Portland General Turns To Profit In Q2; Backs FY14 Earnings Forecast

(RTTNews) - Portland General Electric Company (POR) Tuesday posted second-quarter net earnings of $35 million or $0.43 per share compared with a net loss of $22 million or $0.29 per share last year.

On average, 10 analysts polled by Thomson Reuters expected earnings per share of $0.34 for the quarter. Analysts' estimates typically exclude one-time items.

The rise in earnings primarily reflects the impact of two expenses in the year-ago quarter-the cascade crossing transmission project write off and an industrial customer refund-totaling 49 cents when including the full year of tax benefits.

Quarterly revenues rose to $423 million from $403 million a year ago, whereas consensus estimate was $435.48 million.

In addition, the company backed its full-year earnings outlook and now continues to expect earnings per share in the range of $2.05 - $2.20. Analysts project earnings of $2.13 per share.