The upside was driven by the impact of expense recovery authorized in the utility’s 2014 General Rate Case. GAAP earnings during the quarter were 6 cents per share compared with 49 cents in the year-ago quarter. Pg&E Corporation - Earnings Surprise | FindTheCompany Revenue Update Total revenue of $3,899 million in the first quarter surpassed the Zacks Consensus Estimate of $3,375 million by 15.5%. PG&E’s quarterly revenues increased a marginal 0.2% from $3,891 million in the year-ago period. The Electric business generated revenues of $3,013 million in the first quarter (up nearly 4% year over year), while Natural Gas recorded revenues of $886 million (down 0.4%). Expenses Total operating expenses were $3,828 million, up 12.4% from $3,407 million in the year-ago quarter. Costs in the quarter rose due to higher operation and maintenance expenses along with higher depreciation, amortization and decommissioning expenses. Guidance The utility issued guidance for 2015 adjusted earnings from operations in the range of $3.50– $3.70 per share. On a GAAP basis, PG&E expects earnings in the band of $1.93–$2.25 per share. The difference in operating and GAAP earnings resulted from the impact of the penalties assessed by the California Public Utilities Commission (CPUC) and other items. At its Peers CMS Energy Corp. CMS reported first-quarter 2015 adjusted earnings per share of 73 cents, outpacing the Zacks Consensus Estimate of 66 cents by 10.6%. American Electric Power Company Inc. AEP reported first-quarter 2015 operating earnings of $1.28 per share, beating the Zacks Consensus Estimate of $1.11 by 15.3%. DTE Energy Co. DTE reported first-quarter 2015 operating earnings per share of $1.65, beating the Zacks Consensus Estimate of $1.49 by 10.7%. Recent Development Recently, PG&E received a fourth decision (the “Final Decision”) from the CPUC requiring a penalty payment of $1.6 billion. The utility currently does not anticipate appealing to any of the decisions. The company has become aware of the need to upgrade its infrastructure to promote safety. PG&E intends to continue investing in infrastructure and deploying new technology. Zacks Rank Currently, PG&E Corporation carries a Zacks Rank #3 (Hold). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PG&E CORP (PCG): Free Stock Analysis Report AMER ELEC PWR (AEP): Free Stock Analysis Report CMS ENERGY (CMS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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