PG&E Corporation (PCG) Q3 2022 Earnings Call Transcript

PG&E Corporation (NYSE:PCG) Q3 2022 Earnings Conference Call October 27, 2022 11:00 AM ET

Company Participants

Matthew Fallon - Senior Director of Investor Relations

Patricia Poppe - Chief Executive Officer

Chris Foster - Executive Vice President and Chief Financial Officer

Conference Call Participants

Shahriar Pourreza - Guggenheim Partners

Steven Fleishman - Wolfe Research

Julien Dumoulin-Smith - Bank of America

Michael Lapides - Goldman Sachs

Nicholas Campanella - Credit Suisse Financial Services

Gregg Orrill - UBS

David Arcaro - Morgan Stanley

Ryan Levine - Citigroup

Operator

Good morning, everyone, and welcome to PG&E Corporation's Third Quarter 2022 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the call over to Matt Fallon, Director -- Senior Director, Investor Relations. Mr. Fallon, you may now begin.

Matthew Fallon

Good morning, everyone. Thank you for joining us for PG&E's third quarter earnings call. With us today are Patti Poppe, Chief Executive Officer; and Chris Foster, Executive Vice President and Chief Financial Officer.

I want to remind you that today's discussion will include forward-looking statements about our outlook for future financial results. These are based on information currently available to management. Some of the important factors that could affect the company's actual financial results are described on the second page of today's third quarter earnings call presentation. The presentation also includes a reconciliation between non-GAAP and GAAP measures. The presentation can be found online, along with other information at investor.pgecorp.com. We encourage you to review our quarterly report on Form 10-Q for the quarter ended September 30, 2022.

With that, I'll hand it to Patti.

Patricia Poppe

Thank you, Matt. Good morning, everyone. Thanks for joining us. As you can see on Slide 3, we are on track to deliver our commitments to you. We've narrowed our non-GAAP core EPS range for 2022, to $1.09 to $1.11 per share. As Chris will discuss, we performed well in the third quarter, providing room to reinvest for our customers in the fourth quarter and deliver at the midpoint of our non-GAAP core EPS guidance. No more, no less. In addition, we're initiating 2023 non-GAAP core EPS guidance. You probably won't be surprised, 2023 is in line with our projected 10% growth in a band of $1.19 to $1.23. We're also reiterating our at least 10% EPS growth for 2024 and at least 9% in 2025 and 2026. No change there.