Portland General Electric Co. (POR) reported Friday that its fourth-quarter net income was $52 million or $0.57 per share, lower than previous year's $61 million or $0.68 per share.
On average, nine analysts polled by Thomson Reuters expected earnings of $0.41 per share. Analysts' estimates typically exclude special items.
In fiscal 2020, net income of $155 million or $1.72 per share, down from $214 million or $2.39 per share a year ago.
The latest results included $1.03 loss per share from previously disclosed energy trading losses.
Adjusted net income was $247 million or $2.75 per share for the quarter. Analysts expected earnings of $1.58 per share.
Total revenues were $2.145 billion, slightly higher than last year's $2.12 billion. The analysts expected $2.12 billion revenues.
Further, the company initiated fiscal 2021 earnings guidance of $2.55 to $2.70 per share, while analysts expect earnings of $2.6 per share.
The company projects an increase in energy deliveries between 1 percent and 1.5 percent, weather adjusted, which reflects the continued impacts of COVID-19: Elevated residential deliveries through the second quarter; reduced commercial deliveries in the first quarter, with improvement beginning in the second quarter; and strong industrial customer deliveries.
Further, the company reaffirmed 4 percent to 6 percent long-term earnings per share growth using 2019 base year.
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