PG&E Reports Mixed Q2 Earnings

PG&E Corporation PCG reported second-quarterly earnings of $1.10 per share, which beat the analyst consensus estimate of 98 cents by 12.24%. This is a 5.17% decrease over earnings of $1.16 per share from the same period last year.

The company reported quarterly sales of $3.943 billion, which missed the analyst consensus estimate of $4.43 billion by 10.99%. This is a 6.87% decrease over sales of $4.234 billion the same period last year.

See Also: Expert Take On PG&E Equity Offering, Bankruptcy Outlook

"Our primary focus areas are to further reduce the risk of wildfires in the communities we serve, to improve our safety and operational performance across the board, and to move expeditiously through the Chapter 11 process, which includes paying wildfire victims fairly and as soon as possible,” said PG&E CEO Bill Johnson. “We recognize we are operating from a deficit when it comes to public trust, and to regain that trust, we must sustain excellent operational performance day after day, month after month, year after year. That's what my 23,000 colleagues at PG&E are striving to achieve."

PG&E shares were trading at $18.51 in Friday’s pre-market session. The stock has a 52-week high of $49.42 and a 52-week low of $5.07.