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Dec 31, 2023
PG&E Q4 2023 Earnings Report
PG&E Corporation reported Q4 2023 earnings, with GAAP earnings at $0.43 per share and non-GAAP core earnings at $0.47 per share.
Key Takeaways
PG&E Corporation's Q4 2023 GAAP earnings were $0.43 per share, and non-GAAP core earnings were $0.47 per share. The company increased its 2024 earnings guidance and highlighted its progress in reducing wildfire ignitions and O&M costs.
GAAP earnings were $0.43 per share for the fourth quarter of 2023, compared to $0.24 per share for the same period in 2022.
Non-GAAP core earnings were $0.47 per share for the fourth quarter of 2023, compared to $0.26 per share for the same period in 2022.
2024 EPS GAAP guidance increased from $1.08 to $1.12 per share (previously) to $1.10 to $1.14 per share.
2024 EPS non-GAAP core guidance increased from $1.31 to $1.35 per share (previously) to $1.33 to $1.37 per share.
Revenue by Segment
Forward Guidance
PG&E Corporation is increasing 2024 GAAP earnings guidance in the range of $1.10 to $1.14 per share (previously $1.08 to $1.12 per share). The guidance range for projected 2024 non-GAAP core earnings is increased to $1.33 to $1.37 per share (previously $1.31 to $1.35 per share).
Positive Outlook
- Costs related to unrecoverable interest expense of $285 to $365 million after tax
- Allowance for funds used during construction equity
- Incentive revenues
- Tax benefits
- Cost savings, net of below-the-line costs
Challenges Ahead
- 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
- Investigation remedies
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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