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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.
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.