PG&E Posts Mixed Bag Of Q1 Earnings, Plows Billions Into Safety

Benzinga04-26

PG&E Corporation (NYSE:PCG) reported first-quarter FY24 operating revenue of $5.86 billion (vs. $6.21 billion a year ago), missing the consensus of $6.59 billion.

Electric revenue fell to $4.05 billion from $4.12 billion a year ago. Natural gas declined to $1.81 billion from $2.09 billion the prior year.

Adjusted EPS was $0.37, higher than $0.29 in the prior year, beating the consensus of $0.35.

FY24 Guidance: PG&E reaffirmed its adjusted EPS guidance of $1.33-$1.37 versus the $1.36 consensus.

PG&E shared its five-year financing plan, which includes funding $62 billion of safety and reliability capital expenditures.

The strategy, which does not factor in the sale of the Utility’s non-nuclear generation assets, confirms the company’s dedication to refraining from new equity in 2024.

It also allows for significant dividend expansion over the next five years and anticipates a possible equity requirement of up to $3 billion between 2025 and 2028.

Investors can gain exposure to the stock via VanEck Uranium Nuclear Energy ETF (NYSE:NLR) and Virtus Reaves Utilities ETF (NYSE:UTES).

Price Action: PCG shares are trading higher by 0.28% at $17.05 at the last check Thursday.

Photo via Shutterstock

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