Portland General Electric (NYSE: POR) reported Q1 EPS of $1.07, $0.15 better than the analyst estimate of $0.92. Revenue for the quarter came in at $609 million versus the consensus estimate of $578.16 million.

"While the first quarter presented challenges, the team remains focused on supporting customers," said Maria Pope, PGE president and CEO. "I am proud of the way we came together to restore power quickly, and safely, during a once in 40-year ice event. These events demonstrate the importance of continued investment in a safe, reliable and resilient grid."

GUIDANCE:

Portland General Electric sees FY2021 EPS of $2.55-$2.70, versus the consensus of $2.63.

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

• An increase in annual energy deliveries between 1% and 1.5%, weather adjusted, which reflects year over year:
  • Commercial growth, as economic recovery takes hold; and
  • Strong growth in industrial reflecting customer expansions.
  • These increases are partially offset by a decrease in residential as customers spend less time at home.
• Normal temperatures in its utility service territory, for the remainder of the year;
• Average hydro conditions for the remainder of year;
• Wind generation 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;
• Revised capital expenditures of $700 million;
  • This represents a $45 million increase from prior guidance of $655 million, primarily due to capital expenditures related to the February storm;
• Average construction work in progress balance of $340 million;
• Revised operating and maintenance expense between $595 million and $615 million;
  • This represents a $20 million increase to original guidance of $575 million to $595 million, of which $12 million is associated with February storm response expense that is offset in revenue;
• Depreciation and amortization expense between $410 million and $430 million;
• Revised effective tax rate of 10% to 15%;
• Cash from operations of $600 million 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, the wildfire deferral, and the new storm deferral.

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