Portland General Electric Q1 Results Up, Beat Eatimates; Backs FY23 Earnings View Above Market

(RTTNews) - Public utility Portland General Electric Co. (POR) reported Friday that its first-quarter net income was $74 million or $0.80 per share, higher than last year's $60 million or $0.67 per share.

Adjusted net income was $72 million or $0.81 per share.

On average, four analysts polled by Thomson Reuters expected earnings of $0.66 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues increased to $748 million from last year's $626 million. Analysts were looking for revenues of $501.42 million for the quarter.

The results were driven by higher demand from digital and semiconductor customers, colder weather, and a favorable customer price mix.

Further, PGE reaffirmed its fiscal 2023 adjusted earnings guidance of $2.60 to $2.75 per share

Analysts project earnings of $2.15 per share for the year.

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