Portland General Electric Slips To Loss In Q2; Cuts FY13 Profit View

(RTTNews) - Portland General Electric Co. (POR) reported a second quarter of 2013 net loss of $22 million or $0.29 per share compared to net income of $26 million, or $0.34 per share in the second quarter of 2012.

Results for the quarter were driven by several factors, including the suspension of the Cascade Crossing Transmission Project and increased operating and maintenance expense related to the company's generation plants and distribution system. The increase in operating and maintenance expense is in-line with full-year expectations of $440 million to $460 million for 2013.

Total revenues decreased to $403 million in the second quarter of 2013 from $413 million in the second quarter of 2012.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.31 per share and revenues of $357.47 million for the quarter. Analysts' estimates typically exclude special items.

The company reduced full-year 2013 earnings guidance to $1.25 to $1.40 per share. This is a $0.10 decrease from the June 3 guidance revision of $1.35 to $1.50, driven by $10-12 million of estimated replacement power costs for the Boardman and Colstrip coal plant outages. Analysts expect the company to report earnings of $1.88 per share for fiscal 2013.