Portland General Electric Q1 Profit Down, Cuts FY15 EPS View

(RTTNews) - Portland General Electric Company (POR) Tuesday reported lower earnings and revenues for the first quarter that came in below analysts' expectations. The company also lowered its earnings guidance for the full year 2015.

The company's quarterly net income slid to $50 million or $0.62 a share from last year's $58 million or $0.73 a share. On average, 10 analysts polled by Thomson Reuters expected earnings per share of $0.70 for the quarter. Analysts' estimates typically exclude one-time items.

For the first quarter, revenues were $473 million, compared to $493 million in the same quarter last year. Analysts' consensus revenue estimate was $490.31 million for the quarter. Retail revenues slipped 5 percent to $447 million.

Looking ahead, the company said it now expects 2015 earnings per share in the range of $2.05 - $2.20, compared to its prior guidance of $2.20 - $2.35. Analysts now foresee earnings of $2.28 per share.

"Record warm temperatures in the state this winter were the primary driver behind lower-than-expected retail sales, earnings and our revision in 2015 earnings guidance," said Jim Piro, president and chief executive officer.