PG&E (US:PCG)2024-02-21 16:00Earnings Performance - PG&E Corporation reported full-year 2023 GAAP earnings of $2,242 million, or $1.05 per share, compared to $1,800 million, or $0.84 per share, in 2022[3] - Non-GAAP core earnings for 2023 were $2,630 million, or $1.23 per share, up from $2,343 million, or $1.10 per share, in 2022[6] - 2024 GAAP earnings guidance increased to $1.10 to $1.14 per share, up from the previous range of $1.08 to $1.12 per share[5] - 2024 non-GAAP core earnings guidance increased to $1.33 to $1.37 per share, up from the previous range of $1.31 to $1.35 per share[5] - PG&E Corporation's GAAP earnings for Q4 2023 were $919 million, compared to $513 million in Q4 2022, with EPS of $0.43 vs. $0.24[21] - Non-GAAP core earnings for Q4 2023 were $1,006 million, up from $560 million in Q4 2022, with EPS of $0.47 vs. $0.26[21] - Full-year 2023 GAAP earnings were $2,242 million, compared to $1,800 million in 2022, with EPS of $1.05 vs. $0.84[21] - Full-year 2023 non-GAAP core earnings were $2,630 million, up from $2,343 million in 2022, with EPS of $1.23 vs. $1.10[21] - PG&E Corporation's 2024 EPS guidance on a GAAP basis is estimated between $1.10 and $1.14[29] - 2024 non-GAAP core EPS guidance is estimated between $1.33 and $1.37[29] Operating and Financial Metrics - Total operating revenues for 2023 were $24,428 million, up from $21,680 million in 2022[20] - Operating income for 2023 was $2,671 million, compared to $1,837 million in 2022[20] - Net income attributable to common shareholders for 2023 was $2,242 million, up from $1,800 million in 2022[20] - Non-fuel operating and maintenance costs reduced by 5.5% in 2023, exceeding the annual reduction target of 2% for the second consecutive year[5] - Five-year capital plan increased to $62 billion through 2028, a 20% increase to support critical customer infrastructure improvements[5] - Non-GAAP core EPS growth guidance of at least 9% extended to 2027 and 2028[5] Wildfire-Related Costs - Wildfire-related costs, net of insurance, were $76 million in Q4 2023 and $150 million for the full year 2023[26] - Estimated 2024 wildfire-related costs, net of insurance, are $30 million pre-tax and $22 million post-tax[38] - Estimated 2024 amortization of Wildfire Fund contribution is $460 million pre-tax and $331 million post-tax[30] Investigation and Regulatory Costs - Estimated 2024 investigation remedies costs are $130 million pre-tax and $95 million post-tax[35] Non-GAAP Core Earnings and EPS - Non-GAAP core earnings and Non-GAAP core EPS are used to compare underlying financial performance across periods, excluding non-core items[39][40] - Non-GAAP core earnings is calculated as income available for common shareholders less non-core items[39] - Non-GAAP core EPS is calculated as Non-GAAP core earnings divided by diluted common shares outstanding[39] - PG&E Corporation uses Non-GAAP core earnings and EPS for internal budgeting, forecasting, and employee incentive compensation[40] - Non-GAAP core earnings and EPS provide insight into underlying business trends and historical comparisons[40] - PG&E Corporation cannot predict reconciling items for GAAP net income for 2024-2026 due to uncertainties like wildfire-related costs and regulatory recoveries[40] - Non-GAAP core earnings and EPS are not substitutes for GAAP measures and may not be comparable to other companies' similarly titled metrics[41]