WASHINGTON (dpa-AFX) - PG&E Corp.'s (PCG) second-quarter 2015 net income available for common shareholders was $402 million or $0.83 per share, up from $267 million, or $0.57 per share, for the second quarter of 2014.
GAAP results include items that management does not consider part of the normal course of operations (items impacting comparability), which totaled $67 million pre-tax, or $0.08 per share, for the quarter. These items included accruals related to the expected disallowance of certain gas transmission capital expenditures that PG&E believes will be treated as part of the previously announced penalty resulting from the San Bruno investigation. Other items included expenses related to pipeline safety enhancement work, as well as legal and regulatory costs associated with natural gas matters. These were offset partially by insurance recoveries.
On a non-GAAP basis, excluding items impacting comparability, PG&E Corporation's earnings from operations for the second quarter of 2015 were $442 million, or $0.91 per share, up from $324 million, or $0.69 per share, during the same period in 2014. Analysts polled by Thomson Reuters expected the company to report earnings of $0.72 per share. Analysts' estimates typically exclude special items.
Total operating revenues for the quarter rose to $4.217 billion from $3.952 billion last year. Wall Street expected revenues of $3.94 billion.
In light of the revised schedule for the Gas Transmission rate case, PG&E Corporation is updating 2015 guidance for non-GAAP earnings from operations. Updated guidance reflecting the timing of the decision is now $2.90 to $3.10 per share, compared with the previously issued range of $3.50 to $3.70 per share. On a GAAP basis, the range for projected earnings is now $1.51 to $1.83 per share, reflecting the impact of the penalties assessed by the CPUC as well as other items, compared with $1.93 to $2.25 per share previously. Analysts expect annual earnings of $ 3.43 per share.
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