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Tax expense drags PG&E Q1 earnings down YOY

PG&E Corp.'sfirst-quarter 2016 earnings from operations were down to $407.0 million, or 82cents per share, from $418.0 million, or 87 cents per share, in the same periodof 2015. The S&P Global Market Intelligence normalized EPS consensusestimate was 75 cents.

The company said May 4 that the year-over-year decreasereflected some timing-related tax expenses. Earnings from operations exclude $506.0million, or 60 cents per share, in pretax charges related to the in 2015 and theSan Bruno accident,among other things.

Accounting for those charges, the company reportedfirst-quarter 2016 GAAP net income of $107.0 million, or 22 cents per share, upfrom $31.0 million, or 6 cents per share, in the same quarter of 2015.

First-quarter 2015 GAAP earnings include a pretax charge of$369 million.

The company continuesto target non-GAAP earnings from operations of $3.65 per share to $3.85 pershare though lowered its GAAP EPS guidance to $2.41 to $2.73 for 2016; thecompany was previously targeting GAAP EPS of $2.86 to $3.18.

PG&E's first-quarter 2016 operating revenues increasedto $3.97 billion from $3.90 billion in the corresponding quarter of 2015, andso did operating income: to $95.0 million from $71.0 million in the openingmonths of 2015.