PG&E backs FY23 EPS view $1.19-$1.23, consensus $1.21

The company said, “PG&E Corporation is updating 2023 GAAP earnings guidance in the range of $1.04 to $1.13 per diluted share. Factors driving GAAP earnings include costs related to unrecoverable interest expense of $370 million to $430 million after tax and other earnings factors, including allowance for funds used during construction equity, incentive revenues, tax benefits, and cost savings, net of below-the-line costs. Additional factors include the amortization of the Wildfire Fund asset and accretion of the related Wildfire Fund liability, wildfire-related costs, PG&E Corporation’s and the Utility’s reorganization cases under Chapter 11, and investigation remedies, partially offset by Fire Victim Trust tax benefits and prior period net regulatory impact. The guidance range for projected 2023 non-GAAP core earnings is reaffirmed at $1.19 to $1.23 per diluted share. The guidance range for non-core items, which management does not consider representative of ongoing earnings, is updated to $210 million to $320 million after tax.”