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Earnings Roundup

Pg&e

Higher rates help boost net income

October 30, 2009|Times Wire Reports

PG&E Corp. said third-quarter profit rose 4.6% as its Pacific Gas & Electric utility, California's largest, collected higher rates to cover the cost of system maintenance and upgrades.

Net income climbed to $318 million, or 83 cents a share, from $304 million, or 83 cents, a year earlier, the San Francisco company said. Excluding one-time items, such as costs for gas-system maintenance and severance, profit was 93 cents a share, beating by 1 cent the average analyst estimate compiled by Bloomberg.

Third-quarter revenue fell 12% to $3.24 billion. Power sales at the utility dropped 8.7% and natural gas sales plunged 24%.

The utility, which provides electricity to about 5.1 million homes and businesses and natural gas to 4.3 million, said it had cut jobs by about 2%.

PG&E shares fell 15 cents to $41.40.

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