PG&E Q1 Results Miss Estimates; Cuts FY25 Earnings View, Backs Core Earnings Forecast - Update

(RTTNews) - PG&E Corp. (PCG), while reporting weak profit in its first quarter below market estimates, on Thursday trimmed its earnings view for fiscal 2025 on a reported basis. Further, the company maintained core earnings outlook.

In pre-market activity on the NYSE, PG&E shares were losing around 1.9 percent to trade at $17.21.

For fiscal 2025, PG&E now expects earnings in the range of $1.29 to $1.35 per share, lower than previous estimate of $1.30 to $1.36 per share.

The company continues to expect core earnings of $1.48 to $1.52 per share.

The Wall Street analysts on average expect the company to report earnings of $1.50 per share. Analysts' estimates typically exclude special items.

In its first quarter, PG&E's earnings totaled $607 million or $0.28 per share, down from $732 million or $0.34 per share last year.

Core earnings were $728 million or $0.33 per share for the period, compared to earnings of $800 million or $0.37 per share for first-quarter 2024..

Analysts had expected the company to earn $0.34 per share.

The company's revenue for the period rose 2.1 percent to $5.983 billion from $5.861 billion last year. The Street expected revenues of $6.02 billion.

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