California's Gas & Power Provider Is Investing To Cut Wildfire Ignitions, Cuts Annual Profit Outlook
Portfolio Pulse from Akanksha Bakshi
PG&E Corporation reported a 9.2% YoY increase in Q3 FY23 operating revenue to $5.89 billion, beating the consensus of $5.48 billion. However, adjusted EPS was $0.24, lower than $0.29 in 3Q22, missing the consensus of $0.27. The company is investing in reducing wildfire ignitions and plans to put 350 miles of powerlines underground by 2023. PG&E has cut its FY23 GAAP EPS outlook to $0.99-$1.08 from $1.04-$1.13. PCG shares are trading lower by 1.95% at $15.86.

October 26, 2023 | 7:43 pm
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PG&E Corporation reported lower than expected EPS and has cut its FY23 GAAP EPS outlook, leading to a drop in its share price.
PG&E Corporation's lower than expected EPS and reduced FY23 GAAP EPS outlook are likely to negatively impact investor sentiment, leading to a drop in its share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100