PG&E in California 1Q Earnings Beat Wall Street Expectations, Profit of $136M

Pacific Gas & Electric Co.on Thursday reported first-quarter profit of $136 million.

The San Francisco, Calif.-based company said it had profit of 25 cents per share. Earnings, adjusted for non-recurring costs, were $1.04 per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 90 cents per share.

The utility holding company posted revenue of $4.01 billion in the period.

PG&E shares have decreased roughly 9% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 17%. The stock has dropped 53% in the last 12 months.