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PG&E
🇺🇸 NYSE:PCG
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Sep 30, 2023

PG&E Q3 2023 Earnings Report

PG&E Corporation's Q3 2023 GAAP earnings were $0.16 per diluted share, and non-GAAP core earnings were $0.24 per diluted share.

Key Takeaways

PG&E Corporation reported a decrease in GAAP earnings to $0.16 per diluted share for Q3 2023, compared to $0.21 per diluted share in Q3 2022. Non-GAAP core earnings also decreased to $0.24 per diluted share from $0.29 per diluted share in the same period last year. The company is updating 2023 GAAP earnings guidance to $0.99 to $1.08 per diluted share and reaffirming 2023 non-GAAP core earnings guidance in the range of $1.19 to $1.23 per diluted share.

GAAP earnings were $0.16 per diluted share for Q3 2023, down from $0.21 per diluted share in Q3 2022.

Non-GAAP core earnings were $0.24 per diluted share for Q3 2023, compared to $0.29 per diluted share in Q3 2022.

2023 GAAP earnings guidance updated from $1.04-$1.13 to $0.99-$1.08 per share.

2023 non-GAAP core earnings guidance reaffirmed at $1.19 to $1.23 per share.

Total Revenue
$5.89B
Previous year: $5.39B
+9.2%
EPS
$0.24
Previous year: $0.29
-17.2%
Gross Profit
$1.75B
Previous year: $1.86B
-5.9%
Cash and Equivalents
$962M
Previous year: $262M
+267.2%
Free Cash Flow
-$611M
Previous year: -$1.8B
-66.0%
Total Assets
$123B
Previous year: $117B
+5.1%

PG&E

PG&E

PG&E Revenue by Segment

Forward Guidance

PG&E Corporation is updating 2023 GAAP earnings guidance in the range of $0.99 to $1.08 per diluted share and reaffirming 2023 non-GAAP core earnings guidance in the range of $1.19 to $1.23 per diluted share.

Positive Outlook

  • Reaffirming 2023 non-GAAP core earnings guidance in the range of $1.19 to $1.23 per diluted share.
  • Forecasting no equity needs in 2023 through 2024.
  • Making progress on system safety.
  • Continued to cut wildfire ignitions from equipment this year, on top of last year’s reductions.
  • On track to reach the 2023 goal to put 350 miles of powerlines underground, part of breakthrough goal to underground 10,000 miles in the highest fire-risk areas.

Challenges Ahead

  • Updating 2023 GAAP earnings guidance in the range of $0.99 to $1.08 per diluted share (previously $1.04 to $1.13 per share).
  • Costs related to unrecoverable interest expense of $370 million to $430 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, and 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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