Portland General Electric Q2 Profit Rises, Beats Estimates; Ups Earnings Guidance - Update

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Portland General Electric Company (POR) revealed earnings for its second quarter that increased from last year and beat the Street estimates.

The company's bottom line came in at $64 million, or $0.72 per share. This compares with $32 million, or $0.36 per share, in last year's second quarter.

Analysts on average had expected the company to earn $0.52 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 7.9% to $588 million from $545 million last year.

For the fiscal 2022, the company now expects earnings per share to be in the range of $2.60 - $2.75, compared to previous guidance of $2.50 to $2.65. The company also expects full-year adjusted earnings per share of $2.74 to $2.89. Eleven analysts, on average, are estimating earnings per share of $2.59 for the year.

For the fiscal 2022, the company revised up its EPS outlook to $2.60 - $2.75 from the previous guidance of $2.50 to $2.65.

On adjusted basis, Portland General sees earnings of $2.74 to $2.89 a share.

Eleven analysts, on average, polled by Thomson-Reuters are estimating the firm to report EPS of $2.59. Analysts' estimates typically exclude one-time items.

Portland General Electric Company earnings at a glance (GAAP) :

-Earnings (Q2): $64 Mln. vs. $32 Mln. last year.
-EPS (Q2): $0.72 vs. $0.36 last year.
-Analyst Estimate: $0.52
-Revenue (Q2): $588 Mln vs. $545 Mln last year.

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