PG&E Corporation Delivers on Guidance for Full-Year 2024 and Updates 2025 Earnings Guidance

PR Newswire

02-13

OAKLAND, Calif., Feb. 13, 2025 /PRNewswire/ -- PG&E Corporation (NYSE: PCG) delivered solid financial results in 2024 and is on track to deliver beyond: GAAP earnings were $0.30 per share for ...

网页链接

免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。

热议股票

1
2
3
4
5
6
7
8
9
10

{"basename":"/hans","ssrTDKData":{"titleTemplate":"%s - 老虎证券","title":"老虎证券全球投资理财平台| 一站式投资美股新股港股A股","description":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","keywords":"老虎证券,老虎证券开户,老虎券商,老虎证券官网,老虎证券app,tigertrade老虎证券,股票,炒股,新加坡股票交易平台,投资,投资理财","social":{"ogDescription":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/hans/news/2511354394"},"companyName":"老虎证券"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2511354394\",edition:\"fundamental\",,,undefined,":{"share":"https://ttm.financial/m/news/2511354394?lang=zh_CN&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2025-02-13 19:05","share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","id":"2511354394","market":"us","top_or_hot":-1,"title":"PG&E Corporation Delivers on Guidance for Full-Year 2024 and Updates 2025 Earnings Guidance","media":"PR Newswire","content":"<div>\n<p>OAKLAND, Calif., Feb. 13, 2025 /PRNewswire/ -- PG&E Corporation (NYSE: PCG) delivered solid financial results in 2024 and is on track to deliver beyond:\n\n  \n\n\nGAAP earnings were $0.30 per share for ...</p>\n\n<a href=\"https://finance.yahoo.com/news/pg-e-corporation-delivers-guidance-110500682.html\">网页链接</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>PG&E Corporation Delivers on Guidance for Full-Year 2024 and Updates 2025 Earnings Guidance</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPG&E Corporation Delivers on Guidance for Full-Year 2024 and Updates 2025 Earnings Guidance\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-02-13 19:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/pg-e-corporation-delivers-guidance-110500682.html><strong>PR Newswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>OAKLAND, Calif., Feb. 13, 2025 /PRNewswire/ -- PG&E Corporation (NYSE: PCG) delivered solid financial results in 2024 and is on track to deliver beyond:\n\n  \n\n\nGAAP earnings were $0.30 per share for ...</p>\n\n<a href=\"https://finance.yahoo.com/news/pg-e-corporation-delivers-guidance-110500682.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"PCG","symbol_name":"太平洋煤气电力","start_time":0,"source_url":"https://finance.yahoo.com/news/pg-e-corporation-delivers-guidance-110500682.html","article_id":"2511354394","we_media_id":null,"thumbnails":[],"rights":{"source":"yahoofinance","url":"https://finance.yahoo.com/news/pg-e-corporation-delivers-guidance-110500682.html","rn_cache_url":null,"customStyle":"img, svg { display: none !important; }","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2511354394","pubTimestamp":1739444700,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"OAKLAND, Calif., Feb. 13, 2025 /PRNewswire/ -- PG&E Corporation  delivered solid financial results in 2024 and is on track to deliver beyond:. GAAP earnings were $0.30 per share for the fourth quarter of 2024, compared to earnings of $0.43 for the same period in 2023.GAAP earnings were $1.15 per share for the full year of 2024, compared to earnings of $1.05 per share for the same period in 2023.Non-GAAP core earnings were $0.31 per share for the fourth quarter of 2024, compared to earnings of $0.47 per share for the same period in 2023.Non-GAAP core earnings were $1.36 per share for the full year of 2024, compared to earnings of $1.23 per share for the same period in 2023.Equity needs fully satisfied to fund the five-year capital plan of $63 billion through 2028.\"In 2024, we continued progress in ways that matter to both customers and investors. We delivered energy safely—our system has never been safer, and we are working to make it even safer. We stabilized combined gas and elect","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"PCG":"太平洋煤气电力"},"translate_title":"PG&E Corporation发布2024年全年指引并更新2025年盈利指引","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PCG":1},"content_text":"OAKLAND, Calif., Feb. 13, 2025 /PRNewswire/ -- PG&E Corporation (NYSE: PCG) delivered solid financial results in 2024 and is on track to deliver beyond:\n\n  \n\n\nGAAP earnings were $0.30 per share for the fourth quarter of 2024, compared to earnings of $0.43 for the same period in 2023.\nGAAP earnings were $1.15 per share for the full year of 2024, compared to earnings of $1.05 per share for the same period in 2023.\nNon-GAAP core earnings were $0.31 per share for the fourth quarter of 2024, compared to earnings of $0.47 per share for the same period in 2023.\nNon-GAAP core earnings were $1.36 per share for the full year of 2024, compared to earnings of $1.23 per share for the same period in 2023.\nEquity needs fully satisfied to fund the five-year capital plan of $63 billion through 2028.\n2025 GAAP EPS guidance reaffirmed at $1.30 to $1.36 per share.\n2025 non-GAAP core EPS guidance increased from $1.47 to $1.51 per share (previously) to $1.48 to $1.52 per share.\n2024 non-fuel operating and maintenance (O&M) costs reduced by 4%, as compared to 2023, exceeding 2% target; saved over $200 million in non-fuel O&M costs in each of the past three years.\nOperating cash flow of $8.0 billion in 2024 is up from $4.7 billion in 2023.\nTargeting a dividend payout ratio of approximately 20% of core earnings by 2028.\n\nOperational progress during 2024 continued to focus on physical safety and delivery of affordable and resilient energy:\n\nAchieved a second consecutive year of zero major wildfires caused by the company's equipment.\nFor long-term wildfire risk reduction, completed 366 miles of system hardening including 258 miles of underground powerlines and 108 miles of stronger poles and overhead powerlines in the highest fire-risk areas.\nResidential combined gas and electric bills remained flat in January 2025 compared to January 2024, assuming similar usage.\nExceeded non-fuel O&M cost reduction target through continuous efforts to deliver longer-term energy bill stability for customers.\nSigned a $15 billion loan guarantee agreement with the U.S. Department of Energy's Loan Programs Office to finance grid modernization projects and potentially save customers up to $1 billion on a net present value basis through lower-cost financing.\nConnected nearly 14,000 new customers to the electric system, approximately 30% more than plan. Incremental service connections were completed at an average unit cost 50% lower than plan. Also installed more than 3,800 new electric vehicle charging ports. More beneficial new load in the years ahead can help reduce electricity prices for all customers.\nInterconnected four new renewable natural gas (RNG) facilities in 2024, enabling more California-produced RNG to reach consumers and help reduce greenhouse-gas emissions.\n\n\"In 2024, we continued progress in ways that matter to both customers and investors. We delivered energy safely—our system has never been safer, and we are working to make it even safer. We stabilized combined gas and electric bills for residential customers. And we connected more new customers to our grid than we have in decades. We believe clean, climate-resilient energy can be accessible for all, and we're showing it's possible,\" said PG&E Corporation CEO Patti Poppe.\n2025 Guidance\nPG&E Corporation is reaffirming 2025 GAAP earnings guidance in the range of $1.30 to $1.36 per share. Factors driving GAAP earnings include costs related to unrecoverable interest expense of $350 million to $400 million after tax and other earnings factors, including allowance for funds used during construction, incentive revenues, tax benefits, and cost savings, net of below-the-line costs. Additional factors include the amortization of the Wildfire Fund asset and accretion of the related Wildfire Fund liability, costs related to PG&E Corporation's and the Utility's reorganization cases under Chapter 11, wildfire-related costs, and investigation remedies, partially offset by prior period net regulatory impact.\nThe guidance range for projected 2025 non-GAAP core earnings increased from $1.47 to $1.51 per share to $1.48 to $1.52 per share. The guidance range for non-core items, which management does not consider representative of ongoing earnings, is $360 million to $400 million after tax.\nGuidance is based on various assumptions and forecasts, including those relating to authorized revenues, future expenses, capital expenditures, rate base, equity issuances, and certain other factors.\nFinancial Results\nPG&E Corporation recorded annual 2024 income available for common shareholders of $2,475 million, or $1.15 per share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with income available for common shareholders of $2,242 million, or $1.05 per share, for 2023.\nThe increase in year-over-year GAAP results is primarily driven by an increase in customer capital investment, as approved in the 2023 General Rate Case final decision and which earns an equity return as approved in the cost of capital proceeding. Other drivers include non-fuel operating and maintenance savings achieved for various programs such as process improvements for inspections, as well as lower contract spend through strategic sourcing. Operating and maintenance savings are reinvested back into the business for various programs, including those that support risk mitigation, such as inspections, gas corrosion mitigation, and distribution maintenance.\nThe decrease in quarter-over-quarter results is primarily driven by the recognition of the 2023 General Rate Case within the fourth quarter of 2023. This decrease is partially offset by the Automatic Cost of Capital Adjustment Mechanism which increased return on equity in 2024.\nPG&E Corporation uses \"non-GAAP core earnings,\" which is a non-GAAP financial measure, in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. See the accompanying tables for a reconciliation of non-GAAP core earnings to consolidated earnings available for common shareholders.\nNon-GAAP Core Earnings \nPG&E Corporation's non-GAAP core earnings, which exclude non-core items, were $2,923 million, or $1.36 per share, for 2024, compared to earnings of $2,630 million, or $1.23 per share, for 2023.\nThe increase in year-over-year non-GAAP core earnings is primarily driven by similar factors to the GAAP results including an increase in customer capital investment, as approved in the 2023 General Rate Case final decision and which earns an equity return as approved in the cost of capital proceeding.\nThe decrease in quarter-over-quarter non-GAAP core earnings per share is primarily driven by similar factors to the GAAP results, including timing of the recognition of the 2023 GRC Decision.\nNon-core items, which management does not consider representative of ongoing earnings, totaled $448 million after tax, or $0.21 per share, for the full year 2024, compared with $388 million after tax, or $0.18 per share, for the full year 2023.\nSupplemental Financial Information\nIn addition to the financial information accompanying this release, presentation slides have been furnished to the Securities and Exchange Commission (SEC) and are available on PG&E Corporation's website at: http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx. \nEarnings Conference Call \nPG&E Corporation will also hold a conference call on February 13, 2025, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss its fourth quarter and full year 2024 results. The public can access the conference call through a simultaneous webcast. The link is provided below and will also be available from the PG&E Corporation website.\nWhat: Fourth Quarter and Full Year 2024 Earnings Call\nWhen: Thursday, February 13, 2025 at 11:00 a.m. Eastern Time\nWhere: http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx \nA replay of the conference call will be archived athttp://investor.pgecorp.com/news-events/events-and-presentations/default.aspx. \nAlternatively, a toll-free replay of the conference call may be accessed shortly after the live call through February 20, 2025, by dialing (800) 770-2030. The confirmation code 92587 will be required to access the replay.\nPublic Dissemination of Certain Information\nPG&E Corporation and the Utility routinely provide links to the Utility's principal regulatory proceedings with the California Public Utilities Commission and the Federal Energy Regulatory Commission at http://investor.pgecorp.com, under the \"Regulatory Filings\" tab, so that such filings are available to investors upon filing with the relevant agency. PG&E Corporation and the Utility also routinely post, or provide direct links to, presentations, documents, and other information that may be of interest to investors at http://investor.pgecorp.com, under the \"Wildfire and Safety Updates\" and \"News & Events: Events & Presentations\" tabs, respectively, in order to publicly disseminate such information. It is possible that any of these filings or information included therein could be deemed to be material information.\nAbout PG&E Corporation\nPG&E Corporation (NYSE: PCG) is a holding company headquartered in Oakland, California. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California.  For more information, visit http://www.pgecorp.com. \nForward-Looking Statements \nThis news release contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans, and strategies of PG&E Corporation and the Utility, including regarding earnings, operating cost savings, capital investments, dividends, and financings. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation's and the Utility's joint Annual Report on Form 10-K for the year ended December 31, 2024 and other reports filed with the SEC, which are available on PG&E Corporation's website at www.pgecorp.com and on the SEC's website at www.sec.gov. PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.\n\n\n\n\nPG&E CORPORATION \n\n\nCONSOLIDATED STATEMENTS OF INCOME \n\n\n(in millions, except per share amounts) \n\n\n\n\n\n\nYear ended December 31, \n\n\n\n2024 \n\n2023 \n\n2022 \n\n\nOperating Revenues \n\n\n\n\n\n\n\nElectric \n$           17,811 \n\n$           17,424 \n\n$           15,060 \n\n\nNatural gas \n6,608 \n\n7,004 \n\n6,620 \n\n\nTotal operating revenues \n24,419 \n\n24,428 \n\n21,680 \n\n\nOperating Expenses \n\n\n\n\n\n\n\nCost of electricity \n2,261 \n\n2,443 \n\n2,756 \n\n\nCost of natural gas \n1,192 \n\n1,754 \n\n2,100 \n\n\nOperating and maintenance \n11,808 \n\n11,924 \n\n9,809 \n\n\nSB 901 securitization charges, net \n33 \n\n1,267 \n\n608 \n\n\nWildfire-related claims, net of recoveries \n94 \n\n64 \n\n237 \n\n\nWildfire Fund expense \n383 \n\n567 \n\n477 \n\n\nDepreciation, amortization, and decommissioning \n4,189 \n\n3,738 \n\n3,856 \n\n\nTotal operating expenses \n19,960 \n\n21,757 \n\n19,843 \n\n\nOperating Income \n4,459 \n\n2,671 \n\n1,837 \n\n\nInterest income \n604 \n\n606 \n\n162 \n\n\nInterest expense \n(3,051) \n\n(2,850) \n\n(1,917) \n\n\nOther income, net \n300 \n\n272 \n\n394 \n\n\nIncome Before Income Taxes \n2,312 \n\n699 \n\n476 \n\n\nIncome tax benefit \n(200) \n\n(1,557) \n\n(1,338) \n\n\nNet Income \n2,512 \n\n2,256 \n\n1,814 \n\n\nPreferred stock dividend requirement \n37 \n\n14 \n\n14 \n\n\nIncome Available for Common Shareholders \n$              2,475 \n\n$              2,242 \n\n$              1,800 \n\n\nWeighted Average Common Shares Outstanding, Basic \n2,141 \n\n2,064 \n\n1,987 \n\n\nWeighted Average Common Shares Outstanding, Diluted \n2,147 \n\n2,138 \n\n2,132 \n\n\nNet Income Per Common Share, Basic \n$                1.16 \n\n$                1.09 \n\n$                0.91 \n\n\nNet Income Per Common Share, Diluted \n$                1.15 \n\n$                1.05 \n\n$                0.84 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nReconciliation of PG&E Corporation's Consolidated Earnings Available for Common Shareholders in Accordance with Generally Accepted Accounting Principles (\"GAAP\") to Non-GAAP Core Earnings \n\n\nFourth Quarter and Full Year, 2024 vs. 2023 \n\n\n\nThree Months Ended December 31, \n\nYear Ended December 31, \n\n\n\nEarnings \n\nEarnings per Common Share \n\nEarnings \n\nEarnings per Common Share \n\n\n(in millions, except per share amounts) \n2024 \n\n2023 \n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\nPG&E Corporation's earnings/EPS on a GAAP basis \n$  647 \n\n$  919 \n\n$ 0.30 \n\n$ 0.43 \n\n$  2,475 \n\n$  2,242 \n\n$ 1.15 \n\n$ 1.05 \n\n\nNon-core items: (1) \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAmortization of Wildfire Fund contribution (2) \n63 \n\n83 \n\n0.03 \n\n0.04 \n\n276 \n\n408 \n\n0.13 \n\n0.19 \n\n\nBankruptcy and legal costs (3) \n2 \n\n8 \n\n— \n\n— \n\n35 \n\n89 \n\n0.02 \n\n0.04 \n\n\nFire Victim Trust tax benefit net of securitization (4) \n(7) \n\n(77) \n\n— \n\n(0.04) \n\n24 \n\n(262) \n\n0.01 \n\n(0.12) \n\n\nInvestigation remedies (5) \n14 \n\n3 \n\n0.01 \n\n— \n\n55 \n\n24 \n\n0.03 \n\n0.01 \n\n\nPrior period net regulatory impact (6) \n45 \n\n(6) \n\n0.02 \n\n— \n\n28 \n\n(24) \n\n0.01 \n\n(0.01) \n\n\nStanPac settlement (7) \n84 \n\n— \n\n0.04 \n\n— \n\n84 \n\n— \n\n0.04 \n\n— \n\n\nStrategic repositioning costs (8) \n— \n\n— \n\n— \n\n— \n\n— \n\n3 \n\n— \n\n— \n\n\nTax-related adjustments (9) \n(213) \n\n— \n\n(0.10) \n\n— \n\n(143) \n\n— \n\n(0.07) \n\n— \n\n\nWildfire-related costs, net of recoveries (10) \n22 \n\n76 \n\n0.01 \n\n0.04 \n\n89 \n\n150 \n\n0.04 \n\n0.07 \n\n\nPG&E Corporation's non-GAAP core earnings/EPS (11) \n$  658 \n\n$  1,006 \n\n$ 0.31 \n\n$ 0.47 \n\n$  2,923 \n\n$  2,630 \n\n$ 1.36 \n\n$ 1.23 \n\n\n\n\n\n\n\n\n\n\n\nAll amounts presented in the table above and footnotes below are tax adjusted at PG&E Corporation's statutory tax rate of 27.98% for 2024 and 2023, except for certain costs that are not tax deductible. Amounts may not sum due to rounding. \n\n\n\n\n\n\n(1) \n\"Non-core items\" include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods, consisting of the items listed in the table above. See Non-GAAP Financial Measures below. \n\n\n\n\n\n\n(2) \nThe Utility recorded costs of $88 million (before the tax impact of $25 million) and $383 million (before the tax impact of $107 million) during the three months and year ended December 31, 2024, respectively, associated with the amortization of the Wildfire Fund asset and accretion of the related Wildfire Fund liability. \n\n\n\n\n\n\n(3) \nPG&E Corporation and the Utility recorded costs of $2 million (before the tax impact of $0 million) and $49 million (before the tax impact of $14 million) during the three months and year ended December 31, 2024, respectively, related to bankruptcy and legal costs associated with PG&E Corporation's and the Utility's Chapter 11 filing, including legal and other costs. \n\n\n\n\n\n\n(4) \nThe Utility recorded benefits of $10 million (before the tax impact of $3 million) and costs of $33 million (before the tax impact of $9 million) during the three months and year ended December 31, 2024, respectively, related to any earnings-impacting investment losses or gains associated with investments related to the contributions to the customer credit trust, as well as the charge related to the establishment of the SB 901 securitization regulatory asset and the SB 901 securitization regulatory liability associated with revenue credits funded by the net operating loss monetization. \n\n\n\n\n\n\n(5) \nIncludes costs associated with the decision different for the OII related to the 2017 Northern California Wildfires and 2018 Camp Fire (\"Wildfires OII\"), the system enhancements related to the locate and mark OII, restoration and rebuilding costs for the town of Paradise, and the settlement agreement resolving the Safety and Enforcement Division's investigation into the 2020 Zogg fire, as shown below. \n\n\n\n\n\n\n\n\n\n\n\n\n(in millions) \nThree Months Ended December 31, 2024 \n\nYear Ended December 31, 2024 \n\n\nWildfires OII disallowance and system enhancements \n$                                     4 \n\n$                                     9 \n\n\nLocate and mark OII system enhancements \n1 \n\n3 \n\n\nParadise restoration and rebuild \n(3) \n\n1 \n\n\n2020 Zogg fire settlement \n13 \n\n46 \n\n\nInvestigation remedies \n$                                   15 \n\n$                                   59 \n\n\nTax impacts \n(1) \n\n(4) \n\n\nInvestigation remedies (post-tax) \n$                                   14 \n\n$                                   55 \n\n\n\n\n\n\n\n\n(6) \nIncludes adjustments to expenses (revenues) associated with the recovery of capital expenditures from 2011 through 2014 above amounts adopted in the 2011 GT&S rate case per the CPUC decision dated July 14, 2022, the 2021 WMCE decision dated December 19, 2024, and previously incurred costs in the TO21 settlement in principle as shown below. \n\n\n\n\n\n\n\n\n\n\n\n\n(in millions) \nThree Months Ended December 31, 2024 \n\nYear Ended December 31, 2024 \n\n\n2011 GT&S rate case \n$                                   (8) \n\n$                                 (32) \n\n\n2021 WMCE decision \n151 \n\n151 \n\n\nTO21 settlement in principle \n(80) \n\n(80) \n\n\nPrior period net regulatory impact \n$                                   63 \n\n$                                   39 \n\n\nTax impacts \n(18) \n\n(11) \n\n\nPrior period net regulatory impact (post-tax) \n$                                   45 \n\n$                                   28 \n\n\n\n\n\n\n\n\n(7) \nThe Utility recorded costs of $117 million (before the tax impact of $33 million) during the three months and year ended December 31, 2024 of probable costs to resolve legacy gas transportation issues related to its affiliate Standard Pacific Gas Line Incorporated. \n\n\n\n\n\n\n(8) \nIncludes one-time costs related to repositioning PG&E Corporation's and the Utility's operating model. \n\n\n\n\n\n\n(9) \nIncludes the IRS' disallowance of deductions related to certain costs incurred for San Bruno gas explosion and implementation of the natural gas safe harbor method according to the revenue procedure issued by the IRS in 2023. \n\n\n\n\n\n\n\n\n\n\n\n\n(in millions) \nThree Months Ended December 31, 2024 \n\nYear Ended December 31, 2024 \n\n\nSan Bruno tax-related \n$                                   — \n\n$                                  70 \n\n\nGas revenue procedure \n(213) \n\n(213) \n\n\nTax-related adjustments \n$                              (213) \n\n$                              (143) \n\n\n\n\n\n\n\n\n(10) \nIncludes costs associated with the 2019 Kincade fire, 2020 Zogg fire, and 2021 Dixie fire, net of recoveries, as shown below. \n\n\n\n\n\n\n\n\n\n\n\n\n(in millions) \nThree Months Ended December 31, 2024 \n\nYear Ended December 31, 2024 \n\n\n2019 Kincade fire-related third-party claims \n$                                   — \n\n$                                100 \n\n\n2019 Kincade fire-related costs \n26 \n\n7 \n\n\n2020 Zogg fire-related insurance recoveries \n3 \n\n1 \n\n\n2020 Zogg third-party claims \n(3) \n\n(3) \n\n\n2021 Dixie fire-related legal settlements \n5 \n\n17 \n\n\nWildfire-related costs, net of recoveries \n$                                   31 \n\n$                                123 \n\n\nTax impacts \n(9) \n\n(34) \n\n\nWildfire-related costs, net of recoveries (post-tax) \n$                                   22 \n\n$                                  89 \n\n\n\n\n\n\n\n\n(11) \n\"Non-GAAP core earnings\" is a non-GAAP financial measure. See Non-GAAP Financial Measures below. \n\n\n\n\n\n\nUndefined, capitalized terms have the meanings set forth in PG&E Corporation's and the Utility's joint Annual Report on Form 10-K for the year ended December 31, 2024. \n\n\n\n\n\n\n\n\nPG&E Corporation's 2025 Earnings Guidance \n\n\n\n\n\n\n\n2025 \n\n\nEPS guidance \n\nLow \n\nHigh \n\n\nEstimated EPS on a GAAP basis \n\n~ \n$        1.30 \n\n~ \n$        1.36 \n\n\nEstimated non-core items: (1) \n\n\n\n\n\n\n\n\nAmortization of Wildfire Fund contribution (2) \n\n~ \n0.10 \n\n~ \n0.10 \n\n\nBankruptcy and legal costs (3) \n\n~ \n0.02 \n\n~ \n0.01 \n\n\nSB 901 securitization (4) \n\n~ \n0.01 \n\n~ \n0.01 \n\n\nInvestigation remedies (5) \n\n~ \n0.04 \n\n~ \n0.04 \n\n\nPrior period net regulatory impact (6) \n\n~ \n(0.01) \n\n~ \n(0.01) \n\n\nWildfire-related costs, net of recoveries (7) \n\n~ \n0.01 \n\n~ \n0.01 \n\n\nEstimated EPS on a non-GAAP core earnings basis \n\n~ \n$        1.48 \n\n~ \n$        1.52 \n\n\n\n\n\n\n\n\n\n\n\n\nAll amounts presented in the table above and footnotes below are tax adjusted at PG&E Corporation's statutory tax rate of 27.98% for 2025, except for certain costs that are not tax deductible. Amounts may not sum due to rounding. \n\n\n\n\n\n\n(1) \n\"Non-core items\" include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods. See Non-GAAP Financial Measures below. \n\n\n\n\n\n\n(2) \n\"Amortization of Wildfire Fund contribution\" represents the amortization of the Wildfire Fund asset and accretion of the related Wildfire Fund liability. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n2025 \n\n\n(in millions) \n\nLow guidance range \n\nHighguidance range \n\n\nAmortization of Wildfire Fund contribution \n\n~ \n$         310 \n\n~ \n$         310 \n\n\nAmortization of Wildfire Fund contribution \n\n~ \n$         310 \n\n~ \n$         310 \n\n\nTax impacts \n\n~ \n(87) \n\n~ \n(87) \n\n\nAmortization of Wildfire Fund contribution (post-tax) \n\n~ \n$         223 \n\n~ \n$         223 \n\n\n\n\n\n\n\n\n(3) \n\"Bankruptcy and legal costs\" consists of legal and other costs associated with PG&E Corporation's and the Utility's Chapter 11 filing. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n2025 \n\n\n(in millions) \n\nLow  guidance range \n\nHigh guidance range \n\n\nLegal and other costs \n\n~ \n$            65 \n\n~ \n$            20 \n\n\nBankruptcy and legal costs \n\n~ \n$            65 \n\n~ \n$            20 \n\n\nTax impacts \n\n~ \n(18) \n\n~ \n(6) \n\n\nBankruptcy and legal costs (post-tax) \n\n~ \n$            47 \n\n~ \n$            14 \n\n\n\n\n\n\n\n\n(4) \n\"SB 901 securitization\" includes the establishment of the SB 901 securitization regulatory asset and the SB 901 regulatory liability associated with revenue credits funded by net operating loss monetization. Also included are any earnings-impacting investment losses or gains associated with investments related to the contributions to the customer credit trust. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n2025 \n\n\n(in millions) \nLow guidance range \n\nHigh guidance range \n\n\nSB 901 securitization charge \n~ \n$        35 \n\n~ \n$          35 \n\n\nSB 901 securitization \n~ \n$        35 \n\n~ \n$          35 \n\n\nTax impacts \n~ \n(10) \n\n~ \n(10) \n\n\nSB 901 securitization (post-tax) \n~ \n$        25 \n\n~ \n$          25 \n\n\n\n\n\n\n\n\n(5) \n\"Investigation remedies\" includes costs related to the Paradise restoration and rebuild, the Wildfires OII decision different, the settlement agreement resolving the Safety and Enforcement Division's investigation into the 2020 Zogg fire, and the locate and mark OII system enhancements. \n\n\n\n\n\n\n\n\n\n\n\n\n\n2025 \n\n\n(in millions) \nLow guidance range \n\nHigh guidance range \n\n\n2020 Zogg fire settlement \n~ \n$            60 \n\n~ \n$            60 \n\n\nWildfires OII disallowance and system enhancements \n~ \n30 \n\n~ \n30 \n\n\nParadise restoration and rebuild \n~ \n5 \n\n~ \n5 \n\n\nInvestigation remedies \n~ \n$            95 \n\n~ \n$            95 \n\n\nTax impacts \n~ \n(7) \n\n~ \n(7) \n\n\nInvestigation remedies (post-tax) \n~ \n$            88 \n\n~ \n$            88 \n\n\n\n\n\n\n\n\n(6) \n\"Prior period net regulatory impact\" represents the recovery of capital expenditures from 2011 through 2014 above amounts adopted in the 2011 GT&S rate case. \n\n\n\n\n\n\n\n\n\n\n\n\n\n2025 \n\n\n(in millions) \nLow guidance range \n\nHigh guidance range \n\n\n2011-2014 GT&S capital audit \n~ \n$          (20) \n\n~ \n$          (20) \n\n\nPrior period net regulatory impact \n~ \n$          (20) \n\n~ \n$          (20) \n\n\nTax impacts \n~ \n6 \n\n~ \n6 \n\n\nPrior period net regulatory impact (post-tax) \n~ \n$          (14) \n\n~ \n$          (14) \n\n\n\n\n\n\n\n\n(7) \n\"Wildfire-related costs, net of recoveries\" includes costs associated with the 2019 Kincade fire, 2020 Zogg fire, and 2021 Dixie fire, net of recoveries. \n\n\n\n\n\n\n\n\n\n\n\n\n\n2025 \n\n\n(in millions) \nLow guidance range \n\nHigh guidance range \n\n\n2019 Kincade fire-related costs \n~ \n$              7 \n\n~ \n$              7 \n\n\n2020 Zogg fire-related legal settlements \n~ \n3 \n\n~ \n3 \n\n\n2021 Dixie fire-related legal settlements \n~ \n18 \n\n~ \n18 \n\n\nWildfire-related costs, net of recoveries \n~ \n$            28 \n\n~ \n$            28 \n\n\nTax impacts \n~ \n(8) \n\n~ \n(8) \n\n\nWildfire-related costs, net of recoveries (post-tax) \n~ \n$            20 \n\n~ \n$            20 \n\n\n\n\n\n\n\n\nUndefined, capitalized terms have the meanings set forth in PG&E Corporation's and the Utility's joint Annual Report on Form 10-K for the year ended December 31, 2024. \n\n\n\n\n\n\n\n\nNon-GAAP Financial Measures PG&E Corporation and Pacific Gas and Electric Company \n\n\n\n\nNon-GAAP Core Earnings and Non-GAAP Core EPS\n\"Non-GAAP core earnings\" and \"Non-GAAP core EPS,\" also referred to as \"non-GAAP core earnings per share,\" are non-GAAP financial measures. Non-GAAP core earnings is calculated as income available for common shareholders less non-core items. \"Non-core items\" include items that management does not consider representative of ongoing earnings and affect comparability of financial results between periods, consisting of the items listed above. Non-GAAP core EPS is calculated as non-GAAP core earnings divided by common shares outstanding on a diluted basis.\nPG&E Corporation discloses historical financial results and provides guidance based on \"non-GAAP core earnings\" and \"non-GAAP core EPS\" in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. PG&E Corporation and the Utility use non-GAAP core earnings and non-GAAP core EPS to understand and compare operating results across reporting periods for various purposes including internal budgeting and forecasting, short- and long-term operating planning, and employee incentive compensation. PG&E Corporation and the Utility believe that non-GAAP core earnings and non-GAAP core EPS provide additional insight into the underlying trends of the business, allowing for a better comparison against historical results and expectations for future performance. With respect to our projection of non-GAAP core EPS for the years 2026-2028, PG&E Corporation is unable to predict with reasonable certainty the reconciling items that may affect GAAP net income without unreasonable effort. The reconciling items are primarily due to the future impact of wildfire-related costs, timing of regulatory recoveries, special tax items, and investigation remedies. These reconciling items are uncertain, depend on various factors and could significantly impact, either individually or in the aggregate, the GAAP measures.\nNon-GAAP core earnings and non-GAAP core EPS are not substitutes or alternatives for GAAP measures such as consolidated income available for common shareholders and may not be comparable to similarly titled measures used by other companies.\n View original content to download multimedia:https://www.prnewswire.com/news-releases/pge-corporation-delivers-on-guidance-for-full-year-2024-and-updates-2025-earnings-guidance-302375754.html\nSOURCE PG&E Corporation","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"code":"91000000","status":"200"}}}