WASHINGTON (dpa-AFX) - Public utility firm PG&E Corp. (PCG), an energy-based holding company that owns Pacific Gas and Electric Co., on Wednesday reported a 51 percent increase in profit for the second quarter from last year on higher revenues.
Both revenue and adjusted earnings per share for the quarter beat analysts' expectations. However, the company lowered its earnings outlook for fiscal 2015, citing the timing of a gas transmission rate case.
The San Francisco, California-based company, which conducts business through Pacific Gas and Electric Co., reported second-quarter net income of $402 million or $0.83 per share, up from $267 million or $0.57 per share in the prior-year quarter.
Results for the latest quarter include unusual items that impact comparability, totaling $67 million pre-tax, or $0.08 per share.
Excluding special items, adjusted earnings from operations were $442 million or $0.91 per share, compared to $324 million or $0.69 per share in the year-ago quarter.
On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.72 per share for the quarter. Analysts' estimates typically exclude special items.
The company noted that the largest factor contributing to the increase in earnings was the timing of the final decision in the 2014 General Rate Case or GRC, which was received in the third quarter last year.
Total operating revenues for the quarter increased 7 percent to $4.22 billion from $3.95 billion in the same quarter last year and beat analysts' consensus estimate of $3.94 billion.
However, sales from energy deliveries for the quarter declined to 20.68 millions kWh from 20.85 billion kWh in the year-ago quarter.
Operating income for the quarter grew 33 percent from the year-ago period to $687 million.
Looking ahead to fiscal 2015, PG&E lowered its earnings outlook In light of the revised schedule for the Gas Transmission rate case.
The company now forecasts full-year adjusted earnings from continuing operations in a range of $2.90 to $3.10 per share, down from the prior range of $3.50 to $3.70 per share.
On a reported basis, the company forecasts full-year earnings of $1.51 to $1.83 per share, reflecting the impact of the penalties assessed by the CPUC as well as other items, compared with the prior range of $1.93 to $2.25 per share.
Analysts expect the company to report earnings of $ 3.43 per share for the year.
PCG is trading at $52.22, down $0.06 or 0.12 percent on a volume of 797,973 shares.
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