PG&E Corporation, the San Francisco based gas and electricity providing company, posted a decrease of 47% in net income for the fourth quarter. Though the net income decreased in the quarter but still it topped the market estimates. The net income in the fourth quarter of previous year was mostly attributable to a huge tax settlement of $257 million.

In the fourth quarter of FY 2009, the net income was posted $273 million or $0.71 cents per share by the company, while in the same quarter last year net income was posted $517 million or $1.37 per share.

In the fourth quarter, the operating income on a non GAAP measure was posted $304 million or $0.80 per share while it was reported $260 million or $0.70 per share in Q4 FY 2008. Market analysts estimated earnings of $0.74 per share for the quarter on an average.

For the year 2009, PG&E reported net income of $1.2 billion or $3.20 a share while in the previous fiscal of 2008 the net income was posted of $1.34 billion or $3.63 a share. The company posted revenue of $13.4 billion decreasing by 8% comparing to FY 2008 revenue of $14.6 billion.

PG&E also reaffirmed its estimates of 2010 and 2011 earnings from operations. The company forecasts it in a range between $3.35 and $3.50 per share in 2010 and between $3.65 and $3.85 per share in 2011.