PCG - PG&E Corporation (PCG) Q4 2023 Earnings Call Transcript
2024-02-22 13:45:10 ET
PG&E Corporation. (PCG)
Q4 2023 Earnings Conference Call
February 22, 2024, 11:00 AM ET
Company Participants
Jonathan Arnold - Vice President of Investor Relations
Patricia Poppe - Chief Executive Officer
Carolyn Burke - Executive Vice President & Chief Financial Officer
Conference Call Participants
Shar Pourreza - Guggenheim Partners
Steve Fleishman - Wolfe Research
Nicholas Campanella - Barclays
Julien Dumoulin-Smith - Bank of America
Gregg Orrill - UBS
Ryan Levine - Citi
Anthony Crowdell - Mizuho Securities
David Arcaro - Morgan Stanley
Presentation
Operator
Thank you for standing by. And welcome to the PG&E Corporation Fourth Quarter 2023 Earnings Release Call. I would now like to welcome Jonathan Arnold, Vice President of Investor Relations to begin the call. Jonathan, over to you.
Jonathan Arnold
Good morning, everyone, and thank you for joining us for PG&E’s Fourth Quarter 2023 Earnings Call. With us today are Patti Poppe, Chief Executive Officer; and Carolyn Burke, Executive Vice President and Chief Financial Officer. We also have other members of the leadership team here with us in our Oakland headquarters.
First, I should remind you that today’s discussion will include forward-looking statements about our outlook for future financial results. These statements are based on information currently available to management. Some of the important factors, which could affect our actual financial results are described on the second page of today’s earnings presentation. The presentation also includes a reconciliation between non-GAAP and GAAP financial measures. The slides along with other relevant information can be found online at investor.pgecorp.com. We would also encourage you to review our Annual Report on Form 10-Q for the year ended December 31, 2023.
With that, it’s my pleasure to hand the call over to our CEO, Patti Poppe.
Patricia Poppe
Thank you, Jonathan. Good morning, everyone. This morning we reported full year core earnings of $1.23 delivering at the high end of our annual guidance range. This result represents growth of 12% over our 2022 results of $1.10.
In the fourth quarter we recognized the full year benefit of our 2023 general rate case as expected. I’m also pleased to announce that we exceeded our 2% annual nonfuel O&M savings target for the second consecutive year with savings coming in at 5.5% and pushing our EPS to the high end of the range. Because these savings were predominantly generated by reducing waste and improving service, they benefit customers today and benefit investors for years to come.
Looking to 2024, we are reaffirming our at least 10% growth target which is now based on our actual 2023 results of $1.23. This results in an increase to our 2024 core earnings guidance range with a new higher midpoint of $1.35 versus our previous guidance of $1.33. We also reaffirm our commitment to at least 9% core EPS growth for both 2025 and 2026, re-based off our actual 2023 results in our new 2024 range....
PG&E Corporation (PCG) Q4 2023 Earnings Call Transcript