Pacific Gas and Electric Company took a $2.5 billion charge for damage claims related to wildfires in northern California, sending shares lower. Ticker Security Last Change Change % PCG PG & E CORP. 6.92 -1.08 -13.50%
The San Francisco-based utility sees $6.2 billion to $6.3 billion of costs this year related to the fires.
PG&E said it lost $3.06 a share, or $1.11 a share after excluding some items. Wall Street analysts surveyed by Refinitiv were expecting adjusted earnings of $1.13 a share. The results may not compare. Revenue of $4.43 billion was shy of the $4.75 billion that analysts were expecting.....
I understand that much of the reason the PG&E equipment in some areas is not up to snuff is because of environmental boondoggles forced upon them by the state.
LOL. They went from $70 a share stock 2 years ago to $5 today. Retained earnings are negative. They aren't getting out of bankruptcy. By the end of the year Newsom the Fruit will be taking them over and that will be the end of that.
Very convoluted earnings press comments. ("after some items?" never heard the term "some items") More common terms would be "extraaordinary items," or "one-time" items.
As journalism declines, I should have expected the clarity of remarks on corporate earnings, to suffer.