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Mar 31, 2024
PGE Q1 2024 Earnings Report
Announced first quarter 2024 results, reflecting strong semiconductor and data center demand growth and the Clearwater Wind Development being placed into service.
Key Takeaways
Portland General Electric reported a net income of $109 million, or $1.08 per diluted share, for the first quarter of 2024. After adjusting for the impact of the January 2024 storm, the non-GAAP net income was $123 million, or $1.21 per diluted share. The company reaffirmed its 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share.
First quarter results reflect continued strong semiconductor and data center demand growth.
Clearwater Wind Development placed into service in January, providing geographic resource diversity and 311 MW of clean energy generation to customers.
Reaffirming 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share
PGE team navigated extreme winter storms and energy market conditions early in the first quarter and, as we look ahead, we remain focused on advancing plans to meet the growing needs of our customers.
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CapyFin.com Forward Guidance
PGE is reaffirming its estimate for full-year 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share.
Positive Outlook
- Exclusion of the impacts of the January 2024 winter storm, including non-deferrable Reliability Contingency Event (RCE) costs and non-deferred incremental storm restoration costs.
- An increase in energy deliveries of 2% to 3%, weather adjusted.
- Normal temperatures in its utility service territory.
- Hydro conditions for the year that reflect current estimates.
- Wind generation based on five years of historical levels or forecast studies when historical data is not available.
Challenges Ahead
- Normal thermal plant operations.
- Operating and maintenance expense between $815 million and $840 million which includes approximately $165 million of wildfire, vegetation management, deferral amortization and other expenses that are offset in other income statement lines.
- Depreciation and amortization expense between $475 million and $525 million.
- Effective tax rate of 10% to 15%.
- Capital expenditures of $1,340 million.
Revenue & Expenses
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