PG&E Corp. recorded a bigger profit in the second quarter on flat revenue as its costs declined. The Oakland, Calif., utility posted a profit of $761 million, or 33 cents a share, compared with $549 million, or 24 cents a share, in the same quarter a year earlier.

Stripping out one-time items, adjusted earnings were 40 cents a share. Analysts polled by FactSet had been expecting 36 cents a share. The utility's operating expenses fell 3.5% to $4.64 billion, driving the profit increase despite revenue pressure.

Revenue came in roughly flat year-over-year at $5.9 billion, below analyst targets for $6.2 billion. A small decline in the company's electric unit was offset by gains in its natural gas segment, highlighting the mixed performance across business lines.

The results reflect PG&E's ongoing focus on cost management as it navigates California's regulatory environment and wildfire liability concerns. The company continues to execute on its financial targets while investing in grid safety and reliability.