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PG&E 8-K Report, Financial Results (Nov 7, 2024)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed November 7, 2024
Period End
November 7, 2024
In the record · 2016–202610-K1310-Q338-K367

PCG filed 13 annual reports (10-K), 33 quarterly reports (10-Q) and 367 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jul ’18Jul ’18
  2. Bankruptcy8-K · Jun ’20Jun ’20
  3. Material agreement8-K · Apr ’22Apr ’22
  4. Material agreement8-K · Jun ’26Jun ’26

01—Abstract

Summary

Summary of the 8-K filed November 7, 2024. Cited figures are marked; the original filing is the authoritative source.

PG&E Corporation and Pacific Gas and Electric Company furnished this Form 8-K on November 7, 2024 to report third-quarter 2024 results (quarter ended September 30, 2024), along with updated 2024 guidance, initial 2025 guidance, and a $1 billiona increase to the 2024-2028 capital plan.

GAAP income available for common shareholders was $576 millionb, or $0.27 per share, for the third quarter of 2024, versus $348 million, or $0.16 per share, a year earlier. Non-GAAP core earnings were $791 million, or $0.37 per share, versus $513 million, or $0.24 per share. For the first nine months, GAAP diluted EPS was $0.85 and non-GAAP core EPS was $1.06.

Management narrowed 2024 non-GAAP core EPS guidance to $1.34 to $1.37c per share (previously $1.33 to $1.37) and lowered the GAAP EPS guidance range to $1.09 to $1.14 per share (previously $1.11 to $1.17). For 2025, it initiated GAAP EPS guidance of $1.30 to $1.36 and non-GAAP core EPS guidance of $1.47 to $1.51. The five-year capital plan rises to $63 billion for 2024 through 2028, with the incremental $1 billion approved by the California Public Utilities Commission and already financed through junior subordinated notes.

The company reaffirmed no new equity in 2024 and $3 billiond of equity from 2025 to 2028. The third-quarter GAAP results include a $75 million pre-tax charge related to the 2019 Kincade fire and a $275 million pre-tax charge related to the 2021 Dixie fire, which did not affect GAAP results because it was fully offset by probable recoveries from the Wildfire Fund.

Non-core items totaled $215 million after tax, or $0.10 per share, in the quarter. The filing also notes a $34 million second monthly Wildfire Fund payment for Dixie fire claims received on October 28, 2024.

02—Key points

Key Highlights

  1. Q3 2024 GAAP EPS of $0.27 versus $0.16 in Q3 2023; non-GAAP core EPS of $0.37 versus $0.24.
  2. Nine-month 2024 GAAP diluted EPS of $0.85 versus $0.62; non-GAAP core EPS of $1.06 versus $0.76.
  3. 2024 non-GAAP core EPS guidance narrowed to $1.34 to $1.37 per share; GAAP EPS guidance updated to $1.09 to $1.14 per share.
  4. 2025 guidance initiated: GAAP EPS of $1.30 to $1.36 and non-GAAP core EPS of $1.47 to $1.51 per share.
  5. Five-year capital plan raised by $1 billion to $63 billion for 2024 through 2028, approved by the CPUC and prefinanced through junior subordinated notes.
  6. No equity needs in 2024 and $3 billion of equity needs for 2025 through 2028, reaffirmed.
  7. Q3 GAAP results included a $75 million pre-tax Kincade fire charge and a $275 million pre-tax Dixie fire charge, the latter fully offset by probable Wildfire Fund recoveries.

03—Questions

Frequently Asked Questions

  1. How did PG&E's third-quarter 2024 earnings compare with the prior year?

    GAAP income available for common shareholders was $576 million, or $0.27 per share, compared with $348 million, or $0.16 per share, in Q3 2023. Non-GAAP core earnings were $791 million, or $0.37 per share, compared with $513 million, or $0.24 per share. The filing attributes the increase mainly to customer capital investment, operating and maintenance savings, and the 2023 General Rate Case decision.

  2. Did PG&E change its 2024 earnings guidance?

    Yes. Non-GAAP core EPS guidance was narrowed to $1.34 to $1.37 per share, from $1.33 to $1.37. GAAP EPS guidance was updated to $1.09 to $1.14 per share, from $1.11 to $1.17. The filing states the non-core items range for 2024 is $500 million to $540 million after tax.

  3. What is the 2025 earnings outlook?

    PG&E initiated 2025 guidance of $1.30 to $1.36 per share on a GAAP basis and $1.47 to $1.51 per share on a non-GAAP core basis. The non-core items range for 2025 is $340 million to $380 million after tax, and unrecoverable net interest is projected at $350 million to $400 million after tax.

  4. How is the $1 billion increase to the capital plan being funded, and does it require new equity?

    The incremental capital is driven by growing customer demand and has been approved by the CPUC through Decision 24-07-008. It has already been financed through the recent issuance of junior subordinated notes. The company reaffirmed no equity needs in 2024 and $3 billion of equity issuance guidance for 2025 through 2028.

  5. What wildfire-related charges affected the quarter?

    PG&E recorded a pre-tax charge of $75 million related to the 2019 Kincade fire in the third quarter of 2024, which affected GAAP results. It also recorded a pre-tax charge of $275 million related to the 2021 Dixie fire, which did not affect GAAP results because it was fully offset by probable recoveries from the Wildfire Fund. The state Wildfire Fund made a second monthly payment of $34 million for Dixie fire claims on October 28, 2024.

04—Continue

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