Portland General Electric Cuts FY23 Earnings Guidance - Update

(RTTNews) - Electric utility company Portland General Electric Co. (POR), while announcing lower earnings but higher revenues in its third quarter, on Friday trimmed its fiscal 2023 adjusted earnings guidance.

For the year, the company now expects adjusted earnings per share of $2.60 to $2.65.

The company previously expected adjusted earnings per share of $2.60 to $2.75.

On average, six analysts polled by Thomson Reuters expect earnings of $2.65 per share for the year. Analysts' estimates typically exclude special items.

In its third quarter, the company's earnings totaled $47 million, or $0.46 per share, compared to $58 million, or $0.65 per share, in last year's third quarter.

Analysts had expected the company to earn $0.54 per share.

However, company's revenue for the quarter rose 7.9% to $802 million from $743 million last year.

On Thursday, Portland General Electric shares closed at $40.78, up 1.59% on the New York Stock Exchange.

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