PCG - PG&E Q1 profit surges on rising revenues reduced wildfire hit

PG&E (NYSE:PCG) +1.9% pre-market Thursday after easily beating Q1 adjusted earnings and revenues while reaffirming guidance for full-year earnings, as revenues jumped at its California utilities and the company took a reduced hit related to wildfires. Q1 income available for shareholders nearly quadrupled to $475M, or $0.22/share, from $120M, or $0.06/share, driven by cost reduction, growth in rate base earnings and timing of taxes. The company booked a $1M benefit related to wildfire claims, net of recoveries, compared with a $172M expense a year earlier. PG&E (PCG) reiterated guidance for FY 2022 adjusted EPS of $1.07-$1.13 a share, while lowering its projection for full-year GAAP EPS to $0.85-$1.16 from a prior range of $0.89-$1.23, due to costs related to the amortization of contributions to a state wildfire fund and other wildfire related costs. PG&E's (PCG) price return has gained 3% YTD and 17% during the past year.

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PG&E Q1 profit surges on rising revenues, reduced wildfire hit