Portland General Electric Co. (POR) on Wednesday lowered its full year 2009 earnings outlook, mainly due to a decline in retail margins because of the recession and extension of scheduled maintenance outages at two of its coal plants.
The Portland, Oregon-based utility now expects full year 2009 earnings to be in the range of $1.35 to $1.45 per share, compared to its prior guidance of $1.80 to $1.90 per share.
Analysts polled by Thomson Reuters currently expect the company to earn $1.82 per share for the full year 2009.
The company also said it currently expects second quarter earnings to be $0.31 per share. Analysts currently expect the company to earn $0.53 per share for the second quarter.
"Oregon's economy continues to be impacted by the national recession. Retail loads are down, primarily because our industrial customers' electricity use has declined by more than we projected just three months ago. In addition, lower prices in the wholesale energy market have made it difficult to offset lost revenue with the sale of excess power. These issues, combined with an extended outage at the Colstrip plant, have led us to reduce our full-year earnings guidance," says Jim Piro, president and CEO of Portland General Electric.
The company will release its second quarter earnings on August 3.
Portland General Electric shares are currently trading at $18.40, down $1.46 or 7.35%.
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