Full-year 2017 financial results on target excluding the effects of the Tax Cuts and Jobs Act
Initiating 2018 earnings guidance of $2.10 to $2.25 per diluted share
Filed 2019 General Rate Case with the Oregon Public Utility Commission
PORTLAND, Ore.--(BUSINESS WIRE)-- Portland General Electric Company (NYSE: POR) today reported net income based on generally accepted accounting principles (GAAP) of $187 million, or $2.10 per diluted share, for the year ended December 31, 2017. This compares with $193 million, or $2.16 per diluted share, for the year ended December 31, 2016. After adjusting for the impacts of the Tax Cuts and Jobs Act (TCJA), non-GAAP net income was $204 million, or $2.29 per diluted share, for the year ended December 31, 2017. GAAP-based net income was $42 million, or 48 cents per diluted share, for the fourth quarter of 2017. This compares with $61 million, or 68 cents per diluted share, for the comparable period of 2016. After adjusting for the impacts of the TCJA, non-GAAP net income was $59 million, or 67 cents per diluted share, for the fourth quarter of 2017. Looking forward, the company is initiating full-year 2018 earnings guidance of $2.10 to $2.25 per diluted share.
"I'm very proud of our employees' accomplishments in delivering outstanding service to our growing customer base and in collaborating with our stakeholders and customers on our Integrated Resource Plan," said Maria Pope, president and CEO. "We are focused on meeting customer expectations for safe, reliable, affordable, clean and secure energy."