PG&E backs FY23 EPS view $1.19-$1.23, consensus $1.22

The company said, "PG&E Corporation is updating 2023 GAAP earnings guidance in the range of $0.98 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, investigation remedies, wildfire-related costs, and PG&E Corporation’s and the Utility’s reorganization cases under Chapter 11, 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 $440 million after tax."