PG&E beats EPS estimates, misses on the top line (21.70)
- Q1 non-GAAP EPS $1.04 (GAAP EPS $0.25) vs. $0.88 consensus; rev -1% to $4.0 bln vs. $4.2 bln consensus.
- At this time, PG&E Corporation is not providing guidance for 2019 GAAP earnings and non-GAAP earnings from operations due to the continuing uncertainty related to the 2018 Camp Fire, the 2017 Northern California wildfires, the Chapter 11 proceedings, and legislative and regulatory reforms. PG&E Corporation is providing 2019 IIC guidance of $1.0 billion to $1.4 billion after-tax for costs related to enhanced and accelerated electric asset inspections, the 2018 Camp Fire, 2017 Northern California wildfires, and Chapter 11-related matters. See the accompanying tables for additional information .
- "The people of California look to PG&E to provide safe electric and natural gas service, and this remains our most important responsibility. Over the last several months, the company has heard the calls for change, and has executed a number of actions that position PG&E to be able to address the evolving needs of California. As we position PG&E for the long-term, we are continuing to implement programs that will make the communities we serve safer in the face of extreme weather and wildfire risk, while also recognizing that significant work remains to be done as our state collectively confronts the coming wildfire season and the challenges of climate change," said PG&E Corporation Chief Executive Officer (CEO) and President Bill Johnson.
- Mr. Johnson, who recently concluded a more than six-year tenure as President and CEO of the Tennessee Valley Authority, began his role at PG&E today