OAKLAND - PG&E Corporation (NYSE: NYSE:PCG) reported third quarter earnings that missed analyst estimates, while narrowing its full-year 2024 guidance and initiating 2025 guidance. PGC shares were down 1% premarket Thursday.
The utility company posted Q3 adjusted earnings per share of $0.27, falling short of the $0.33 consensus estimate. Revenue came in at $5.94 billion, below expectations of $6.61 billion but up slightly from $5.89 billion in the same quarter last year.
Despite the earnings miss, PG&E narrowed its 2024 adjusted EPS guidance to $1.34-$1.37, compared to its previous range of $1.33-$1.37. The company also initiated 2025 adjusted EPS guidance of $1.47-$1.51.
"We continue to deliver for our hometowns through a foundation of safety for our customers. We're building infrastructure for purpose—a clean, climate-resilient energy system that meets our state's growing electric demand and is affordable for all," said PG&E Corporation CEO, Patti Poppe.
The company increased its 5-year capital investment plan by $1 billion to $63 billion for 2024 through 2028, citing growing customer demand. PG&E said this incremental capital has already been financed through a recent issuance of junior subordinated notes.
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