PG & E Corp. (NYSE:PCG) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 0.08%.
PG & E Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 29.21% to $0.63 in the quarter versus EPS of $0.89 in the year-earlier quarter.
Revenue: Rose 0.85% to $3.67 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: PG & E Corp. reported adjusted EPS income of $0.63 per share. By that measure, the company missed the mean analyst estimate of $0.69. It missed the average revenue estimate of $3.76 billion.
Quoting Management: “We continued to make very good operational progress during the quarter, consistent with our focus on becoming one of the safest and most reliable utilities in the country,” said Tony Earley, Chairman, CEO, and President of PG&E Corporation. “We delivered ongoing and significant gains in our gas safety program, completed a safe refueling outage at Diablo Canyon Power Plant, and provided customers with the best electric reliability in our history.”
Key Stats (on next page)…
Revenue decreased 4.13% from $3.83 billion in the previous quarter. EPS increased 6.78% from $0.59 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $0.70 to a profit $0.74. For the current year, the average estimate has moved down from a profit of $2.78 to a profit of $2.65 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)