PG&E Corporation PCG reported first-quarter FY24 operating revenue of $5.86 billion (vs. $6.21 billion a year ago), missing the consensus of $6.59 billion.
Electric revenue fell to $4.05 billion from $4.12 billion a year ago. Natural gas declined to $1.81 billion from $2.09 billion the prior year.
Adjusted EPS was $0.37, higher than $0.29 in the prior year, beating the consensus of $0.35.
FY24 Guidance: PG&E reaffirmed its adjusted EPS guidance of $1.33-$1.37 versus the $1.36 consensus.
PG&E shared its five-year financing plan, which includes funding $62 billion of safety and reliability capital expenditures.
The strategy, which does not factor in the sale of the Utility’s non-nuclear generation assets, confirms the company’s dedication to refraining from new equity in 2024.
It also allows for significant dividend expansion over the next five years and anticipates a possible equity requirement of up to $3 billion between 2025 and 2028.
Investors can gain exposure to the stock via VanEck Uranium Nuclear Energy ETF NLR and Virtus Reaves Utilities ETF UTES.
Price Action: PCG shares are trading higher by 0.28% at $17.05 at the last check Thursday.
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