PORTLAND, Ore. - Shares of Portland General Electric (NYSE: NYSE:POR) edged up 1.48% after the utility company reported second-quarter earnings of $0.69 per share, surpassing analyst expectations by $0.13.
Revenue for the quarter also exceeded forecasts, coming in at $758 million against a consensus estimate of $710.44 million.
The company's earnings represent a significant improvement from the same period last year, which saw earnings of $0.39 per share, including a $0.05 impact from the Boardman revenue requirement settlement charge. Adjusted for this charge, the second quarter of 2023 non-GAAP net income was $44 million, or $0.44 per diluted share.
Maria Pope, PGE President and CEO, attributed the robust quarterly performance to strategic focus, cost management, and increased demand from semiconductor manufacturing and data center customers. Despite a slight decline in residential and commercial usage due to weather conditions, the company managed to offset this with solid power cost performance and growth in other customer segments.
PGE reaffirmed its full-year 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share, which is based on assumptions including an increase in energy deliveries and normal temperatures. The company's focus remains on customer affordability and investments in grid modernization to provide clean, reliable energy.
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