Headline: Portland General Electric Narrows 2024 Earnings Forecast Following Q3 Results

PORTLAND - Portland General Electric Company (NYSE:POR) reported earnings that surpassed analyst expectations for the third quarter, driven by improving energy cost conditions and strong demand from high-tech customers. The company also narrowed its full-year earnings forecast for 2024.

PGE announced third-quarter adjusted earnings of $0.90 per share, exceeding the analyst consensus of $0.66. Revenue reached $929 million, surpassing the anticipated $852.79 million.

The utility company tightened its full-year adjusted earnings forecast for 2024 to a range of $3.08 to $3.18 per share. This reflects an upward revision from the previous range of $2.98 to $3.18 per share, compared to analyst expectations of $3.08 per share.

Maria Pope, PGE President and CEO, stated, "Our focus on operational excellence and improving energy cost conditions in the West underpin our strong third-quarter results."

Total revenues showed an increase on an annual basis. This growth was fueled by increased demand from semiconductor manufacturing and technology infrastructure clients, a rise in wholesale sales revenue, and the recovery of various costs. This increase was partially offset by lower residential and commercial usage largely due to weather conditions.

PGE reported that the cost of purchased power and fuel slightly declined due to lower prices for purchased energy. However, operating and administrative expenses rose because of higher maintenance costs, wages, and benefits.