PG&E Corp. (PCG) Tops Q3 EPS Views; Found Improper Communications with Regulators

PG&E Corp. (NYSE: PCG) reported Q3 EPS of $1.73, $0.63 better than the analyst estimate of $1.10. Revenue for the quarter came in at $4.94 billion versus the consensus estimate of $4.68 billion.

PG&E Corporation Chairman, CEO and President Tony Earley said: “Operationally, we continued to make excellent progress during the quarter. This was exemplified by our team’s response to make the system safe and restore service during the Napa Valley earthquake in August. Improvements in our emergency planning and the use of data from our SmartMeter™ network supported our ability to respond quickly and effectively.

“Unfortunately, during the quarter, as a result of an internal review, we found that certain improper communications had occurred with our regulators. We promptly reported our findings to the California Public Utilities Commission and took significant actions to address the shortcomings. We are committed to complying with both the letter and the spirit of the law and PG&E’s own Code of Conduct at all times.

“We continue to believe that it is vital that state regulators resolve gas pipeline investigations that have been ongoing for more than three years and decide any associated penalties in a timely and balanced manner.”

PG&E Corp. sees FY2014 EPS of $3.45-$3.55, versus the consensus of $3.18.

For earnings history and earnings-related data on PG&E Corp. (PCG) click here.

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