PG&E misses profit estimates hit by higher operating and maintenance costs
The company said its total operating and maintenance costs rose 3.7% to $2.86 billion, adding that wildfire-related claims, net of recoveries and the utility's wildfire fund expense increased from a year earlier.
PG&E has been blamed for sparking numerous wildfires, including some of California's most deadly, and has been making investments to improve the reliability of its power grid.
In a wildfire mitigation plan filed in March for the 2026-2028 period, the utility said it aims to build nearly 700 miles of underground power lines and complete 500 miles of additional wildfire safety system upgrades between 2025 and 2026.
PG&E's total quarterly operating revenue fell to $5.90 billion, from $5.99 billion a year earlier.
PG&E is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California.
The company said it added nearly 3,300 new customers in the second quarter to its electric grid system.
On an adjusted basis, PG&E reported a quarterly profit of 31 cents per share for the three-month period ended June 30, missing Wall Street expectations by 1 cent per share, according to LSEG.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
an hour ago
- Daily Mail
Fire near Las Vegas blankets iconic Strip in smoke as tourists continue to shun 'dying' city
A raging wildfire has blanketed Las Vegas and its iconic main drag in thick smoke as the struggling tourist destination faces yet another blow. Smoke from the California 's Gifford Fire burning north of Santa Barbara has been spreading and filling the Las Vegas Valley since Sunday. Video footage posted to social media by the National Weather Service in Sin City on Monday showed darkened skies above the Las Vegas Strip. The NWS warned that the hazardous conditions could persist for several more days due to southwest winds carrying the noxious plumes. 'Smoke from the Gifford Fire north of Santa Barbara continues to filter into the Las Vegas Valley, reducing visibility and air quality,' officials wrote. The Gifford Fire had burned more 65,000 acres and remained at just three percent containment as of Monday afternoon. The massive blaze continues to spread dangerous smoke across state lines into Nevada. Officials are advising residents and tourists to limit their time outdoors and keep windows closed as the haze continues to impact air quality across the valley. Video footage showed the smoky skies above Las Vegas International Airport The smoke arrived as Vegas continues to struggle with a major drop in tourism. One of the most popular hotel and resort chains in the gambling mecca recently reported a sudden drop-off in business. Caesars Entertainment, which runs eight casino resorts and one non-gaming hotel on the Las Vegas Strip, reported a 3.7 percent year-over-year decline in net revenue in the second quarter of 2025, SEC filings revealed. The company, which owns Caesars Palace and Harrah's Las Vegas, also saw a 21-percent yea-over-year drop in net income in the second quarter. From April to June, the company brought in $1.054billion in Las Vegas, down from $1.095billion in the same time period in 2024. One of the reasons Sin City's businesses are hurting is because international visitors have continued to shun the US - including some upset over the presidency of Donald Trump. Another reason tourists might be skipping the Strip is its high prices. A visitor recently shared her shock after she was charged $26 for a bottle of Fiji water from the minibar in her room at the Aria Resort & Casino. And a British magician was left outraged after he was billed $74.31 for two drinks at Sphere in Las Vegas. Las Vegas welcomed 3.39 million visitors in March, down almost eight percent from 3.68million in February, according to a report by the Las Vegas Convention and Visitors Authority. Hotels were 82.9 percent full the same month, compared with 85.3 percent full in March 2024. Casinos also reported an almost five percent drop over the past year. Statewide, the figure fell by 1.1 percent.
Reuters
an hour ago
- Reuters
Hims and Hers beats quarterly profit on steady subscription growth
NEW YORK, Aug 4 (Reuters) - Hims and Hers Health (HIMS.N), opens new tab beat Wall Street estimates for second-quarter profit on Monday, aided by continued subscription growth and surging volume in the telehealth company's weight-loss business. The company reported a quarterly profit of 17 cents per share, higher than the average analyst estimate of 15 cents, according to LSEG data. However, shares fell about 10% in extended trading as quarterly revenue of $544.8 million missed analysts' average expectation of $551.6 million.
Reuters
an hour ago
- Reuters
Vertex to stop developing new painkiller as solo treatment after mid-stage study setback
Aug 4 (Reuters) - Vertex Pharmaceuticals (VRTX.O), opens new tab said on Monday it will not continue development of its experimental non-opioid painkiller as a solo treatment after it failed to meet the main goal of a mid-stage trial. The next-generation drug, called VX-993, was found to be generally safe when tested in patients who had a bunion surgery, with most side effects being mild to moderate and no serious problems linked to the painkiller, the company said. Wall Street analysts and investors have been eagerly awaiting the results of this trial that would help Vertex expand beyond its non-opioid Journavx, bolstering its pain drug treatments.
