PG&E Corp. (PCG, Financial) filed Quarterly Report for the period ended 2011-09-30.
Pg&e Corp. has a market cap of $17.04 billion; its shares were traded at around $42.35 with a P/E ratio of 12.8 and P/S ratio of 1.2. The dividend yield of Pg&e Corp. stocks is 4.2%. Pg&e Corp. had an annual average earning growth of 0.5% over the past 10 years.
The Utilitys total electric operating revenues, including revenues intended to recover costs that are passed through to customers, increased by $330 million, or 12%, and by $809 million, or 10%, in the three and nine months ended September 30, 2011, as compared to the same periods in 2010. Costs that are passed through to customers and do not impact net income increased by $163 million and $305 million in the three and nine months ended September 30, 2011, respectively, as compared to the same periods in 2010, primarily due to increases in the cost of electricity procurement (see Cost of Electricity below), cost of public purpose programs, and pension expense. Electric operating revenues, excluding costs passed through to customers, increased by $167 million and $504 million in the three and nine months ended September 30, 2011, respectively, as compared to the same periods in 2010. The increase for both periods is primarily due to additional base revenues that were authorized by the CPUC in the 2011 GRC, the FERC in the 13th TO rate case, and various separately funded projects. (See Regulatory Matters below.)
The Utilitys natural gas operating revenues, including revenues intended to recover costs that are passed through to customers, increased by $16 million, or 2%, and by $109 million, or 5%, in the three and nine months ended September 30, 2011, as compared to the same periods in 2010. Costs that are passed through to customers and do not impact net income increased by $13 million and $84 million in the three and nine months ended September 30, 2011, respectively, as compared to the same periods in 2010, primarily due to an increase in the costs of public purpose programs and pension expense. Natural gas operating revenues, excluding costs passed through to customers, increased by $3 million and $25 million in the three and nine months ended September 30, 2011, respectively. The increase for both periods was primarily due to additional base revenues authorized by the CPUC in the 2011 GT&S and GRC, which were partially offset by a decrease in natural gas storage revenues.
On May 9, 2011, PG&E Corporation entered into an Equity Distribution Agreement pursuant to which PG&E Corporations sales agents may offer and sell, from time to time, PG&E Corporation common stock having an aggregate gross offering price of up to $288 million. This amount represents the approximate unissued amount of the $400 million program previously announced on November 4, 2010. Sales of the shares are made by means of ordinary brokers transactions on the New York Stock Exchange, or in such other transactions as agreed upon by PG&E Corporation and the sales agents and in conformance with applicable securities laws. For the nine months ended September 30, 2011, PG&E Corporation issued 4,388,034 shares of common stock under the Equity Distribution Agreement for cash proceeds of $185 million, net of fees and commissions paid of $2 million. The proceeds from these issuances were used for general corporate purposes.
The CPUC authorized a total 2011 revenue requirement of approximately $6.0 billion, which reflects an overall increase of $450 million, or 8.0%, over the total 2010 authorized amount of $5.6 billion, including $55 million for the recovery of financing costs and the accelerated return of capital associated with conventional meters that have been replaced by SmartMeterTM devices. PG&E Corporations and the Utilitys financial results for the three and nine months ended September 30, 2011 reflect the additional authorized base revenues from January 1, 2011. (See Results of Operations above.) The CPUC decision also authorized attrition increases of $180 million for 2012 and $185 million for 2013.
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Pg&e Corp. has a market cap of $17.04 billion; its shares were traded at around $42.35 with a P/E ratio of 12.8 and P/S ratio of 1.2. The dividend yield of Pg&e Corp. stocks is 4.2%. Pg&e Corp. had an annual average earning growth of 0.5% over the past 10 years.
Highlight of Business Operations:
PG&E Corporations income available for common shareholders for the three months ended September 30, 2011 decreased by $58 million, or 22%, to $200 million, compared to $258 million for the same period in 2010. For the nine months ended September 30, 2011, income available for common shareholders decreased by $88 million, or 10%, to $761 million, compared to $849 million for the same period in 2010. The following table is a summary reconciliation of the key changes, after-tax, in income available for common shareholders and earnings per common share for the three and nine months ended September 30, 2011. See Results of Operations below for further information.The Utilitys total electric operating revenues, including revenues intended to recover costs that are passed through to customers, increased by $330 million, or 12%, and by $809 million, or 10%, in the three and nine months ended September 30, 2011, as compared to the same periods in 2010. Costs that are passed through to customers and do not impact net income increased by $163 million and $305 million in the three and nine months ended September 30, 2011, respectively, as compared to the same periods in 2010, primarily due to increases in the cost of electricity procurement (see Cost of Electricity below), cost of public purpose programs, and pension expense. Electric operating revenues, excluding costs passed through to customers, increased by $167 million and $504 million in the three and nine months ended September 30, 2011, respectively, as compared to the same periods in 2010. The increase for both periods is primarily due to additional base revenues that were authorized by the CPUC in the 2011 GRC, the FERC in the 13th TO rate case, and various separately funded projects. (See Regulatory Matters below.)
The Utilitys natural gas operating revenues, including revenues intended to recover costs that are passed through to customers, increased by $16 million, or 2%, and by $109 million, or 5%, in the three and nine months ended September 30, 2011, as compared to the same periods in 2010. Costs that are passed through to customers and do not impact net income increased by $13 million and $84 million in the three and nine months ended September 30, 2011, respectively, as compared to the same periods in 2010, primarily due to an increase in the costs of public purpose programs and pension expense. Natural gas operating revenues, excluding costs passed through to customers, increased by $3 million and $25 million in the three and nine months ended September 30, 2011, respectively. The increase for both periods was primarily due to additional base revenues authorized by the CPUC in the 2011 GT&S and GRC, which were partially offset by a decrease in natural gas storage revenues.
On May 9, 2011, PG&E Corporation entered into an Equity Distribution Agreement pursuant to which PG&E Corporations sales agents may offer and sell, from time to time, PG&E Corporation common stock having an aggregate gross offering price of up to $288 million. This amount represents the approximate unissued amount of the $400 million program previously announced on November 4, 2010. Sales of the shares are made by means of ordinary brokers transactions on the New York Stock Exchange, or in such other transactions as agreed upon by PG&E Corporation and the sales agents and in conformance with applicable securities laws. For the nine months ended September 30, 2011, PG&E Corporation issued 4,388,034 shares of common stock under the Equity Distribution Agreement for cash proceeds of $185 million, net of fees and commissions paid of $2 million. The proceeds from these issuances were used for general corporate purposes.
The CPUC authorized a total 2011 revenue requirement of approximately $6.0 billion, which reflects an overall increase of $450 million, or 8.0%, over the total 2010 authorized amount of $5.6 billion, including $55 million for the recovery of financing costs and the accelerated return of capital associated with conventional meters that have been replaced by SmartMeterTM devices. PG&E Corporations and the Utilitys financial results for the three and nine months ended September 30, 2011 reflect the additional authorized base revenues from January 1, 2011. (See Results of Operations above.) The CPUC decision also authorized attrition increases of $180 million for 2012 and $185 million for 2013.
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