PG&E; Corp. said second-quarter profit rose 32% on gains for a tax refund and recovery of costs in prior years as well as higher rates at its Pacific Gas & Electric.
Net income rose to $388 million, or $1.02 a share, from $293 million, or 80 cents, a year earlier, the San Francisco company said. Excluding one-time items, profit was 83 cents a share, missing by 1 cent the average of analyst estimates compiled by Bloomberg. Sales fell 11% to $3.19 billion.
PG&E; affirmed earlier forecasts for earnings through 2011; profit from operations is expected to be $3.15 to $3.25 a share this year. Pacific Gas will collect $160 million in increased rates this year and $90 million in 2010 to help pay for power-plant and other improvements.
PG&E; shares fell 41 cents to close at $40.14 after earnings were announced.