Pg&E Corporation (PCG) has reported 58.45 percent jump in profit for the year ended Dec. 31, 2016. The company has earned $1,407 million, or $2.78 a share in the year, compared with $888 million, or $1.79 a share for the last year. Revenue during the year grew 4.95 percent to $17,666 million from $16,833 million in the previous year. Gross margin for the year expanded 378 basis points over the previous year to 69.55 percent. Total expenses were 87.68 percent of annual revenues, down from 91.04 percent for the last year. This has led to an improvement of 336 basis points in operating margin to 12.32 percent.
Operating income for the year was $2,177 million, compared with $1,508 million in the previous year.
“Our focus on safety, reliability and California’s clean energy goals continues to drive major investments in our operations and infrastructure that are vital to meeting the needs of our customers in 2017 and beyond,” said PG&E Corporation Chairman and Chief executive officer Tony Earley.
For financial year 2017, the company forecasts diluted earnings per share to be in the range of $3.48 to $3.77. For financial year 2017, the company forecasts diluted earnings per share to be in the range of $3.55 to $3.75 on adjusted basis.
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