Portland General Electric Q3 Results Down, Miss Estimates; Backs FY15 EPS View

(RTTNews) - Portland General Electric Company (POR) reported Tuesday that its third-quarter net income declined to $36 million or 40 cents per share from last year's $39 million, or 47 cents per share.

On average, 10 analysts polled by Thomson Reuters expected earnings of $0.48 per share for the quarter. Such estimates typically exclude special items.

Earnings in the third quarter of 2015 were positively impacted by new generating resources, but were offset by increases in several miscellaneous operating and maintenance and other expenses.

Net revenues declined to $476 million from $484 million a year ago. Analysts expected revenues of $494.31 million.

Retail revenues increased 1 percent to $439 million from $434 million in 2014.

Further, the company said its financial and operating performance are on track for 2015 and earnings guidance reaffirmed at $2.05 - $2.20 per share. Analysts expect earnings of $2.14 per share for the year.

The company is increasing its full year weather adjusted load forecast to 2 percent from 1.5 percent due to continued strong load growth in the industrial sector.

The company added that construction is proceeding on the Carty Generating Station, a 440 megawatt natural gas-fired baseload power plant near Boardman, Ore. The plant is scheduled to be placed into service during the second quarter of 2016 at an estimated cost of $450 million, excluding allowance for funds used during construction.