PCG - PG&E swings to Q3 profit despite revenue miss; sets 2023 guidance

PG&E ( NYSE: PCG ) +1.9% in Thursday's trading after reporting better than forecast Q3 adjusted earnings while revenues missed expectations,

Q3 net profit of $459M, or $0.21/share, swung from a year-ago loss of $1.09B, or $0.55/share; this year's results include a $100M charge for the Mosquito wildfire in California that its equipment may have sparked last month in the Sierra Nevada mountains.

PG&E ( PCG ) said the costs of the Mosquito Fire should be largely offset by insurance and other rate recoveries, according to an SEC filing ; U.S. officials have launched a criminal investigation into the company's role in the fire, which burned more than 76K acres and destroyed 78 structures.

For the full year, PG&E ( PCG ) said it now foresees GAAP earnings of $0.80-$1.01/share, narrowed from its earlier EPS forecast of $0.74-$1.02, and adjusted earnings of $1.09-$1.11/share, also narrowed from previous guidance of $1.07-$1.13.

For FY 2023, the company guides for GAAP earnings of $0.98-$1.21/share and adjusted EPS of $1.19-$1.23.

PG&E's ( PCG ) stock price return shows a 26% YTD gain and a 33% increase during the past year .

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