PG&E; earnings drop 13% on costs

From Times Wire Services

PG&E; Corp. said first-quarter profit fell 13% on costs incurred by its Pacific Gas & Electric utility, the state's largest, to repair damage from torrential rain and heavy snow in January.

Net income fell to $224 million, or 62 cents a share, from $256 million, or 71 cents, a year earlier, the San Francisco-based company said. The per-share results missed by 4 cents the average of analyst estimates compiled by Bloomberg. Sales rose 11% to $3.73 billion.

"Earnings were a little light, but the company is sticking to their earnings guidance for this year and next," said Michael Worms, an analyst at BMO Capital Markets in New York.

PG&E; shares fell 7 cents to $40.64.

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