Portland General Electric (NYSE: POR) reported Q2 EPS of $0.51, $0.10 better than the analyst estimate of $0.41. Revenue for the quarter came in at $449 million versus the consensus estimate of $460.73 million.

“I’m pleased to put the Carty litigation behind us and recognize the increase in our credit ratings,” said Maria Pope, president and CEO. “In addition, we’re making progress in bringing customers new renewable resources and programs, including our renewable RFP and green tariff.”

2018 earnings guidance

PGE is revising its 2018 guidance from $2.10-$2.25 to $2.25-$2.40 per diluted share due to better-than-expected weather when initial guidance was launched and settlement of Carty litigation. The guidance is based on the following assumptions:

• $0.12 per diluted share attributed to Carty settlement
• Flat retail deliveries, weather-adjusted
• Normal hydro conditions for the remainder of the year, based on the current hydro forecast
• Wind generation for the remainder of the year, based on five years of historical levels or forecast studies when historical data is not available
• Normal thermal plant operations for the remainder of the year
• Depreciation and amortization expense between $365 and $385 million
• Operating and maintenance costs between $565 and $585 million

GUIDANCE:

Portland General Electric sees FY2018 EPS of $2.25-$2.40, versus the consensus of $2.25.

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