PG&E Q2 Profit Rises, But Misses Estimates; Backs Annual Earnings Outlook

(RTTNews) - Natural gas and electric energy company PG&E Corporation (PCG) Thursday reported net profit of $406 million, or $0.19 per share for the second quarter, higher than $356 million, or $0.17 per share in the same quarter a year ago.

The increase was primarily driven by lower costs related to PG&E Corporation's and Pacific Gas and Electric Company's reorganization cases under Chapter 11 of the U.S. Bankruptcy Code and lower wildfire-related costs, and higher Fire Victim Trust tax benefit net of securitization, the company said.

Excluding one-time items, earnings were $494 million, or $0.23 per share, that missed the average estimate of analysts polled by Thomson-Reuters of $0.25 per share. Analysts' estimates typically exclude special items.

Quarterly revenue increased to $5.29 billion from $5.118 billion last year.

Looking forward, the company has reaffirmed its full-year adjusted EPS outlook in the range of $1.19 - $1.23. The consensus estimate stands at $1.21 per share.