PG&E Q4 Loss Narrows; Stock Down

(RTTNews) - PG&E Corp. (PCG) reported that its net loss attributable to common shareholders for the fourth quarter of 2019 narrowed to $3.6 billion or $6.84 per share, from $6.9 billion or $13.24 per share last year.

In Tuesday pre-market trade, PCG is trading at $15.81, down $0.39 or 2.41 percent.

Quarterly non-GAAP core earnings were $360 million or $0.68 per share, compared to $417 million or $0.80 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.67 per share for the fourth-quarter. Analysts' estimates typically exclude special items.

The decrease in non-GAAP core earnings per share was primarily driven by the absence of 2018 short-term incentive compensation, 2019 interest on pre-petition payables and short-term debt, and 2019 vegetation management costs.

The decrease in non-GAAP core earnings per share was partially offset by the probable recovery of 2019 insurance premiums above amounts included in authorized revenue requirements and by the growth in rate base earnings.

PG&E believes it remains on track to have its Chapter 11 Plan confirmed by June 30, 2020, the deadline for participating in the state's new wildfire fund under the terms of Assembly Bill ("AB") 1054.

PG&E has provided 2020 non-core items guidance of about $1.4 billion after-tax for Chapter 11-related costs, wildfire fund-related costs, investigation remedies and delayed cost recoveries, and GT&S capital audit.