PG&E narrows 2023 core EPS to $1.20-1.23, initiates 2024 $1.31-1.35; reinstates dividend

PG&E Corp

2023-Q3 EPS reported $0.62 revenue$17,387,000,000

Narrowed 2023 non-GAAP core EPS to $1.20-$1.23; initiated 2024 guidance $1.31-$1.35; no new equity in 2023-2024.
CPUC GRC final decision authorizes 2023 revenue $13.52B (vs. $15.41B requested) and 2024 $14.24B ($16.34B); rate base $45.8B (vs. $50.4B).
Authorized 1,230 miles undergrounding (vs. 2,000 requested) and 778 miles covered conductor; denies $0.9B HQ capital costs.
Reinstated common stock dividend in November 2023, first since 2017; Diablo Canyon license renewal filed with NRC on Nov 7, 2023.
Moody's outlook revised to Positive in February 2023; P/E discount to peers narrowed to sub-20% from ~50% mid-2022.

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