PG & E Earnings: Here’s Why Shares are Down Now
PG & E Corp. (NYSE:PCG) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 0.56%.
PG & E Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 2.47% to $0.79 in the quarter versus EPS of $0.81 in the year-earlier quarter.
Revenue: Rose 5.09% to $3.78 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: PG & E Corp. reported adjusted EPS income of $0.79 per share. By that measure, the company beat the mean analyst estimate of $0.71. It missed the average revenue estimate of $3.9 billion.
Quoting Management: “During the quarter, we continued to make good progress on our gas-related commitments as well as our goals for electric system safety and reliability,” said Tony Earley, Chairman, CEO, and President of PG&E Corporation. “However, a timely and balanced resolution of the penalties related to the San Bruno accident will be important to our ability to continue providing safe, reliable, and affordable service to our customers in the years ahead.”
Key Stats (on next page)…