PG&E returns to profit in 4Q, adj. results miss
SAN FRANCISCO (AP) — PG&E returned to a profit in its fourth quarter, as the prior-year period included higher costs related to natural gas.
But the utility's adjusted earnings missed analysts' estimates.
PG&E's net income available was $86 million, or 19 cents per share, for the period ended Dec. 31. A year earlier, it lost $13 million, or 3 cents per share.
Costs tied to natural gas matters — including costs to make safety improvements — totaled $105 million in the latest quarter, down from $259 million a year ago. The prior-year period also included $7 million in environmental-related costs.
Excluding certain items, earnings from operations were 42 cents per share.
Analysts surveyed by FactSet predicted earnings of 44 cents per share.
For the year, PG&E Corp.'s net income slipped to $814 million, or $1.83 per share, from $816 million, or $1.92 per share, in 2012.
Adjusted earnings from operations were $2.72 per share.
Annual revenue rose 4 percent to $15.6 billion from $15.04 billion.
PG&E serves more 15 million customers in Northern and Central California.
The stock shed 17 cents to $42.03 in morning trading.