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MarketScreener Homepage  >  Equities  >  Nyse  >  PG&E Corporation    PCG

PG&E CORPORATION

(PCG)
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Delayed Quote. Delayed Nyse - 08/16 06:30:00 pm
14.28 USD   -0.76%
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PG&E : sees billions more in wildfire costs in 2019

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08/09/2019 | 09:32am EDT
FILE PHOTO: PG&E works on power lines to repair damage caused by the Camp Fire in Paradise

(Reuters) - Crippled California power company PG&E Corp reported a rise in quarterly losses on Friday and forecast more costs related to the 2017 and 2018 wildfires that have forced it to file for bankruptcy and seek new public and private financial support.

The company now expects costs for the year of $3.8 billion to $4.1 billion after-tax, compared with $1 billion to $1.4 billion seen earlier.

The San Francisco-based utility filed for bankruptcy this past January, citing potential liabilities of more than $30 billion stemming from the wildfires.

The forecast includes about $1.51 billion to $1.48 billion in costs for the 2017 Northern California wildfires and $1.61 billion to $1.58 billion related to the 2018 Camp Fire blaze.

The Camp Fire wildfire erupted in November of 2018, destroyed nearly 19,000 homes and killed 85 - making it the deadliest single wildfire in California history.

In May, state fire investigators determined that PG&E transmission lines caused the fire.

The company on Friday reported a wider net loss attributable to shareholders of $2.55 billion or $4.83 per share in the quarter ended June 30, from $984 million or $1.91 per share, a year earlier. (https://bit.ly/2TimI7S)

The loss was mainly from a $3.9 billion pre-tax charge for estimated third-party claims related to the wildfires.

Excluding items, the company reported a profit of $1.10 per share, beating analysts' estimates of 98 cents, according to IBES data from Refinitiv.

Total operating revenue fell to $3.94 billion from $4.23 billion.

(Reporting by Shanti S Nair in Bengaluru; Editing by Bernard Orr)

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Financials (USD)
Sales 2019 17 809 M
EBIT 2019 3 437 M
Net income 2019 -2 230 M
Debt 2019 24 406 M
Yield 2019 -
P/E ratio 2019 -3,84x
P/E ratio 2020 7,18x
EV / Sales2019 1,79x
EV / Sales2020 2,15x
Capitalization 7 557 M
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Technical analysis trends PG&E CORPORATION
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 13
Average target price 22,04  $
Last Close Price 14,28  $
Spread / Highest target 131%
Spread / Average Target 54,4%
Spread / Lowest Target 1,54%
EPS Revisions
Managers
NameTitle
John R. Simon Chief Executive Officer
Richard C. Kelly Independent Non-Executive Chairman
Jason P. Wells Chief Financial Officer & Senior Vice President
Richard A. Meserve Independent Director
Barbara L. Rambo Independent Director
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