Despite revenues jumping by nearly half a billion dollars, PG&E Corp. Wednesday reported that earnings in the first quarter were essentially flat compared to the same period last year. On a nonGAAP accounting basis, first quarter earnings were $214 million, or 60 cents/ share, compared to $218 million, or 56 cents/share, for the same period in 2005. Total revenue was $3.1 billion, compared to $2.66 billion in the first quarter a year earlier.

The slight increase in per-share earnings for the first quarter was due to a share repurchase program, leading to fewer shares outstanding at the end of this most recent quarter, compared to a year earlier. Stand-alone results from utility Pacific Gas and Electric Co. were essentially the same as at the parent company ($214 million this past quarter, compared to $219 million in the 2005 first quarter).

PG&E reaffirmed its previous earnings guidance from operations in the range of $2.40-2.50/share this year and $2.65-2.75/share for next year.

“We are on track to deliver on our objectives for 2006,” said CEO Peter Darbee. “Since the beginning of the year, we’ve made good progress on our business priorities. We’ve advanced a number of initiatives to improve customer service, and we’ve continued to make investments in our infrastructure and new technology.”

Darbee stressed the benefits of the utility’s recent announcement on long-term power supply contracts, which he characterized as being “one of the largest single infusions of new generation in California in decades.” He said the company intends to “build on these efforts” through the rest of this year, making stronger service and reliability a major focus.

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