PG&E 2Q profit drops as expenses climb

Published on NewsOK Modified: July 31, 2014 at 12:31 pm •  Published: July 31, 2014

SAN FRANCISCO (AP) — PG&E Corp.'s second-quarter net income dropped 19 percent, hindered in part by rising operating expenses.

The San Francisco company's net income after preferred dividends fell to $267 million, or 57 cents per share, for the three months ended June 30. That's down from $328 million, or 74 cents per share, a year ago.

Earnings, adjusted for non-recurring costs, came to 69 cents per share. Analysts predicted earnings of 74 cents per share, according to a FactSet survey.

There were more shares outstanding in the current quarter.

Operating expenses increased to $3.43 billion from $3.14 billion.

Revenue climbed 4.7 percent to $3.95 billion from $3.78 billion. Wall Street was calling for $4.03 billion in revenue.

Shares of PG&E shed 81 cents to $44.89 in afternoon trading on Thursday.