PG&E Corp (PCG) To Report Q1 Earnings: What's In The Cards?
Zacks Investment Research | Apr 29, 2019 09:59PM ET
PG&E Corporation (NYSE:PCG) is set to report first-quarter 2019 results on May 2, before the opening bell.
In the last reported quarter, the company delivered a positive earnings surprise of 29.03%. The bottom line also surpassed the Zacks Consensus Estimate in three of the trailing four quarters, the average beat being 10.10%.
Let’s see, how things are shaping up at the company prior to this announcement.
Factors at Play
During most of the first quarter, PG&E Corp witnessed colder-than-normal temperature in its service territory, indicating at an increased use of electricity by its consumers for heating purpose. This in turn, is likely to boost the company’s quarterly revenues. In line with this, the Zacks Consensus Estimate for the top line is pegged at $4.19 billion, suggesting growth of 3.4% from the year-ago quarter figure.
On the flip side, the utility incurred expenditure of $681 million for clean-up and repair of its facilities, through Dec 31, 2018, with wildfire being the primary culprit. In February 2019, the company announced that the utility’s equipment might be the “probable” the source of the 2018 Camp Fire — the deadliest in California’s history. If found guilty, once again wildfire related costs and associated fines are expected to push up the company’s overall expenditure. Such costs may persistently hurt the company’s results and in turn impact its bottom-line performance. Notably, the Zacks Consensus Estimate of 90 cents for PG&E’s quarterly earnings indicates a 1.1% drop from the year-ago quarter number.
In addition, PG&E Corp has filed for bankruptcy at the onset of the first quarter. No doubt, this decision was made pertaining to the company’s liabilities resulting from the 2017 and 2018 wildfires. We can expect the soon-to-be-reported results to give us further insight into this matter.
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