PG&E’s 4Q17 Earnings Fell, No Guidance for 2018
PG&E missed 4Q17 estimates
PG&E (PCG) reported its 4Q17 and fiscal 2017 earnings on February 9, 2018. The utility reported earnings of $0.63 per share for the quarter ending on December 31, 2017. PG&E reported earnings of $1.33 per share for the same period in 2016.
For fiscal 2017, PG&E’s earnings were $3.68 per share—compared to its earnings of $3.76 per share in 2016. PG&E’s earnings per share fell more than 2% year-over-year.
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PG&E reported total revenues of $4.1 billion for the reported quarter—compared to analysts’ estimates of $4.76 billion. In the same quarter in 2016, PG&E reported total revenues of $4.7 billion.
PG&E’s management didn’t provide the earnings guidance for 2018. Management said that there are uncertainties regarding liability damages from the wildfires.
PG&E reported $82 million in costs from the wildfires during 4Q17.
The utility has been under tremendous pressure since October 2017. There was speculation that PG&E might have been responsible for the wildfires in California. Since then, PG&E stock has fallen more than 45%. PG&E has wiped out more than $15 billion of its market capitalization.
PG&E suspended its 4Q17 dividends amid mounting uncertainties related to its liabilities linked to the wildfires.