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PGE Corporation Reports Q3 2024 Earnings

authorIntellectia.AI

2024-11-072mins

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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