PG & E Corp. (PCG) announced that its third-quarter net income available for common shareholders was $318 million, or $0.83 per share, compared to $304 million, or $0.83 per share in the year ago quarter.
The latest quarter GAAP results included a net charge of $0.10 per share, reflecting costs for accelerated natural gas system survey and maintenance work and a workforce reduction, partially offset by a prior year tax benefit.
On a non-GAAP basis, earnings from operations were $358 million, or $0.93 per share, in the third quarter of 2009. Analysts polled by Thomson Reuters expected the company to report earnings of $0.92 per share for the quarter. Analysts' estimates typically exclude special items.
Total operating revenues for the quarter were $3.24 billion, compared to $3.67 billion in the prior year quarter. Six analysts had consensus revenue estimate of $3.48 billion for the quarter.
For fiscal 2009, the company now expects GAAP earnings to be in the range of $3.13 to $3.27 per share. Earlier, GAAP earnings were projected to be $3.21 - $3.33 per share for 2009. Analysts expect the company to report earnings of $3.16 per share for fiscal 2009.
PG&E reaffirmed its previous guidance for earnings from operations in the range of $3.15-$3.25 per share for 2009, $3.35-$3.50 per share for 2010, and $3.65-$3.85 per share for 2011.
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