PG&E Corp.'s (PCG) second-quarter GAAP net income available for common shareholders fell to $235 million, or $0.55 per share, from $362 million, or $0.91 per share last year. The company said the year-ago period included an additional quarter of incremental revenues, reflecting the April and May 2011 approvals of the utility's Gas Transmission and Storage Case and 2011 General Rate Case, both of which were retroactive to the beginning of the year. The results also reflected higher pipeline-related costs this quarter and an additional provision for third-party claims.
Excluding the item impacting comparability, non-GAAP earnings from operations were $343 million, or $0.81 per share, lower than the prior year's $406 million, or $1.02 per share. On average, 13 analysts polled by Thomson Reuters expected earnings per share of $0.82 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly total operating revenues were $3.59 billion, versus $3.68 billion in the same period in 2011. Analysts estimated revenues of $3.95 billion for the quarter.
Reflecting the additional $80 million accrual for third-party liability during the quarter and the $25 million of insurance recoveries, 2012 GAAP earnings guidance is now updated to $1.83 - $2.41 per share, compared with the previous range of $1.80 - $2.49 per share.
In addition, PG&E is maintaining its annual guidance for non-GAAP earnings from operations of $3.10 - $3.30 per share. Nineteen analysts project full-year 2012 earnings of $3.19 per share.
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