The company said GAAP earnings per share were $0.28 (Q1 2024 $0.34) for Q1 2025, and non-GAAP core earnings per share were $0.33 (Q1 2024 $0.37).

1. 01

   The company said GAAP earnings per share were $0.28 (Q1 2024 $0.34) for Q1 2025, and non-GAAP core earnings per share were $0.33 (Q1 2024 $0.37).

2. 02

   PG&E said the decline in Q1 2025 GAAP results was primarily driven by the lower return on equity tied to the most recent cost of capital decision, which cut the level from 10.7% to 10.28%, and the dilutive impact of its 2024 equity offering.

3. 03

   The company said it updated its 2025 GAAP earnings per share guidance to $1.29 to $1.35 and reaffirmed its non-GAAP core earnings per share guidance at $1.48 to $1.52.

4. 04

   The company said non-core items totaled $120 million after tax ($0.05 per share) for Q1 2025, compared with $68 million after tax ($0.04 per share) for Q1 2024.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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