Electric utility services provider Portland General Electric Co. (POR) reported Thursday an increase in third-quarter profit, helped chiefly by the absence of hefty customer refunds made last year, higher fair value of non-qualified benefit plan assets, and lower administrative costs. The company also reaffirmed its 2009 earnings guidance and provided outlook for fiscal 2010.
For the third quarter, net income attributable to Portland General Electric was $32 million or $0.43 per share, compared to breakeven in the previous year. The company attributed the bottomline advancement to the absence of refund to customers associated with the Trojan proceedings, which reduced net income by $20 million in the year ago quarter, and also to 2009 general rate case, an increase in the fair value of non-qualified benefit plan assets and lower administrative costs.
The results of the latest quarter included $5 million gain on the fair value of non-qualified benefit plan assets, compared to a loss of $4 million in the prior-year period.
On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $0.23 per share in the third quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter surged to $445 million from $400 million. Three analysts were expecting revenue of $410.20 million in the third quarter.
Total retail revenues surged to $402 million from $328 million, while wholesale revenues slid to $36 million from $61 million. Total retail energy deliveries reduced to 4.75 million MWh from 4.84 million MWh, and wholesale energy deliveries dipped to 877 MWh from 942 MWh in the same period last year.
Total operating expenses for the quarter swelled to $383 million from $379 million. Purchased power and fuel costs increased to $225 million from $217 million, chiefly because of extended outages at Unit 4 of Colstrip and the Boardman coal-fired generating plants. Administrative and other costs came down to $43 million from $48 million.
For the nine-month period, net income advanced to $81 million or $1.21 per share from $67 million or $1.08 per share in fiscal 2008. Revenues grew to $1.32 billion from $1.29 billion in the same period last year.
Looking ahead to fiscal 2009, Portland General Electric reiterated its earnings guidance range of $1.35 - $1.45 per share. The company currently expects 2010 earnings per share ranging between $1.50 and $1.65. Eight analysts estimate earnings of $1.40 per share for fiscal 2009 and five analysts estimate earnings of $1.75 per share for 2010.
Further, the company forecast capital expenditures in 2009 to be $732 million, mainly pertaining to Biglow Canyon Phases II and III, the smart meter project and continuing expenditures for production, transmission and distribution. The Company projects capital expenditures in 2010 to be $545 million.
POR closed Wednesday's regular trading hours at $19.81 on the NYSE.
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