Portland General Electric Company today reported net income based on generally accepted accounting principles (GAAP) of $109 million, or $1.08 per diluted share, for the first quarter of 2024. After adjusting for the impact of the January 2024 storm, first quarter 2024 non-GAAP net income was $123 million, or $1.21 per diluted share. This compares with GAAP net income of $74 million, or $0.80 per diluted share, for the first quarter of 2023.
"Our results this quarter speak to strong execution and robust semiconductor and data center growth, underscoring the importance of Portland General Electric's commitment to investments in grid resilience," said Maria Pope, PGE President and CEO. "The PGE team navigated extreme winter storms and energy market conditions early in the first quarter and, as we look ahead, we remain focused on advancing plans to meet the growing needs of our customers."