PG&E 3Q earnings rise on new investments

PG&E 3rd-qtr earnings rise on revenue streaming from new infrastructure investments

• On 10:56 am EDT, Thursday October 29, 2009

SAN FRANCISCO (AP) -- Electric utility PG&E Corp. said Thursday its third-quarter earnings rose nearly 5 percent due to new revenue from investments in infrastructure.

It reaffirmed its earnings predictions through 2011.

The company earned $318 million, or 83 cents per share, compared with $304 million, or 83 cents per share, a year ago. PG&E had about 30 million more shares outstanding last quarter than a year earlier.

Excluding one-time items, the company earned $358 million, or 93 cents per share.

Revenue fell to $3.24 billion, from $3.67 billion in the third-quarter of 2008.

Analysts surveyed by Thomson Reuters, who usually exclude one-time 0.91 on revenue of $3.48 billion.

The company has spent around $3 billion so far this year on capital projects.

For the full-year, PG&E expects adjusted earnings of $3.15-$3.25 per share. Analysts expect $3.16.

PG&E also expects earnings for 2010 and 2011 within a range of what Wall Street is expecting.

Shares rose 10 cents to $41.65 in morning trading.