PORTLAND - Portland General Electric Company (NYSE:POR) reported third quarter earnings that surpassed analyst expectations, driven by improved power cost conditions and robust demand from high-tech customers. The company also narrowed its full-year 2024 earnings guidance.
PGE posted adjusted earnings per share of $0.90 for the third quarter, beating the analyst consensus estimate of $0.66. Revenue came in at $929 million, topping expectations of $852.79 million.
The utility company narrowed its full-year 2024 adjusted earnings guidance to $3.08-$3.18 per share, up from the previous range of $2.98-$3.18. This compares to the analyst consensus of $3.08 per share.
"Our focus on operational excellence, as well as improved power cost conditions across the West, underpin our solid third quarter results," said Maria Pope, PGE President and CEO.
Total revenues increased YoY due to demand growth from semiconductor manufacturing and technology infrastructure customers, increased wholesale revenues, and recovery of various costs. This was partially offset by lower residential and commercial usage primarily driven by weather.
PGE reported that purchased power and fuel expense decreased slightly due to lower prices for purchased power. Operating and administrative expenses rose on higher maintenance costs, wages, and benefits.
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