By Rob Curran
PG&E's first-quarter net income rose as growth in power demand in California offset muted electricity and natural-gas rates, but the company cut its 2025 net-income projection slightly on one-off charges.
The Oakland, Calif., utility posted earnings of $607 million, or 28 cents a share, down from $732 million, or 34 cents a share, a year earlier.
Excluding certain one-off items, PG&E posted adjusted earnings of 33 cents a share, just missing the mean analyst estimate of 34 cents, as per FactSet.
First-quarter revenue rose 2.1% to $5.98 billion, short of the average analyst target of $6.02 billion, according to FactSet. Both electric and natural-gas utility revenue increased.
The operator of the Pacific Gas and Electric utility said average residential electric rates were lower in March than a year earlier. The utility operator said natural-gas delivery rates are likely to remain flat for 2025.
For 2025, PG&E cut its earnings projection to a range between $1.29 and $1.35 a share from a prior estimate of $1.30 to $1.36 a share. Interest expense, customer-related investments and wildfire-related costs are among the factors the utility expects will weigh on its bottom line.
Excluding such one-off items, PG&E backed its prior projection for operating earnings in a range between $1.48 and $1.52 a share.
PG&E emerged from bankruptcy in 2020 following links to wildfires.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
April 24, 2025 06:53 ET (10:53 GMT)
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