Time New York: Sat 16 Dec 00:11 am  |  Save 15% on H&R Block Online

  
caticonslite_bm_alt

PG&E Corp (PCG) Beats on Q4 Earnings, Expenses Increase Y/Y

Zacks

PG&E Corporation’s PCG adjusted operating earnings per share (EPS) of $1.33 in the fourth quarter of 2016 surpassed the Zacks Consensus Estimate of $1.29 by 3.1%. Earnings were also up 166% from 50 cents reported in the year-ago quarter.

GAAP earnings during the quarter were $1.36 per share, compared with 27 cents a year ago.

During full-year 2016, the company’s adjusted operating EPS came in at $3.76, which beat the Zacks Consensus Estimate of $3.72 by 1.1%.


Revenue Update

During 2016, the company reported revenues of $17.67 billion, up 4.95% from $16.83 billion in 2015. The full-year revenue figure however missed the Zacks Consensus Estimate of $17.89 billion by 1.2%.

Electric revenues were up 1.5% from the 2015 levels while natural gas revenues rose 19.7%.

Pacific Gas & Electric Co. Price, Consensus and EPS Surprise

Pacific Gas & Electric Co. Price, Consensus and EPS Surprise | Pacific Gas & Electric Co. Quote

Operational Highlights

Total operating expenses in 2016 were $15.49 billion, up 1.1% from $15.33 billion in 2015. Costs increased due to higher operation and maintenance expenses as well as depreciation, amortization and decommissioning costs.

Operating income came in at $2.17 billion, up from $1.51 billion in 2015.

Interest expenses in 2016 were $829 million, compared with $773 million in the year-ago quarter.

Guidance

The company has reiterated its guidance for 2017 adjusted earnings from operations at the range of $3.55−$3.75 per share.

PG&E Corporation expects to incur capital expenditure of $6 billion in 2017.

Zacks Rank

PG&E Corporation currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Peer Releases

American Electric Power Co., Inc. AEP reported fourth-quarter 2016 operating EPS of 67 cents, beating the Zacks Consensus Estimate of 55 cents by 21.8%.

NextEra Energy, Inc. NEE reported fourth-quarter 2016 adjusted EPS of $1.21, missing the Zacks Consensus Estimate of $1.29 by 6.2%. Reported earnings were, however, up 3.4% year over year.

CMS Energy Corp. CMS reported fourth-quarter 2016 adjusted EPS of 29 cents, in line with the Zacks Consensus Estimate. Quarterly earnings, however, tanked 23.7% year over year.

Just Released – Driverless Cars: Your Roadmap to Mega-Profits Today

In this latest Special Report, Zacks’ Aggressive Growth Strategist Brian Bolan explores a full-blown technological breakthrough in the making – autonomous cars. He also spotlights 8 stocks with tremendous gain potential to feed off this phenomenon. Click to see the stocks right now >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

To read this article on Zacks.com click here.

Zacks Investment Research
<-- You can share this post with your network,
or give us your opinion and leave a comment.
Be sure to check our RSS feeds for updates.