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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.
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 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