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PG&E Q2 earnings from operations beat estimates by 11 cents

PG&E Corp. on Aug. 9 reported non-GAAP earnings from operations of $581.0 million, or $1.10 per share, in the 2019 second quarter, a decrease from $601.0 million, or $1.16 per share, in the prior-year quarter.

The results beat the S&P Global Market Intelligence consensus normalized earnings estimate for the quarter of 99 cents per share by 11 cents.

The company posted net losses attributable to common shareholders of $2.55 billion, or $4.83 per share, compared to losses of $984.0 million, or $1.91 per share, a year earlier.

Items that PG&E management does not consider part of normal, ongoing operations totaled $3.1 billion after-tax, or $5.92 per share, for the quarter. This was primarily driven by an additional $3.9 billion pretax charge for estimated third-party claims related to the 2017 Northern California wildfires and the 2018 Camp fire.

Operating revenues were $3.94 billion, a decrease from $4.23 billion a year prior. Operating loss widened to $3.64 billion from $1.47 billion a year earlier.

"Our primary focus areas are to further reduce the risk of wildfires in the communities we serve, to improve our safety and operational performance across the board, and to move expeditiously through the Chapter 11 process, which includes paying wildfire victims fairly and as soon as possible. We recognize we are operating from a deficit when it comes to public trust, and to regain that trust, we must sustain excellent operational performance day after day, month after month, year after year," said PG&E CEO and President Bill Johnson.