Breaking News
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

PG&E Q1 Profit Rises, Tops View; Backs 2012 Outlook

RELATED NEWS
Trade PCG now with 
5/2/2012 11:19 AM ET

Public Utility firm PG&E Corp. (PCG: Quote), an energy-based holding company that owns Pacific Gas and Electric Co., reported Wednesday a profit for the first quarter that increased from last year, reflecting higher revenues. Adjusted earnings per share for the quarter topped analysts' expectations, while quarterly revenues missed their estimates. The company also reaffirmed its earnings forecast for the full-years 2012.

"Across PG&E, we continued to move ahead with efforts to improve operations and customer service, including further pipeline testing and validation work to affirm the safety of our gas system," Chairman, CEO and President Tony Earley said in a statement.

The San Francisco, California-based company, which conducts business through Pacific Gas and Electric Co., reported consolidated net income of $233 million or $0.56 per share for the first quarter, higher than $199 million or $0.50 per share in the prior-year quarter.

Excluding special items, adjusted earnings from operations for the quarter rose to $372 million or $0.89 per share from $230 million or $0.58 per share in the year-ago quarter.

On average, 11 analysts polled by Thomson Reuters expected earnings of $0.75 per share for the first quarter. Analysts' estimates typically exclude special items.

Total operating revenues for the quarter edged up to $3.64 billion from $3.60 billion in the same quarter last year, but missed five Wall Street analysts' consensus estimate of $3.83 billion.

The results for the latest quarter include costs related to the continuing work to validate safe pipeline operating pressures and conduct strength testing, as well as legal and other expenses related to the San Bruno pipeline accident.

The company said it has incurred total costs of $650 million for natural gas pipeline-related actions since the September 2010 San Bruno pipeline accident, all of which have been incurred at shareholders' expense.

Electric revenues for the quarter increased to $2.77 billion from $2.62 billion in the prior-year quarter, while revenues for natural gas were $869 million, lower than $980 million in the year-ago quarter.

PG&E's operating income edged up to $487 million from $484 million in the prior-year quarter, while total operating expenses were $3.15 billion, up from $3.11 billion in the comparable quarter a year ago.

Looking ahead to fiscal 2012, PG&E reaffirmed its adjusted earnings from operations forecast in a range of $3.10 to $3.30 per share. Analysts expect the company to report earnings of $3.19 per share for the full-year 2012.

In Wednesday's regular trading session, PCG is currently trading at $44.20, up $0.01 or 0.02% on a volume of 0.82 million shares.

Register
To receive FREE breaking news email alerts for PG&E Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Chipmaker Advanced Micro Devices Inc. said Thursday after the markets closed that its first quarter loss narrowed from last year, helped by strong revenue growth in its graphics and visual solutions business. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue. After trending higher over the past few sessions, stocks showed a lack of direction throughout the trading day on Thursday. The major averages spent the session bouncing back and forth across the unchanged line before ending the day mixed. While the major averages closed on opposite sides of the unchanged line, they all showed only modest moves. U.S. Secretary Of State John Kerry said Thursday that he and his counterparts from Russia, Ukraine and the European Union have reached an agreement on a preliminary plan for ending the ongoing crisis in Ukraine. Kerry was speaking at the end of the Ukraine contact group's first meeting, comprising the foreign ministers of Russia, Ukraine, the EU and the U.S., in the Swiss city of Geneva.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.