Portland General Electric (POR) Tops Q3 EPS by 14c, Revenues Beat; Reaffirms FY20 EPS Outlook
Portland General Electric (NYSE: POR) reported Q3 EPS of ($0.19), $0.14 better than the analyst estimate of ($0.33). Revenue for the quarter came in at $547 million versus the consensus estimate of $503.08 million.
"We continue to deliver strong operating performance, notwithstanding the financial impact of the isolated trading losses and wildfires this quarter," said Maria Pope, PGE president and CEO. "I'm proud that our team acted decisively and demonstrated resilience and unwavering dedication to our customers. Looking ahead, we remain committed to making the right investments to meet the needs of Oregonians and drive value for shareholders."
Portland General Electric sees FY2020 EPS of $1.40-$1.60, versus the consensus of $1.53.
PGE is reaffirming its 2020 earnings guidance of $1.40 to $1.60 per diluted share and expects to be in the upper half of this range. This guidance reflects the following assumptions:
- Revised increase in annual retail deliveries of 1%, weather adjusted, year over year;
- 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 $550 million and $570 million, which assumes deferral of the incremental full-year forecasted bad debt expense in excess of $6 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.