PG&E Corporation PCG, -0.68% said Monday it swung to a third-quarter loss of $1.09 billion, or 55 cents a share, from net income of $83 million, or 4 cents a share, in the year-ago period. The quarter included $1.57 billion, or 79 cents a share in costs related to its Chapt. 11 reorganization case, and amortization of wildfire insurance fund contributions, investigation remedies, and 2019-2020 wildfire-related costs. Adjusted earnings rose to 24 cents a share from 22 cents a share. Operating revenue for the quarter totaled $5.47 billion. Analysts expected the company to earn 26 cents a share, with revenue of $5.37 billion. PG&E CEO Patti Poppe said the company continues to “deliver on our wildfire mitigation commitments while initiating bold new actions to reduce risk across our electric system, including: undergrounding power lines, calibrating the sensitivity of our automatic shutoff equipment, and executing more vegetation management.” PG&E Corporation expects 2021 results ranging from a loss of 12 cents a share to earnings of 7 cents a share, including non-core items, and maintained its projected adjusted earnings of 95 cents to $1.05 a share. Analysts expect the company to earn $1 a share. Shares of PG&E are down 6.9% this year, compared to a rise of 22.6% by the S&P 500.
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