logo
Plus   Neg
Share
Email

PG&E Not Providing FY19 Guidance Due To Continuing Fire Related Uncertainty

While reporting financial results for the fourth quarter and full-year 2018 on Thursday, PG&E Corp. (PCG) said it is not providing fiscal 2019 guidance for earnings and adjusted earnings from operations due to the continuing uncertainty related to the 2018 Camp Fire and the 2017 Northern California wildfires and the Chapter 11 proceedings.

PG&E is providing 2019 items impacting comparability (IIC) guidance of $670 million to $907 million after-tax for costs related to the 2018 Camp Fire and 2017 Northern California wildfires, electric asset inspections, and Chapter 11-related matters.

The company is facing extraordinary challenges relating to the 2018 Camp Fire and 2017 Northern California wildfires.

It recorded $10.5 billion in pre-tax charge related to third-party claims in connection with the 2018 Camp Fire in its full-year and fourth-quarter 2018 financial results.

It also recorded an additional $1.0 Billion pre-tax charge related to the 2017 Northern California wildfires. The $1.0 billion charge is in addition to the previously recorded $2.5 billion charge in the second quarter of 2018.

The company has taken a total of $14.0 billion in pre-tax charges related to the 2018 Camp Fire and the 2017 Northern California wildfires to date.

The charges represent a portion of the previously announced estimate of potential wildfire liabilities, which could exceed more than $30 billion.

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Oil major Exxon Mobil Corp. on Friday reported a 49 percent decline in profit for the first quarter from last year, while Chevron Corp.'s profit decreased 27 percent. The results of both companies were hurt by lower crude oil prices and weak refining margins. Exxon Mobil's results missed analysts' expectations, while Chevron's earnings beat estimates and its revenues missed expectations. Deutsche Bank AG reported Friday lower pre-tax profit in its first quarter with weak net revenues. Net profit, however, increased from last year with lower tax expenses. The German banking major, which ended merger talks with smaller rival Commerzbank AG on Thursday, trimmed its fiscal 2019 view to expect flat revenues, compared to previous estimate of slightly higher revenues. The shares were lo Comcast Corp. on Thursday reported a 14 percent increase in profit for the first quarter from last year on a double-digit growth in revenues. Adjusted earnings per share for the quarter beat analysts' expectations, while revenues missed their estimates. Total customer relationships increased by 3.6 percent to 30.7 million in the quarter and include net additions of 300,000.
Follow RTT