PG&E Corporation Reports Robust Earnings Growth

Pacific Gas & Electric Co. ( (PCG) ) has released its Q3 earnings. Here is a breakdown of the information Pacific Gas & Electric Co. presented to its investors.

PG&E Corporation, a major energy company serving Northern and Central California, is experiencing significant financial and operational advancements. The company has reported strong third-quarter results, showcasing an increase in earnings and a strengthened financial outlook for 2024 and 2025. GAAP earnings per share rose to $0.27 in the third quarter of 2024 from $0.16 in the same period last year. Non-GAAP core earnings also showed improvement, reaching $0.37 per share for the third quarter, up from $0.24 a year ago.

PG&E’s financial results reflect increased customer capital investments and cost savings in non-fuel operations and maintenance. The company has updated its 2024 earnings guidance, projecting GAAP earnings between $1.09 and $1.14 per share, and non-GAAP core earnings between $1.34 and $1.37 per share. Additionally, PG&E has initiated 2025 guidance with expectations of further earnings growth.

The company is committed to enhancing infrastructure safety and resilience, having completed significant underground and covered powerline projects in high fire-risk areas. PG&E has also expanded its wildfire detection capabilities and increased connections to its electric system. Furthermore, the company has made strides in renewable energy, supporting the opening of a major renewable natural gas plant in California.

Looking ahead, PG&E Corporation aims to continue building a reliable and affordable energy system, meeting the growing demands of its service area. The company’s management remains optimistic about sustaining its positive financial trajectory while focusing on safety and sustainability in its operations.