Portland General Electric Reaffirms 2021 Earnings Guidance - Update

(RTTNews) - While reporting third-quarter results on Friday, Portland General Electric Company (POR) reaffirmed the company's full-year 2021 earnings guidance of $2.70 to $2.85 per share, in line with estimates. The company assumes an increase in annual energy deliveries of 2.5% to 3.0%, weather-adjusted, for the full year.

Analysts polled by Thomson Reuters expect the company to report profit per share of $2.75. Analysts' estimates typically exclude special items.

Portland General reported third-quarter net income of $50 million, or $0.56 per share, compared to a loss of $17 million or $0.19 per share, a year ago which reflected the $1.09 loss per share from trading losses. On average, nine analysts polled by Thomson Reuters had expected the company to report profit per share of $0.63, for the quarter.

Total revenues increased to $642 million from $547 million, prior year. Analysts on average had estimated $550.87 million in revenue. The company said its total revenues were driven by higher retail energy deliveries, due to strong residential demand, growth in high-tech manufacturing, and the impacts of warmer weather.

"While high temperatures and power market volatility significantly impacted our region and results this quarter, our year-to-date performance is on track," said Maria Pope, CEO.