Portland General Electric (NYSE: POR) reported Q2 EPS of $0.43, $0.10 better than the analyst estimate of $0.33. Revenue for the quarter came in at $469 million versus the consensus estimate of $455.84 million.

"We achieved solid second quarter financial results, driven by a combination of favorable hydro and wind conditions and lower operating expenses," said Maria Pope, PGE president and CEO. "As an essential service provider, we will continue working to keep costs low to support economic recovery and the communities we serve in this unprecedented time."

GUIDANCE:

Portland General Electric sees FY2020 EPS of $2.20-$2.50, versus the consensus of $2.39.

PGE is reaffirming its 2020 earnings guidance of $2.20 to $2.50 per diluted share. This guidance is based on the following assumptions:

• Revised annual retail deliveries from a decrease of 1% to 2%, weather adjusted, to flat energy deliveries, weather adjusted, year over year. This upward revision reflects stronger residential and industrial demand offset by a decline in commercial deliveries;
• Net variable power costs for the year ending December 31, 2020 to be below the power cost adjustment mechanism baseline, but within the established deadband range;
• 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;
• Operating and maintenance expense between $570 million and $590 million, which includes a full-year forecasted bad debt expense of $15 million due to moratoriums on collection activities and customer disconnects; and
• Depreciation and amortization expense between $410 million and $430 million.

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