Portland General Electric Cuts Earnings Estimate - Quick Facts

(RTTNews) - While reporting first-quarter results on Thursday, Portland General Electric Company (POR) revised its estimate for full-year 2022 earnings guidance to $2.50 to $2.65 per share, from a previous guidance range of $2.75 to $2.90. The company revised its earnings guidance to reflect reductions to 2020 regulatory deferrals.

Maria Pope, CEO, said: "As a result of this week's rate case order from the Oregon Public Utility Commission, we recorded a reduction to our 2020 deferrals for wildfire restoration and COVID in the first quarter of 2022. While this adjustment is significant, the overall order provides regulatory clarity as we continue to advance system reliability and move forward on decarbonization goals."

For the first quarter, the company's bottom line came in at $60 million, or $0.67 per share compared with $96 million, or $1.07 per share, prior year. Analysts on average had expected the company to earn $0.87 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 2.8% to $626 million from $609 million last year.