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PORTLAND - On Friday, Portland General Electric Company (NYSE:POR) reported second quarter adjusted earnings of $0.66 per share, exceeding analyst expectations of $0.64, as industrial load growth from data centers drove a 16.5% increase in quarter-over-quarter demand. Revenue reached $807 million, surpassing the consensus estimate of $794.08 million.
The utility’s shares edged up 0.18% in pre-market trading following the announcement.
"The second quarter was a period of execution and solid progress at Portland General Electric," said Maria Pope, President and CEO. "We are focused on safely and reliably serving customers, engaging with stakeholders, driving efficiencies and updating our corporate structure to lower costs and deliver results."
Total (EPA:TTEF) revenues increased YoY primarily due to continued demand growth from semiconductor manufacturing and technology infrastructure customers, though this was partially offset by lower average price of deliveries from changing customer mix. The company reported GAAP net income of $62 million, or $0.56 per diluted share, compared with $72 million, or $0.69 per share, in the second quarter of 2024.
Operating expenses rose to $689 million from $642 million in the same period last year, driven by increased wildfire mitigation, vegetation management, and business transformation costs. Purchased power and fuel expenses also increased due to rising prices.
PGE reaffirmed its full-year 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share, based on expected energy delivery growth between 2.5% and 3.5% (weather adjusted).
The company is advancing several strategic initiatives, including submitting a formal application to the Oregon Public Utility Commission for approval of a holding company reorganization and requesting recovery of costs associated with its Distribution System Plan and the Seaside Battery Energy Storage System.
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