PG&E Corp. (NYSE: PCG) reported Q1 EPS of $0.23, $0.03 worse than the analyst estimate of $0.26. Revenue for the quarter came in at $4.72 billion versus the consensus estimate of $4.83 billion.

• Recorded GAAP earnings were $0.06 per share for the first quarter of 2021, compared to earnings of $0.57 per share for the same period in 2020.
• Non-GAAP core earnings were $0.23 per share for the first quarter of 2021, compared to $0.89 per share for the same period in 2020.
• 2021 EPS guidance adjusted for GAAP earnings in the range of $0.07 to $0.21 and reaffirmed non-GAAP core earnings of $0.95 to $1.05 per share.

“This is an exciting time for PG&E,” said Patti Poppe, CEO of PG&E Corporation. “With our full leadership team now in place, we are pursuing the important work that we have all committed to – delivering clean, reliable energy for the benefit of our customers and hometowns, and doing so safely. We will meet that objective through our triple-bottom-line focus on people, the planet, and California’s prosperity, underpinned by performance.”

GUIDANCE:

PG&E Corp. sees FY2021 EPS of $0.95-$1.05, versus the consensus of $1.22.

PG&E Corporation is adjusting 2021 GAAP earnings guidance in the range of $0.07 to $0.21 per share, which includes non-core items. PG&E is adjusting 2021 non-core items guidance to approximately $1.8 billion to $1.9 billion after tax, reflecting bankruptcy and legal costs, the amortization of wildfire insurance fund contributions, investigation remedies, and 2019-2020 wildfire-related costs, partially offset by the rate neutral securitization inception impact and prior period net regulatory recoveries.

On a non-GAAP basis, the guidance range for projected 2021 core earnings is reaffirmed at $0.95 to $1.05 per share. Factors driving non-GAAP core earnings include net below the line and spend above authorized of up to $100 million after tax and unrecoverable interest expense of $300 million to $325 million after tax.

Guidance is based on various assumptions and forecasts, including those relating to authorized revenues, future expenses, capital expenditures, rate base, equity issuances, the potential Net Operating Loss (NOL) securitization, and certain other factors.

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