PG&E Corp. (PCG) Q4 Earnings In Line, Revenues Rise Y/Y
PG&E Corporation PCG reported adjusted operating earnings per share of 28 cents for fourth-quarter 2021, which matched the Zacks Consensus Estimate. The bottom line increased 33.3% from the year-ago quarter’s reported figure.
This upside in adjusted earnings can be attributed to regulatory items, the timing of taxes, cost reduction, and the timing of nuclear refueling outages.
The company reported GAAP earnings of 22 cents per share compared with 9 cents in the prior-year quarter.
For 2021, PG&E Corp posted an adjusted EPS of $1.08, which surpassed the Zacks Consensus Estimate of $1. The reported figure however deteriorated from $1.61 generated in 2020.
Pacific Gas & Electric Co. Price, Consensus and EPS Surprise
Pacific Gas & Electric Co. price-consensus-eps-surprise-chart | Pacific Gas & Electric Co. Quote
Revenue Update
PG&E Corp’s total revenues of $5,246 million rose 10.5% from the year-ago quarter’s $4,748 million. Revenues exceeded the Zacks Consensus Estimate of $5,137 million by 2.1%.
In 2021, the company generated operating revenues of $20.64 billion, which exceeded the Zacks Consensus Estimate of $20.56 billion. The top line also improved 11.8% from the 2020 revenue figure.
Operational Highlights
Operating expenses in 2021 totaled $18.76 billion, which increased 12.2% from $16.71 billion in 2020. The increase was due to higher costs of electricity, natural gas, as well as increased operation and maintenance along with wildfire fund expenses.
The company reported an operating income of $1.88 billion compared with $1.76 billion during the previous year.
Interest expenses in 2021 totaled $1.60 billion compared with $1.26 billion in the prior year.
Guidance
On a non-GAAP basis, PG&E Corp. expects to generate core earnings in the range of $1.07-$1.13 per share for 2022. The Zacks Consensus Estimate for 2022 earnings, pegged at $1.09 per share, lies below the midpoint of the company’s guided range.
Zacks Rank
PG&E Corp. currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
NextEra Energy NEE reported fourth-quarter 2021 adjusted earnings of 41 cents per share, which beat the Zacks Consensus Estimate of 40 cents by 2.5%. The bottom line was also up 2.5% from the prior-year quarter.
NextEra’s operating revenues were $5,046 million, which lagged the Zacks Consensus Estimate of $5,436 million by 7.2%. Nonetheless, the top line improved 14.8% year over year.
CMS Energy Corporation CMS reported fourth-quarter 2021 adjusted earnings per share (EPS) of 47 cents from continuing operations, which came in line with the Zacks Consensus Estimate. The reported figure declined 2.1% on a year-over-year basis.
CMS Energy’s operating revenues were $2,033 million, which exceeded the Zacks Consensus Estimate of $1,754 million by 15.9%. The top line also improved 17.7% on a year-over-year basis.
Xcel Energy Inc. XEL posted fourth-quarter 2021 operating earnings of 58 cents per share, which is on par with the Zacks Consensus Estimate. The bottom line also rose 7.4% from the year-ago earnings of 54 cents.
XEL’s fourth-quarter revenues of $3,355 million beat the Zacks Consensus Estimate of $3,136 million by 7%. The same improved 14% from the prior-year quarter’s $2,947 million.
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