PG&E Corporation. (NYSE:PCG) Q3 2023 Earnings Conference Call October 26, 2023 11:00 AM ET

Company Participants

Jonathan Arnold - Vice President of Investor Relations

Patti Poppe - Chief Executive Officer

Carolyn Burke - Executive Vice President & Chief Financial Officer

Conference Call Participants

Shar Pourreza - Guggenheim

Steven Fleishman - Wolfe

Nicholas Campanella - Barclays

Julien Dumoulin-Smith - Bank of America

Gregg Orrill - UBS

Ryan Levine - Citi

Richard Sunderland - JPMorgan

Operator

Hello. My name is Chris, and I’ll be your conference operator today. At this time, I’d like to welcome everyone to the PG&E Corporation Third Quarter 2023 Earnings Release. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question-and-answer session. [Operator Instructions] Thank you, Jonathan Arnold, Vice President, Investor Relations. You may begin.

Jonathan Arnold

Good morning, everyone, and thank you for joining us for PG&E’s Third Quarter 2023 Earnings Call. With us today are Patti Poppe, Chief Executive Officer; and Carolyn Burke, Executive Vice President and Chief Financial Officer. We also have other members of the leadership team here with us in our Oakland headquarters.

First, I should remind you that today’s discussion will include forward-looking statements about our outlook for future financial results. These statements are based on information currently available to management. Some of the important factors, which could affect our actual financial results are described on the second page of today’s third quarter presentation. The presentation also includes a reconciliation between non-GAAP and GAAP financial measures. The slides along with other relevant information can be found online at investor.pgecorp.com. We would also encourage you to review our quarterly report on Form 10-Q for the quarter ended September 30, 2023.

With that, it’s my pleasure to hand the call over to our CEO, Patti Poppe.

Patti Poppe

Thank you, Jonathan, and good morning, everyone. I’m pleased to report another quarter of solid progress.

As you’ll see on Slide three, our core earnings per share of $0.24 for the third quarter bring us to $0.76 for the first 9 months of 2023. We continue to work through the review process of our general rate case at the California Public Utilities Commission and have, therefore, not yet recognized the benefit in our earnings. With the customary memo account in place, once we receive the final order, we will book the new GRC revenues starting from the January 1, 2023 effective date.