PG&E takes $2.5B writedown due to California wildfires

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#1 | PG&E takes $2.5B writedown due to California wildfires datum

Thu Nov 07, 2019 9:12 am

Zitat
By Jonathan GarberFOXBusiness

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.....

https://www.foxbusiness.com/markets/paci...nings-writedown

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.

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#2 | RE: PG&E takes $2.5B writedown due to California wildfires datum

Thu Nov 07, 2019 12:51 pm

There are other big electricity corps.

LostAngeles Water and Power. SoCal Edison. San Diego Gas and Electric, just to name a few.

Those winds are a seasonal certainty.

My guess is, the situation is a combination of factors.

If I were betting, itwould be the "One-Party" government era, has created a standoff.

Sacramento bureacrats and regulators, and P G &E, and the result is: PG & E, shuts down the power, at the first risk.

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#3 | RE: PG&E takes $2.5B writedown due to California wildfires datum

Thu Nov 07, 2019 1:00 pm

Listening to big LA AM station noow. Talk of insurance companies refusing to insure people, to rebuild in high risk fire areas.

Lotsa very rich people,, in Monteceito, Pacific Palisades, Malibu, etc.

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#4 | RE: PG&E takes $2.5B writedown due to California wildfires datum

Thu Nov 07, 2019 2:26 pm

California is SO totally screwed!

We will never again be truly FREE people for so long as we continue to abide the Marxist Income Tax Code and the IRS!

http://fairtax.org

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#5 | RE: PG&E takes $2.5B writedown due to California wildfires datum

Thu Nov 07, 2019 10:46 pm

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.

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#6 | RE: PG&E takes $2.5B writedown due to California wildfires datum

Fri Nov 08, 2019 1:53 pm

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.

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