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

(Adds Outlook)

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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