PG&E posts 2Q profit of $406 million, result tops expectations

MarketsAssociated Press

Pacific Gas & Electric Co. (PCG) on Wednesday reported second-quarter earnings of $406 million.

The San Francisco-based company said it had profit of 83 cents per share. Earnings, adjusted for non-recurring costs, were 91 cents per share.

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The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 78 cents per share.

The utility holding company posted revenue of $4.22 billion in the period.

PG&E expects full-year earnings in the range of $2.90 to $3.10 per share.

PG&E shares have dropped nearly 2 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed roughly 2 percent. The stock has increased 10 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PCG at http://www.zacks.com/ap/PCG

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Keywords: PG&E, Earnings Report