PG&E raises FY24 EPS view to $1.33-$1.37 from $1.31-$1.35

Consensus $1.35. The company said, “PG&E Corporation is increasing 2024 GAAP earnings guidance in the range of $1.10 to $1.14 per share (previously $1.08 to $1.12 per share). The midpoint of this new range is up seven percent from the year-end result of $1.05 per share. Factors driving GAAP earnings include costs related to unrecoverable interest expense of $285 to $365 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, PG&E Corporation’s and the Utility’s reorganization cases under Chapter 11, wildfire-related costs, and investigation remedies, partially offset by prior period net regulatory impact. The guidance range for projected 2024 non-GAAP core earnings is increased to $1.33 to $1.37 per share (previously $1.31 to $1.35 per share). The midpoint of this new range is up ten percent from the year-end result of $1.23 per share. The guidance range for non-core items, which management does not consider representative of ongoing earnings, is $480 million to $490 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, and certain other factors.”