UPDATE: Portland General Electric (POR) Tops Q4 EPS by 16c; Initiates FY21 EPS Outlook

February 19, 2021 5:36 AM EST

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(Updated - February 19, 2021 5:36 AM EST)

Portland General Electric (NYSE: POR) reported Q4 EPS of $0.57, $0.16 better than the analyst estimate of $0.41.

  • GAAP net income was $52 million, or $0.57 per diluted share, for the fourth quarter of 2020. This compares with GAAP net income of $61 million, or $0.68 per diluted share, for the fourth quarter of 2019.

"PGE delivered solid results in 2020, as we navigated numerous challenges," said Maria Pope, PGE president and CEO. "We focused on productivity across our operations and our teams executed well, building resiliency into the grid and responding to historic natural events. These operational improvements set us up well to advance our strategy in 2021 and beyond. Improved technology helped reduce costs, as our team learned to overcome the challenges brought on by the pandemic. Importantly, we outlined new ambitious clean energy initiatives that will be foundational to our efforts to ensure the continued supply of reliable and affordable electricity to our fellow Oregonians. We are as confident as ever in PGE's long-term growth potential."

GUIDANCE:

Portland General Electric sees FY2021 EPS of $2.55-$2.70, versus the consensus of $2.60.

PGE is initiating full-year 2021 earnings guidance of $2.55 to $2.70 per diluted share based on the following assumptions:

  • An increase in energy deliveries between 1% and 1.5%, weather adjusted, which reflects the continued impacts of COVID-19:
    • Elevated residential deliveries through the second quarter of 2021;
    • Reduced commercial deliveries in the first quarter of 2021, with improvement beginning in the second quarter; and
    • Strong industrial customer deliveries;
  • Normal temperatures in its utility service territory;
  • Average hydro conditions for the year;
  • Wind generation based on five years of historical levels or forecast studies when historical data is not available;
  • Normal thermal plant operations;
  • Capital expenditures of $655 million;
  • Average construction work in progress balance of $340 million;
  • Operating and maintenance expense between $575 million and $595 million;
  • Depreciation and amortization expense between $410 million and $430 million;
  • Effective tax rate of 15% to 20%;
  • Cash from operations of $600 to $650 million;
  • No new common equity to be issued for investment or operations; and
  • Continuation of existing regulatory mechanisms during 2021, including decoupling, the PCAM, the COVID-19 deferral, and the wildfire recovery deferral.

For earnings history and earnings-related data on Portland General Electric (POR) click here.



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