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Earnings Roundup / Pg&e

Utility operator's profit rises 7.5%

May 07, 2009|TIMES WIRE REPORTS

PG&E Corp., the owner of California's largest utility, said first-quarter profit rose 7.5% from a year earlier, when earnings were reduced by costs to repair storm damage and perform maintenance.

Net income rose to $244 million, or 65 cents a share, after payment of preferred dividends, from $227 million, or 62 cents, a year earlier, the San Francisco company said.

Profit at the company's Pacific Gas & Electric utility rose 1.3% to $236 million, limited by higher severance costs related to a restructuring and uncollectable customer bills.

PG&E fell 53 cents, or 1.4%, to $37.26.

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