PG&E tops Wall Street forecast for 3Q

PG&E (PCG) on Tuesday reported net income of $811 million in its third quarter.

The San Francisco-based company said it had profit of $1.71 per share. Earnings, adjusted for non-recurring costs, were $1.73 per share.

The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.15 per share.

The utility holding company posted revenue of $4.94 billion in the period, also surpassing Street forecasts. Analysts expected $4.87 billion, according to Zacks.

PG&E expects full-year earnings in the range of $3.45 to $3.55 per share.

PG&E shares have risen 16 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 6 percent. The stock has risen 11 percent in the past 12 months.

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