Portland General Electric Backs FY View, Misses Q2 Estimates

(RTTNews) - Portland General Electric Co. (POR) Wednesday reaffirmed its earnings outlook for the full year 2016, while it reported lower earnings and revenues for the second quarter, below analysts' expectations.

For the full year 2016, the company continues to expect earnings of $2.05-$2.20 per share, while analysts foresee earnings per share of $2.13.

Portland said its second-quarter net income slid to $37 million or 42 cents per share, from last year's $35 million or 44 cents per share. On average, 9 analysts polled by Thomson Reuters had expected the company to earn $0.43 per share. Analysts' estimates typically exclude special items.

The company attributed the decline in per share to lower load from mild weather and an increase in common shares outstanding due to new shares issued in June 2015. This was partially offset by higher allowance for equity funds used during construction and favorable power supply operations.

Quarterly net revenues totaled $428 million, lower than last year's $450 million as well as analysts' consensus of $439.08 million.