Portland General Electric Backs FY16 EPS View After Q3 Profit Misses Estimates

(RTTNews) - Portland General Electric Co. (POR), a vertically integrated electric utility, on Friday reaffirmed its fiscal 2016 earnings per share guidance of $2.05 to $2.20.

On average, 11 analysts polled by Thomson Reuters expect earnings of $2.13 per share for the year. Analysts' estimates typically exclude special items.

Further, based upon retail deliveries year-to-date, full-year retail load growth guidance has been reduced to flat from 1 percent related to softening in the industrial and commercial sectors. However, the company said it still sees positive growth ahead based on the continued strength of local economy.

In its third quarter, net income was $34 million, or $0.38 per share, compared to net income of $36 million or $0.40 per share a year ago.

Earnings declined due to a reduction in sales volume due to mild temperatures, a decrease in deliveries in the commercial and industrial sectors, and expenses related to Carty not included in customer prices.

These decreases were partially offset by the incremental earnings associated with the OPUC approved Carty capital costs being placed in-service, an increase in the decoupling collection, a gain on the non-qualified benefit trust and other miscellaneous items.

Net revenues improved to $484 million from $476 million last year.

Analysts expected earnings of $0.42 per share on revenues of $473 million for the quarter.