PG&E backs FY24 core EPS view $1.33-$1.37, consensus $1.36

The company said, “PG&E Corporation is updating 2024 GAAP earnings guidance in the range of $1.11 to $1.17 per share (previously $1.15 to $1.20 per share). Factors driving GAAP earnings include costs related to unrecoverable interest expense of $285 million to $365 million after tax and other earnings factors, including allowance for funds used during construction equity, incentive revenues, tax benefits, and cost savings, net of below-the-line costs. Additional factors include the amortization of the Wildfire Fund asset and accretion of the related Wildfire Fund liability, PG&E Corporation’s and the Utility’s reorganization cases under Chapter 11, wildfire-related costs, and investigation remedies, partially offset by prior period net regulatory impact. The guidance range for projected 2024 non-GAAP core earnings is reaffirmed at $1.33 to $1.37 per share. The guidance range for non-core items, which management does not consider representative of ongoing earnings, is $420 million to $460 million after tax.”