WASHINGTON (dpa-AFX) - Utility PG&E Corp. (PCG), while reporting higher third-quarter earnings, above market estimates, on Thursday trimmed its forecast for fiscal 2024 earnings on a reported basis, while raised adjusted earnings view. Further, the company initiated outlook for fiscal 2025.
In pre-market activity on the NYSE, the shares were gaining around 1.2 percent to trade at $20.50.
For fiscal 2024, PG&E now expects earnings on a reported basis in the range of $1.09 to $1.14 per share, lower than previously expected $1.11 to $1.17 per share.
On an adjusted basis, the company raised the lower end of earnings guidance, and now expects $1.34 to $1.37 per share, compared to previous estimate of around $1.33 to $1.37 per share.
Analysts on average expect the company to earn $1.36 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Further, for fiscal 2025, PG&E projects earnings in the range of $1.30 to $1.36 and adjusted core earnings in the range of $1.47 to $1.51 per share. The Street is looking for earnings of $1.48 per share for the year.
In addition, PG&E said it is increasing its 5-year capital investment plan by $1 billion for a total of $63 billion for 2024 through 2028.
In its third quarter, PG&E's bottom line totaled $576 million or $0.27 per share, compared to $348 million or $0.16 per share.
Adjusted earnings were $791 million or $0.37 per share for the period. Analysts had expected the company to earn $0.33 per share.
The company's revenue for the quarter rose 0.9 percent to $5.941 billion from $5.888 billion last year.
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