Palantir shares rise 5% premarket as AI-fueled demand powers annual guidance raise
PORTLAND - Portland General Electric Company (NYSE: NYSE:POR) shares gained 3.16% after the utility reported better-than-expected 2024 earnings and provided an optimistic forecast for 2025.
PGE posted adjusted earnings of $3.14 per share for the full year 2024, up from $2.38 per share in 2023. Revenue rose to $3.44 billion from $2.92 billion the previous year.
The company initiated 2025 adjusted earnings guidance of $3.13 to $3.33 per share, with the midpoint above the analyst consensus of $3.22.
"In 2024, we experienced solid growth from new and returning customers, enhanced our operational reliability and resilience, achieved strong safety performance, made significant investments in clean energy resources and battery storage and delivered strong earnings results," said Maria Pope, PGE President and CEO.
Total (EPA:TTEF) revenues increased due to demand growth from semiconductor manufacturing and technology infrastructure customers, as well as higher wholesale revenues. This was partially offset by lower residential and commercial usage.
PGE invested $1.26 billion in capital projects in 2024 to support grid modernization, customer growth, renewable energy integration, and wildfire risk mitigation. The company placed into service a 75 MW battery energy storage system in December.
For 2025, PGE expects energy deliveries to increase 2.5% to 3.5% on a weather-adjusted basis. The company plans $1.27 billion in capital expenditures this year as it continues to invest in its clean energy transition.
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