Tuesday, 07 March 2017 08:15 AM
Upcoming AWS Coverage on Duke Energy Post-Earnings Results
LONDON, UK / ACCESSWIRE / March 7, 2017 / Active Wall St. announces its post-earnings coverage on PG&E Corp. (NYSE: PCG). The Company reported its financial results for the fourth quarter fiscal 2016 (Q4 FY16) and full year fiscal 2016 (FY16) on February 16, 2017. The San Francisco, California-based Company's annual non-GAAP EPS grew on a year-over-year basis, outperforming market consensus estimates. Register with us now for your free membership at:
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One of PG&E's competitors within the Electric Utilities space, Duke Energy Corp. (NYSE: DUK), reported on February 16, 2017, its Q4 and full-year 2016 financial results. AWS will be initiating a research report on Duke Energy in the coming days.
Today, AWS is promoting its earnings coverage on PCG; touching on DUK. Get our free coverage by signing up to:
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Earnings Reviewed
In FY16, PG&E reported total operating revenues of $17.67 billion, which came in above the $16.83 billion recorded at the end of FY15. However, total operating revenues for the reported year fell marginally short of market expectations of $17.89 billion.
The energy-based holding Company reported GAAP net income available for common shareholders of $1.39 billion, or $2.78 per diluted share in FY16, compared to $874 million, or $1.79 per diluted share in FY15. Furthermore, the Company's non-GAAP earnings from operations for FY16 came in at $1.88 billion, or $3.76 per share, compared to $1.52 billion, or $3.12 per share, in FY15. Market analysts had forecasted adjusted diluted earnings of $3.72 per share for FY16.
For Q4 FY16, PG&E's operating revenues were $4.71 billion, compared to $4.17 billion in Q4 FY15. The Company's operating income surged during the reported quarter to $1.04 billion, from $205 million in Q4 FY15. The Company's GAAP net income available for common shareholders during Q4 FY16 was $692 million, or $1.36 per diluted share, compared to $134 million, or $0.27 per diluted share, in Q4 FY15. Non-GAAP earnings from operations for Q4 FY16 stood at $675 million, or $1.33 per share, compared to $247 million, or $0.50 per share, in Q4 FY15. Meanwhile, Wall Street had expected the Company to report non-GAAP earnings from operations of $1.29 per share.
Operating Metrics
In FY16, PG&E's total operating expenses increased marginally to $15.49 billion from $15.33 billion in FY15. The Company operating income for FY16 was $2.18 billion compared to $1.51 billion in FY15. Interest expenses in FY16 were $829 million compared with $773 million in the prior year. Furthermore, the Company's income before income taxes came in at $1.46 billion for FY16 versus $861 million in FY15.
Segment Performance
During FY16, Electric operating revenues came in at $13.86 billion compared to $13.66 billion in FY15. The segment's cost of electricity was down to $4.77 billion in FY16 from $5.10 billion in FY15.
PG&E natural gas's operating revenues for the reported year stood at $3.80 billion, up from $3.18 billion in FY15. The segment's cost of natural gas also decreased to $615 million in FY16 from $663 million in the prior-year.
Cash Matters
In the year ended on December 31, 2016, PG&E generated $4.41 billion in cash from operations compared to $3.78 billion in the prior year. The Company's cash and cash equivalents balance stood at $177 million as on December 31, 2016, compared to $123 million, at the close of books on December 31, 2015. The Company reported long-term debt of $16.22 billion as on December 31, 2016, compared with $15.93 billion as on December 31, 2015.
Dividend
In a separate press release on February 15, 2017, PG&E's Board of Directors declared Q1 FY17 regular cash dividend of $0.49 per share on its common stock. The dividend is payable on April 15, 2017, to shareholders of record on March 31, 2017.
Outlook
In its guidance for full year FY17, PG&E expects GAAP earnings to be in the range of $3.48 per share to $3.77 per share. Furthermore, on a non-GAAP basis, the Company anticipates earnings from operations during FY17 to be between $3.55 per share and $3.75 per share.
Stock Performance
At the closing bell, on Monday, March 06, 2017, PG&E's stock slightly dropped 0.47%, ending the trading session at $65.76. A total volume of 2.81 million shares were traded at the end of the day, which was higher than the 3-month average volume of 2.07 million shares. In the last three months and previous twelve months, shares of the Company have advanced 14.22% and 20.11%, respectively. Moreover, the stock gained 8.21% since the start of the year. The stock is trading at a PE ratio of 23.73 and has a dividend yield of 2.98%.
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SOURCE: Active Wall Street