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Thursday, October 29, 2009
PG&E Profits Rise 4.6% in 3Q
FOXBusiness
Profits at energy company PG&E Corp. (PCG) rose 4.6% in the third quarter, as $3 billion worth of investments in infrastructure paid off.
Profits of $321 million, or 83 cents per share, came in above the mean analyst estimate provided by Thomson Reuters analyst estimates.
Revenue at PG&E fell by 12%, to $3.23 billion, as the California-based company dealt with numerous unpaid bills from its 15 million customers due to the weak economy and layoffs.
As the company’s electric sales dropped 8.7%, operating margins rose from 17.4% to 18.8%. Natural gas revenue fell 23.8%.
PG&E confirmed its earnings outlook for the remainder of this year and for 2010 and 2011.
Shares of PG&E eased 0.4% to $41.40 on Thursday.
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