PRESS RELEASES 2022
April 28, 2022
ISSUED BY: PG&E Corporation, 1-415-973-5930

PG&E Corporation Reports First-Quarter 2022 Financial Results

Related Documents
Press Release and Selected Exhibits
Presentation and Complete Earnings Exhibits

OAKLAND, Calif. — PG&E Corporation (NYSE: PCG) recorded first-quarter 2022 income available for common shareholders of $475 million, or $0.22 per diluted share, as reported in accordance with generally accepted accounting principles (GAAP). This compares with income available for common shareholders of $120 million, or $0.06 per diluted share, for the first quarter of 2021.

GAAP results include non-core items that management does not consider representative of ongoing earnings, which totaled $164 million after tax, or $0.08 per diluted share, for the quarter. These results were primarily driven by costs related to the amortization of Wildfire Fund contributions under Assembly Bill (AB) 1054, investigation remedies, wildfire-related costs, prior period net regulatory impact, and PG&E Corporation's and Pacific Gas and Electric Company's (Utility) reorganization cases under Chapter 11 of the U.S. Bankruptcy Code (Chapter 11), partially offset by the Fire Victim Trust tax benefits.

"PG&E's unified, mission-driven team is focused every day on our Triple Bottom Line of People, the Planet, and California's Prosperity," said Patti Poppe, CEO of PG&E Corporation. "We plan to deliver operational and financial results through a culture of performance – mitigating risks, identifying cost-saving opportunities, and keeping customer bills affordable."

Non-GAAP Core Earnings

PG&E Corporation's non-GAAP core earnings, which exclude non-core items, were $639 million, or $0.30 per diluted share, in the first quarter of 2022, compared with $487 million, or $0.23 per diluted share, during the same period in 2021.

The increase in quarter-over-quarter non-GAAP core earnings per diluted share was primarily driven by cost reduction, growth in rate base earnings, and timing of taxes.

PG&E Corporation uses "non-GAAP core earnings," which is a non-GAAP financial measure, in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of non-core items. See the accompanying tables for a reconciliation of non-GAAP core earnings to consolidated earnings available for common shareholders.

2022 Guidance

PG&E Corporation is adjusting 2022 GAAP earnings guidance in the range of $0.85 to $1.16 per diluted share, which includes non-core items. PG&E Corporation is adjusting 2022 non-core items guidance in the range of $(70) million to $450 million after tax, reflecting costs related to the amortization of Wildfire Fund contributions under AB1054, PG&E Corporation's and Utility's reorganization cases under Chapter 11, investigation remedies, and wildfire-related costs, partially offset by rate neutral securitization and Fire Victim Trust tax benefits and prior period net regulatory impact.

On a non-GAAP basis, the guidance range for projected 2022 non-GAAP core earnings is reaffirmed at $1.07 to $1.13 per diluted share. Factors driving non-GAAP core earnings include unrecoverable interest expense of $330 million to $370 million after tax and other earnings factors, including allowance for funds used during construction (AFUDC) equity, incentive revenues, tax benefits, and cost savings, net of below-the-line costs.

Guidance is based on various assumptions and forecasts, including those relating to authorized revenues, future expenses, capital expenditures, rate base, equity issuances, rate neutral securitization, and certain other factors.

Supplemental Financial Information

In addition to the financial information accompanying this release, presentation slides have been furnished to the Securities and Exchange Commission (SEC) and are available on PG&E Corporation's website at: http://investor.pgecorp.com/financials/quarterly-earnings-reports/default.aspx.

Earnings Conference Call

PG&E Corporation will also hold a conference call on April 28, 2022, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss its first quarter 2022 results. The public can access the conference call through a simultaneous webcast. The link is provided below and will also be available from the PG&E Corporation website.

What: First Quarter 2022 Earnings Call

When: Thursday, April 28, 2022 at 11:00 a.m. Eastern Time

Where: http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx

A replay of the conference call will be archived at http://investor.pgecorp.com/news-events/events-and-presentations/default.aspx.

Alternatively, a toll-free replay of the conference call may be accessed shortly after the live call through May 5, 2022, by dialing (800) 770-2030. International callers may dial (647) 362-9199. For both domestic and international callers, the confirmation code 64421 will be required to access the replay.

Public Dissemination of Certain Information

PG&E Corporation and the Utility routinely provide links to the Utility's principal regulatory proceedings with the California Public Utilities Commission (CPUC) and the Federal Energy Regulatory Commission (FERC) at http://investor.pgecorp.com, under the "Regulatory Filings" tab, so that such filings are available to investors upon filing with the relevant agency. PG&E Corporation and the Utility also routinely post, or provide direct links to, presentations, documents, and other information that may be of interest to investors at http://investor.pgecorp.com, under the "Chapter 11," "Wildfire and Safety Updates" and "News & Events: Events & Presentations" tabs, respectively, in order to publicly disseminate such information. It is possible that any of these filings or information included therein could be deemed to be material information.

About PG&E Corporation

PG&E Corporation (NYSE: PCG) is a holding company headquartered in Oakland. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. For more information, visit http://www.pgecorp.com.

Forward-Looking Statements

This news release contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation and the Utility, including but not limited to earnings guidance for 2022. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation and the Utility's joint annual report on Form 10-K for the year ended December 31, 2021, their most recent quarterly report on Form 10-Q for the quarter ended March 31, 2022, and other reports filed with the SEC, which are available on PG&E Corporation's website at www.pgecorp.com and on the SEC website at www.sec.gov. PG&E Corporation and PG&E undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.



Copyright © 2004 - PG&E Corporation. All Rights Reserved. | feedback | privacy policy