PG&E (PCG) Prnewswire·2024-07-25 10:15Core Insights - PG&E Corporation is on track to deliver solid financial results for 2024, with significant progress in safety and operations during Q2 2024 [7][40] - The company reported non-GAAP core earnings of 0.31 per share, for Q2 2024, an increase from 0.23 per share, in Q2 2023 [8][20] - GAAP earnings for Q2 2024 were 0.24 per share, compared to 0.19 per share, in the same period of 2023 [22][20] Financial Performance - Total operating revenues for Q2 2024 were 5.290 billion in Q2 2023 [50] - Operating income for Q2 2024 was 506 million in Q2 2023 [50] - The company reaffirmed its 2024 non-GAAP core EPS guidance in the range of 1.37 per share [26][20] Wildfire-Related Costs - Wildfire-related costs, net of insurance, are projected to be approximately 35 million for 2024 [2] - The company recorded wildfire-related costs of 11 million for the same period in 2023 [9][20] - Legal and other costs associated with wildfires, including the 2019 Kincade fire, 2020 Zogg fire, and 2021 Dixie fire, continue to impact financial results [2][39] Operational Developments - PG&E installed 46 miles of underground powerlines and 43 miles of stronger poles in high fire-risk areas in 2024 [21] - The company connected 2,900 new residential and business customers to its electric system, totaling 5,184 in 2024 [21] - PG&E interconnected the first of four new renewable natural gas facilities planned for 2024, contributing to greenhouse gas emission reductions [21] Guidance and Future Outlook - The company updated its 2024 GAAP earnings guidance to a range of 1.17 per share [44] - PG&E is forecasting no equity needs in 2024 and reaffirming its financing plan for 2024-2028 [20][44] - The increase in earnings is attributed to customer capital investment and operational savings [41][24]