PG&E shares plunge after $1.6 billion quarterly loss amid wildfire costs

  • Source: East Bay Times - Metered Site
  • Published: 11/07/2019 10:44 AM

PG&E shares plummeted on Thursday after the company reported $1.62 billion in third-quarter losses that were unleashed in part by $2.55 billion in claims linked to wildfires. Excluding an array of one-time items such as the wildfire claims, PG&E reported an adjusted profit of $590 million, which was up 1.4 percent from $582 million in adjusted profits during the similar July-through-September quarter of a year ago, PG&E reported Thursday. Costs arising from the recent Kincaid Fire in Sonoma County weren’t included in the one-time expenses that PG&E cited. However, expenses triggered by blazes of prior years were included. “Estimated third-party claims related to the 2017 Northern California wildfires and the 2018 Camp fire” were part of the one-time items cited in the most recent financial results, PG&E stated.


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