Investing.com -- PG&E (NYSE:PCG) Corporation reported fourth-quarter 2024 adjusted earnings per share of $0.31, narrowly missing analyst estimates of $0.32. The utility company also raised its 2025 earnings guidance, sending shares up 1.5% in response to the news.

For the full year 2024, PG&E delivered non-GAAP core earnings of $1.36 per share, up from $1.23 per share in 2023. The company attributed the year-over-year increase primarily to higher customer capital investment approved in its 2023 General Rate Case.

PG&E raised its 2025 non-GAAP core earnings per share guidance to a range of $1.48 to $1.52, up from its previous forecast of $1.47 to $1.51. The new guidance midpoint of $1.50 is slightly above the analyst consensus of $1.49.

"In 2024, we continued progress in ways that matter to both customers and investors," said PG&E Corporation CEO Patti Poppe. "We delivered energy safely—our system has never been safer, and we are working to make it even safer."

The company highlighted several operational achievements for 2024, including a second consecutive year with zero major wildfires caused by its equipment. PG&E also completed 366 miles of system hardening to reduce long-term wildfire risk.

On the financial front, PG&E reported operating cash flow of $8.0 billion in 2024, a significant increase from $4.7 billion in 2023. The company also exceeded its non-fuel operating and maintenance cost reduction target, saving over $200 million for the third straight year.

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