PG&E Swings to Fourth-Quarter Profit

PG&E(PCG Quote) swung to a profit after earlier delaying its earnings release to sort out accounting for power-plant leases.

The parent of bankrupt Pacific Gas & Electric earned $529 million, or $1.45 a share, compared with a loss of $4.12 billion, or $11.34 a share, in the year-ago quarter. It posted operating revenue of $4.98 billion, down from $8.08 billion in last year's fourth quarter.

In the release the company said it decided to move several previously off-balance sheet power plant leases back onto its books, reducing earnings by $1 million but not requiring a restatement. ...