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.