Investing.com - PG&E Corporation (NYSE: PCG) reported first quarter results that exceeded analyst expectations on Thursday.

The company’s shares up 2.37% in pre-market trading following the release, as investors responded positively to the utility’s strong performance and progress on rate reductions.

The company posted adjusted earnings of $0.43 per share for the first quarter, beating the analyst consensus of $0.39 per share. Revenue reached $6.88 billion, surpassing estimates of $6.38 billion and representing a 15% increase from $5.98 billion in the same quarter last year.

The company also reaffirmed its full-year 2026 adjusted EPS guidance of $1.64 to $1.66, with the midpoint of $1.65 matching analyst consensus.

PG&E remains on track to meet its 2-4% non-fuel operating and maintenance cost reduction target.

The earnings growth was driven by customer capital investment and higher rate base, the 2023 Wildfire Mitigation and Catastrophic Events final decision, and net operating and maintenance savings. These gains were partially offset by a lower return on equity in 2026 compared to 2025, increased wildfire-related claims, and Wildfire Fund expenses.

"Our PG&E team continues our progress in delivering safe, reliable, affordable and clean energy to our customers. We’ve lowered residential bundled electric rates, which are down 23% since January 2024 for our most vulnerable customers," said CEO Patti Poppe.

During the quarter, PG&E lowered residential bundled electric rates for the fifth consecutive time, achieving a 23% reduction for customers in the CARE program and 13% for other customers since January 2024.

The company also received approval from the U.S. Nuclear Regulatory Commission for Diablo Canyon Power Plant’s license renewal, extending operations for another 20 years.

PG&E completed 31 miles of underground powerlines and installed 44 miles of strengthened poles and covered powerlines in high fire-risk areas during the quarter.