PG&E Corp (PCG) CEO Patricia Poppe on Q1 2022 Results - Earnings Call Transcript

PG&E Corp (NYSE:PCG) Q1 2022 Earnings Conference Call April 28, 2022 11:00 AM ET

Company Participants

Matthew Fallon - Senior Director, IR

Patricia Poppe - CEO & Director

Christopher Foster - EVP & CFO

Conference Call Participants

Shahriar Pourreza - Guggenheim Securities

Steven Fleishman - Wolfe Research

Jonathan Arnold - Vertical Research Partners

Gregg Orrill - UBS

Michael Lapides - Goldman Sachs Group

Julien Dumoulin - Bank of America Merrill Lynch

Ryan Levine - Citigroup

Operator

Thank you for standing by. My name is Cheryl, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pacific Gas & Electric Corporation First Quarter Earnings Release Conference Call.

[Operator Instructions].

Matt Fallon, Senior Director of Investor Relations. You may begin your conference

Matthew Fallon

Good morning, everyone. Thank you for joining us for PG&E's first 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 on the second page of today's first 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.pgcorp.com. We also encourage you to review our quarterly report on Form 10-Q for the quarter ended March 31, 2022. With that, I'll hand it over to Patti.

Patricia Poppe

Thanks, Matt, and good morning, everyone. Thanks for joining us today. I'm happy to report that we earned $0.30 in non-GAAP core EPS in the first quarter, and we're on track to deliver our 2022 non-GAAP core EPS guidance of $1.07 to $1.13. We believe in delivering at least 10% EPS growth for you as investors, this year, next year and the following year and at least 9% in 2025 and 2026, putting any annual surplus performance to work for important customer needs, a win for customers and investors.

We're underway on my second year here at PG&E with a world-class purpose-driven team focused every day on the triple bottom line, serving people, the planet and California's prosperity. We'll deliver on our triple bottom line by mitigating physical risk and by mitigating financial risk as seen here on Slide 4.