Portland General Electric Q1 Profit Increases, Reaffirms FY17 Profit View

(RTTNews) - Portland General Electric Co. (POR) Friday reported first quarter net income of $73 million or $0.82 per share, an increase from $61 million or $0.68 per share a year ago. Comprehensive income for the quarter was $72 million.

On average, 8 analysts polled by Thomson Reuters expected the company to earn $0.84 per share. Analysts estimates usually exclude special items.

Revenue for the quarter climbed to $530 million fro $487 million in the prior year. Wall Street was looking for $521.64 million.

The company noted that results were driven by increased sales volumes due to historic cold temperatures and continued strength in the high tech sector, offset by higher distribution costs related to storm restoration efforts.

The company further reaffirmed its full year earnings guidance in a range of $2.20 to $2.35 per share. Street expects $2.27 per share on revenue of $2.04 billion.