PG& E’s 2015 outlook upbeat

Utility beatsWall St. expectations despite record- setting fine

SAN BRUNO — PG& E, attempting to push past the aftermath of a record- setting fine to punish the utility for a fatal explosion in San Bruno, on Wednesday offered a rosy outlook for its 2015 fiscal year and reported firstquarter operating profits that beat Wall Street’s expectations.

Despite the uncertainties, the overall financial picture for PG& E remains robust, said Travis Miller, director of utilities research with Chicago- based investment firm Morningstar.

“As long as management continues to operate the core business well and meet their investment targets, the earnings trajectory is very good,” Miller said.

The utility giant’s shares rose 2.5 percent, or $ 1.32 a share, and closed at $ 53.92 Wednesday.

“The lessons of San Bruno will never be forgotten and will continue to guide our work,” said Anthony Earley, PG& E’s chief executive. The explosion of natural gas in September 2010 killed eight and wrecked a San Bruno neighborhood.

San Francisco- based PG& E expects that its shareholders will pay $ 1 billion this year in penalties in connection with the San Bruno explosion and its aftermath. The company intends to use the sale of $ 800 million in stock to help finance the payments.

Since that disaster, PG& E has made significant progress in improving the safety and reliability of its vast network of natural gas pipelines and systems.

In the first quarter that ended

PG& E,