PG&E Corporation (NYSE:PCG) Q3 2024 Earnings Conference Call November 7, 2024 11:00 AM ET

Company Participants

Jonathan Arnold - Vice President, Investor Relations
Patty Poppe - Chief Executive Officer
Carolyn Burke - Executive Vice President & Chief Financial Officer

Conference Call Participants

Shar Pourreza - Guggenheim Partners
Steve Fleishman - Wolfe
Rich Sunderland - JPMorgan Securities LLC
Julien Dumoulin-Smith - Jefferies
Gregg Orrill - UBS
Carly Davenport - Goldman Sachs
David Arcaro - Morgan Stanley
Michael Lonegan - Evercore ISI

Operator

Hello, and welcome to the PG&E Corporation Third Quarter 2024 Earnings Release Conference Call. Please note that this call is being recorded. After the speaker's remarks, there will be a Q&A session. [Operator Instructions] Thank you.

I'd now like to turn the call over to Jonathan Arnold. You may now begin.

Jonathan Arnold

Good morning, everyone, and thank you for joining us for PG&E's Third Quarter 2024 Earnings Call. With us today are Patty 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 result are described on the second page of today's earnings 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'd also encourage you to review our quarterly report on Form 10-Q for the quarter ended September 30, 2024.

And with that, it's my pleasure to hand the call over to our CEO, Patty Poppe.

Patty Poppe

Thank you, Jonathan. Good morning, everyone. We've seen another quarter of solid progress, and I'm pleased to share our third quarter results and some updates to our guidance and financial plan. Our core earnings per share for the third quarter were $0.37, bringing up to $1.06 for the first nine months. We're narrowing our 2024 guidance range, lifting the low end by $0.01 and firming up our 10% growth over 2023 at the midpoint. Our 2024 range is now $1.34 to $1.37.

Reflecting growth in current customer demand, we're also adding $1 billion to our five-year capital plan, which is now $63 billion through 2028. Previously, we said we'd grow earnings per share at least 9% in 2025.