Revising full-year earnings guidance to $2.20 to $2.50 per diluted share
Strong first quarter driven by high-tech demand growth, minimally impacted by the coronavirus pandemic
Capital and O&M reductions as well as acceleration of debt financing in anticipation of recession
Portland, Ore., – Portland General Electric Company (NYSE: POR) today reported net income of $81 million, or 91 cents per diluted share, for the first quarter of 2020. This compares with net income of $73 million, or 82 cents per diluted share, for the first quarter of 2019.
"Our financial performance this quarter largely reflects conditions experienced prior to the COVID-19 pandemic," said Maria Pope, PGE president and CEO. "PGE is committed to serving the needs of our customers and our community during this time. Given the deteriorating economic outlook, the company is revising full-year earnings guidance to $2.20 to $2.50 per diluted share. This guidance includes a decrease in annual retail deliveries of 1 to 2%, weather-adjusted, and reflects management actions to reduce operating and maintenance and capital spending. Our forecasts of long-term earnings growth remain at 4 to 6%."