Portland General Electric Company FY22 Adj. Profit Rises

(RTTNews) - Portland General Electric Company (POR) reported fiscal 2022 net income of $233 million, or $2.60 per share, which included the $0.14 per share Wildfire and COVID deferral reversal charge. After adjusting for the impact of the deferral reversal charge, non-GAAP net income was $245 million, or $2.74 per share compared with GAAP net income of $244 million, or $2.72 per share, prior year. Total revenues were $2.65 billion compared to $2.40 billion.

Fourth quarter GAAP net income was $50 million, or $0.56 per share, compared with GAAP net income of $66 million, or $0.73 per share, last year.

The company issued full-year 2023 adjusted earnings guidance of $2.60 to $2.75 per share.

The company reaffirmed 5% to 7% long-term earnings per share growth using 2022 non-GAAP adjusted base year.

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