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PORTLAND - Portland General Electric Company (NYSE:POR) reported first quarter earnings that beat analyst estimates, while revenue fell short of expectations. The company’s stock slipped 1.8% following the announcement.
PGE posted adjusted earnings per share of $1.21 for Q1 2025, surpassing the analyst consensus of $1.14. However, revenue came in at $928 million, below the $976.05 million analysts had projected.
The electric utility saw strong energy demand from high-tech and data center customers, driving total quarter-over-quarter load growth of 4.6% and industrial load growth of 16.4%.
"This quarter, PGE advanced key priorities as we served growing customer demand, engaged on important wildfire policy and worked to thoughtfully streamline our operations," said Maria Pope, PGE President and CEO.
Compared to Q1 2024, total revenues increased due to demand growth from semiconductor manufacturing and technology infrastructure customers. This was partially offset by a lower average price of deliveries from changing delivery mix.
PGE reaffirmed its full-year 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share, in line with the analyst consensus of $3.23. The guidance assumes an increase in energy deliveries between 2.5% and 3.5%, weather adjusted.
The company completed its first full quarter of service for 292 MW of battery storage capacity. With an additional 200 MW battery expected mid-2025, PGE will soon have over 500 MW of total battery storage to support renewable integration and system reliability.
PGE’s board approved a quarterly dividend of $0.525 per share, payable on or before July 15, 2025 to shareholders of record as of June 24, 2025.
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