PG&E Q3 operating revenue falls and misses estimates
PG&E Q3 operating revenue falls and misses estimates
Overview
US utility's Q3 operating revenue declined yr/yr and missed analyst expectations
GAAP EPS for Q3 fell yr/yr
Company reaffirmed 2026 and 2027 non-GAAP core EPS guidance
Outlook
PG&E reaffirms 2026 non-GAAP core EPS guidance at $1.64-$1.66
Company maintains 2027 non-GAAP core EPS guidance at $1.78-$1.82
PG&E says it is on track to achieve 2-4% non-fuel O&M cost reductions
Result Drivers
LOWER RETURN ON EQUITY - Co said lower CPUC return on equity and higher Wildfire Fund expense weighed on Q3 earnings
O&M COST SAVINGS - Co said it is on track to achieve targeted reductions in non-fuel operating and maintenance costs
CUSTOMER CONNECTIONS - Co said increased electric customer and EV charging port connections supported operational progress
Company press release: Full Story
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Operating Revenue | Miss | $6.19 bln | $6.83 bln (5 Analysts) |
Q3 EPS |
| $0.34 |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 10 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the electric utilities peer group is "buy"
Wall Street's median 12-month price target for PG&E Corp is $17.00, about 29.3% above its October 21 closing price of $13.15
The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 10 three months ago
Reuters Recommended Reads
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Oct 21 - NextEra Energy tops quarterly profit estimates, says Dominion deal on track
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)