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.

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

Preston, advocates pressure major landlord to sell buildings to city or nonprofits

San Francisco’s largest owner of rent-controlled properties is unwilling to entertain demands… Continue reading

SF police union calls for federal prosecution of man shot by police

San Francisco’s police union urged federal authorities to intervene Monday after newly… Continue reading

NBA postpones Lakers-Clippers game that was set for Tuesday

The NBA has postponed the Lakers-Clippers game that was scheduled for Tuesday.… Continue reading

Supreme Court allows Trump’s ‘public charge’ rule to proceed

The U.S. Supreme Court ruled Monday that the Trump administration can implement… Continue reading

Most Read