May 4, 2011
Pacific Gas & Electric Corporation (NYSE:PCG) reported Q1 EPS of $0.58 ex-items, missing the consensus estimate for $0.81 per share. Revenues for the quarter grew 3.5% year-over-year to $3.60 billion, just ahead of the consensus estimate for $3.59 billion.
PG&E Corporation Senior Vice President and Chief Financial Officer Kent Harvey said, "We are disappointed in the results for the quarter. Given the results in the first quarter and our outlook for the year, we believe it's necessary to lower guidance for 2011 earnings per share from operations. In addition, the increased scope of gas pipeline safety-related work we now have planned for the year will further impact our 2011 GAAP earnings. As a result, we have decided not to increase the common stock dividend during 2011."
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