0.80 to $1.01 per diluted share.
- Narrowed the guidance range for projected 2022 non-GAAP core earnings to $1.09 to $1.11 per diluted share.
- Initiating 2023 GAAP earnings guidance in the range of $0.98 to $1.21 per diluted share.
- Initiating 2023 non-GAAP core earnings guidance in the range of $1.19 to $1.23 per share.
- Forecasting no equity needs in 2022 through 2024.
Challenges Ahead
- Costs related to unrecoverable interest expense of $330 million to $370 million after tax.
- Amortization of the Wildfire Fund asset and accretion of the related Wildfire Fund liability.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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