PG&E narrows FY24 core EPS view to $1.34-$1.37 from $1.33-$1.37

Consensus $1.36. The company said, “PG&E Corporation is updating 2024 GAAP earnings guidance in the range of $1.09 to $1.14 per share (previously $1.11 to $1.17 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, costs related to PG&E Corporation’s and Pacific Gas and Electric Company’s (Utility) 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 narrowed to $1.34 to $1.37 per share (previously $1.33 to $1.37 per share). The guidance range for non-core items, which management does not consider representative of ongoing earnings, is $500 million to $540 million after tax.”