- PG&E's (PCG, Financial) Q1 2025 GAAP earnings per share declined to $0.28 from $0.34 in Q1 2024.
- The company maintained its 2025 non-GAAP core EPS guidance at $1.48-$1.52 per share.
- Average residential electric rates were lower in March 2025 compared to the previous year.
PG&E Corporation (PCG) reported a decrease in first-quarter 2025 GAAP earnings per share, dropping to $0.28 from $0.34 in the same quarter of 2024. Non-GAAP core earnings per share also saw a decline, reaching $0.33 compared to $0.37 in the previous year's first quarter. The decline was primarily attributed to a lower return on equity, which was reduced from 10.7% to 10.28%, and the dilutive impact of PG&E's 2024 equity offering.
Despite these challenges, PG&E has reaffirmed its non-GAAP core EPS guidance for 2025 at a range of $1.48 to $1.52 per share, indicating expectations of improved performance in subsequent quarters. Additionally, the company adjusted its 2025 GAAP EPS guidance to between $1.29 and $1.35 per share.
Operationally, PG&E made significant strides in physical safety and energy delivery. Notably, March 2025 saw average residential electric rates lower than those of the previous year, a noteworthy achievement amid an inflationary climate. The company also connected over 3,000 new electric customers and nearly 400 new electric vehicle charging ports in the first quarter alone.
PG&E's ongoing infrastructure improvements include plans to construct around 700 miles of underground powerlines and 500 miles of additional wildfire safety system enhancements through 2026. These proactive steps are designed to bolster customer relationships and regulatory goodwill, while also addressing long-term risk reduction in high wildfire-risk areas.
