WASHINGTON (dpa-AFX) - PG&E Corp. (PCG) reported a rise in third quarter 2012 GAAP income available for common shareholders to $361 million, or $0.84 per share, from $200 million, or $0.50 per share last year. Recent quarter's GAAP results include items related to natural gas matters and environmental costs that management does not consider part of normal, ongoing operations. These items net to $64 million pre-tax, or $0.09 per share, for the quarter.
Excluding items impacting comparability, non-GAAP earnings from operations were $399 million, or $0.93 per share, lower than the prior year's $436 million, or $1.08 per share. On average, 14 analysts polled by Thomson Reuters expected earnings per share of $0.88 for the quarter. Analysts' estimates typically exclude one-time items.
Total operating revenues were $3.98 billion, an increase from $3.86 billion in the earlier year quarter. Three analysts estimated revenues of $4.05 billion for the quarter.
In addition, PG&E is maintaining its 2012 guidance for non-GAAP earnings from operations of $3.10 - $3.30 per share. However, owing to insurance recoveries in the third quarter and the accrual for environmental costs, 2012 GAAP earnings guidance is now updated to $1.97 - $2.52 per share, compared with its prior view of $1.83 - $2.41 per share. Eighteen analysts project annual earnings of $3.16 per share.
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