PG&E Corporation Reports Q3 2024 Earnings
OAKLAND, Calif., Nov. 7, 2024 — PG&E Corporation has announced its financial results for the third quarter of 2024, showcasing solid performance amid challenging market conditions.
Key Financial Metrics
| Financial Metric | Q3 2024 | Q3 2023 | YoY Change | Wall Street Consensus Q3 2024 | Comparison to Consensus |
|---|---|---|---|---|---|
| GAAP Earnings per Share | $0.27 | $0.16 | +68.75% | $0.33 | Missed by $0.06 |
| Non-GAAP Core EPS | $0.37 | $0.24 | +54.17% | N/A | N/A |
PG&E Corporation’s third quarter results highlight a substantial year-over-year increase in both GAAP and non-GAAP core earnings per share. The GAAP EPS of $0.27 reflects improvements due to increased customer capital investment and operational savings. Although actual earnings per share were below Wall Street estimates, the non-GAAP core EPS performance was robust, indicating underlying operational strength.
Key Developments and Operational Highlights
- The state Wildfire Fund made a $34 million payment for Dixie fire claims.
- Construction of 58 miles of underground and 66 miles of covered powerlines was completed in high-risk areas.
- Installed 14 new AI-enabled cameras for wildfire detection.
- Connected 2,889 new residential and business customers to the electric system.
- Installed over 320 electric vehicle charging ports.
Comments from Company's Officers
CEO Patti Poppe emphasized the company's commitment to building a clean, climate-resilient energy system that meets growing demand in an affordable manner. The focus remains on infrastructure developments to secure safe, reliable energy delivery.
Forward Guidance
PG&E has updated its 2024 GAAP earnings guidance to a range of $1.09 to $1.14 per share, while non-GAAP core earnings guidance is narrowed to between $1.34 and $1.37 per share. Furthermore, 2025 guidance is initiated at $1.30 to $1.36 for GAAP EPS and $1.47 to $1.51 for non-GAAP core EPS, reflecting confidence in sustained growth.
Stock Price Movement
Following the earnings release, PG&E Corporation saw a nominal stock price increase of 0.049% after the market absorbed the financial results.
For more insights, interested parties can attend the company's earnings conference call or visit their investor relations site for additional materials.
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