https://assets.capyfin.com/instruments/678fdc13234e27009c5d5859.png avatar
PG&E
🇺🇸 NYSE:PCG
View Company
OverviewEarningsDividends
•
Dec 31, 2020

PG&E Q4 2020 Earnings Report

Recorded GAAP earnings and non-GAAP core earnings, and adjusted 2021 EPS guidance.

Key Takeaways

PG&E Corporation reported Q4 2020 GAAP earnings of $0.09 per share and non-GAAP core earnings of $0.21 per share. The company adjusted its 2021 EPS guidance for GAAP losses to a range of $0.52 to $0.38 and reaffirmed non-GAAP core earnings guidance of $0.95 to $1.05 per share. A 10 percent non-GAAP core earnings per share growth guidance was introduced over its five-year plan.

Recorded GAAP earnings of $0.09 per share for the fourth-quarter of 2020.

Non-GAAP core earnings were $0.21 per share for the fourth quarter of 2020.

2021 EPS guidance for GAAP losses was adjusted to the range of $0.52 to $0.38.

Non-GAAP core earnings of $0.95 to $1.05 per share were reaffirmed for 2021.

Total Revenue
$4.75B
Previous year: $4.74B
+0.1%
EPS
$0.21
Previous year: $0.68
-69.1%
Gross Profit
$1.49B
Previous year: $1.45B
+3.1%
Cash and Equivalents
$484M
Previous year: $1.57B
-69.2%
Free Cash Flow
-$2.13B
Previous year: -$1.37B
+55.0%
Total Assets
$97.9B
Previous year: $85.2B
+14.9%

PG&E

PG&E

Forward Guidance

PG&E Corporation is adjusting 2021 GAAP loss guidance in the range of $0.52 to $0.38 per share, which includes non-core items. On a non-GAAP basis, the guidance range for projected 2021 non-GAAP core earnings is $0.95 to $1.05 per share. PG&E is also rolling forward its five-year plan and introducing non-GAAP core earnings per share growth guidance of 10 percent.

Positive Outlook

  • PG&E Corporation is adjusting 2021 GAAP loss guidance in the range of $0.52 to $0.38 per share.
  • PG&E is adjusting 2021 non-core items guidance to approximately $3.1 billion after-tax.
  • On a non-GAAP basis, the guidance range for projected 2021 non-GAAP core earnings is $0.95 to $1.05 per share.
  • PG&E is also rolling forward its five-year plan
  • Introducing non-GAAP core earnings per share growth guidance of 10 percent.

Challenges Ahead

  • Factors affecting non-GAAP core earnings include net below-the-line and spend above authorized of up to $100 million after-tax
  • Unrecoverable interest expense of $300 million to $325 million after-tax.
  • Guidance is based on various assumptions and forecasts
  • Those relating to authorized revenues, future expenses, capital expenditures, rate base, equity issuances
  • The potential securitization of certain wildfire-related costs for the 2017 Northern California wildfires, and certain other factors.

Company Overview

Full financial data and analysis

View PG&E