PG&E Corporation (PCG) has reported a 426.36 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $579 million, or $1.13 a share in the quarter, compared with $110 million, or $0.22 a share for the same period last year.
Revenue during the quarter grew 7.40 percent to $4,268 million from $3,974 million in the previous year period. Gross margin for the quarter expanded 203 basis points over the previous year period to 72.54 percent. Total expenses were 79.38 percent of quarterly revenues, down from 97.61 percent for the same period last year. This has led to an improvement of 1823 basis points in operating margin to 20.62 percent.
Operating income for the quarter was $880 million, compared with $95 million in the previous year period.
"Our results for the quarter reflect PG&E's strong focus on making the investments in our system that will drive further progress on safety, reliability and achieving California's clean energy goals, while running the business cost effectively and affordably for customers," said PG&E Corporation chief executive officer and president Geisha Williams.
For fiscal year 2017, the company expects diluted earnings per share to be in the range of $3.57 to $3.82. The company expects diluted earnings per share to be in the range of $3.55 to $3.75 on adjusted basis.
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