PG&E Corporation Reports 2024 Financial Results and Updates 2025 Guidance

Details

The company achieved GAAP earnings of $0.30 per share for Q4 2024 and $1.15 per share for the full year, up from $0.43 per share and $1.05 per share respectively in 2023. Non-GAAP core earnings stood at $0.31 per share for Q4 2024 and $1.36 per share for the full year 2024, slightly down from $0.47 per share and up from $1.23 per share in 2023. PG&E also provided updated 2025 earnings guidance with GAAP EPS expected between $1.30 and $1.36, and non-GAAP core EPS between $1.48 and $1.52. The company reaffirmed its commitment to funding a $63 billion capital plan through 2028 and maintaining a dividend payout ratio of approximately 20% of core earnings by 2028. A press release with further details is attached as Exhibit 99.1.

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About PG&E Corporation

PG&E Corporation is a prominent energy infrastructure company engaged in delivering gas and electricity services to millions of customers, primarily in Northern and Central California. As a critical player in the utility sector, PG&E focuses on generating, transmitting, and distributing energy while upholding commitments to safety, reliability, and environmental stewardship. The company plays a vital role in supporting regional economies by facilitating energy needs for residential, commercial, and industrial users. PG&E Corporation is also at the forefront of integrating renewable energy sources, contributing to California's ambitious climate goals. By managing a vast network of power lines and gas pipelines, PG&E ensures consistent energy provision in a region prone to environmental challenges such as wildfires and earthquakes. As a major utility provider, PG&E's performance and strategic initiatives significantly impact regulatory environments, energy markets, and sustainability efforts in the burgeoning clean energy transition. Headquartered in San Francisco, California, PG&E Corporation's efforts in modernizing infrastructure and investing in technology aim to enhance grid resilience and customer service across its expansive service area.