Pacific Gas and Electric Corporation (PG&E Corp.) has reported an increased profit for its first quarter compared to the same period in the previous year, surpassing Wall Street predictions.
For this quarter, the company reported earnings amounting to $732 million, or $0.34 per share. This is a considerable increase from their first quarter earnings last year, which were $569 million, or $0.27 per share.
When exceptional items are excluded, PG&E Corp.'s adjusted earnings for the quarter were reported as $800 million or $0.37 per share.
Analysts had predicted, on average, that the company would earn $0.35 per share, as per data collected by Thomson Reuters. It should be noted, however, that these estimates typically do not account for special items.
The corporation reported a 5.6% decline in revenue for the quarter, down to $5.86 billion from the $6.21 billion recorded in the same period last year.
To summarize, PG&E Corp.'s earnings for the quarter, in accordance with GAAP, were:
- Earnings for Q1: $732 Million, up from $569 Million in the previous year
- Earnings per share for Q1: $0.34, up from $0.27 in the previous year
- Revenue for Q1: $5.86 Billion, down from $6.21 Billion in the previous year
Looking ahead, PG&E Corp. has projected full-year earnings-per-share in the range of $1.33 to $1.37.
