PG&E Shares Waver as Fire Costs Remain Uncertain -- Earnings Review
By Austen Hufford
PG&E Corp. (PCG) on Friday morning reported its results for the fourth quarter and year. Here's what you need to know:
WILDFIRES: The company continues to assess the potential costs and liabilities related to the Northern California wildires. For its fourth quarter and year, the company said there were $82 million in fire-related costs. It also said it wouldn't provide 2018 earnings guidance because of the October 2017 fires. In December, the company had suspended its dividend due to the potential liabilities.
REVENUE: Revenue in the year grew to $17.14 billion from $17.67 billion as growth in natural gas was offset by electric declines.
EARNINGS: The company posted an annual profit of $1.66 billion, or $3.21 a share, compared with a profit of $1.41 billion, or $2.78 a share, in the prior year. On an adjusted basis, which takes out the impact from the new tax law and other items, earnings per share were $3.68. For the fourth quarter, the company had earnings per share of 22 cents, and adjusted earnings per share of 63 cents. Analysts polled by Thomson Reuters had expected 68 cents of adjusted earnings in the quarter.
SHARES: In morning trading, shares were up 0.3%.
TAX LAW: The company said it would lower customer utility bills by about $500 million a year as a result of the new tax law. In the quarter, the company took a one-time charge of $147 million.
Write to Austen Hufford at Austen.Hufford@wsj.com
(END) Dow Jones Newswires
February 09, 2018 10:26 ET (15:26 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.