PG&E Corporation (PCG) CEO Patti Poppe on Q2 2022 Results - Earnings Call Transcript

PG&E Corporation (NYSE:PCG) Q2 2022 Earnings Conference Call July 28, 2022 11:00 AM ET

Company Participants

Matt Fallon - Senior Director, Investor Relations

Patti Poppe - Chief Executive Officer

Chris Foster - Executive Vice President and Chief Financial Officer

Conference Call Participants

Jonathan Arnold - Vertical Research

Shar Pourreza - Guggenheim Partners

Julien Dumoulin-Smith - Bank of America

Richard Sunderland - JPMorgan

Michael Lapides - Goldman Sachs

Nick Campanella - Credit Suisse

Gregg Orrill - UBS

David Arcaro - Morgan Stanley

Ryan Levine - Citi

Operator

Hello and thank you for standing by. My name is Regina and I will be your conference operator today. At this time, I would like to welcome everyone to the PG&E Second Quarter Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Matt Fallon, Senior Director of Investor Relations. Please go ahead.

Matt Fallon

Good morning, everyone. Thank you for joining us for PG&E’s second 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 statements are based on assumptions, forecasts, expectations and information currently available to management. Some of the important factors that could affect the company’s actual financial results are described in the second page of today’s second 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 also encourage you to review our quarterly report on Form 10-Q for the quarter ended June 30, 2022.

With that, I will hand it over to Patti.

Patti Poppe

Thank you, Matt. Good morning, everyone. Thanks for joining us. I will focus on three key areas today: first, our financial results; second, our continued work to build trust with policymakers and play our role as an enabler for California’s prosperity; and third, I’ll provide an update on our wildfire mitigation progress.

Our results through the first half keep us on track to deliver our full year 2022 non-GAAP core EPS guidance of $1.07 to $1.13. We have got the system in place to manage the inevitable pluses and minuses. The system provides confidence that we will deliver our commitment of at least 10% non-GAAP core EPS growth through 2024 and at least 9% in 2025 and 2026. As a result of further progress on legacy items, our rate neutral securitization and good cash management, we are lowering and narrowing our equity guidance. We are projecting a need of $0 to $250 million for the remainder of the year.