PGE Q2 2022 Earnings Report
Key Takeaways
Portland General Electric reported a net income of $64 million, or $0.72 per diluted share, for the second quarter of 2022. The company is revising its full-year 2022 GAAP earnings guidance from $2.50 to $2.65 to $2.60 to $2.75 per diluted share and initiating non-GAAP basis adjusted full-year 2022 earnings guidance of $2.74 to $2.89.
Revised 2022 GAAP basis earnings guidance from $2.50 to $2.65 to $2.60 to $2.75 per diluted share; initiating non-GAAP basis adjusted full-year 2022 earnings guidance of $2.74 to $2.89 which reflects the exclusion of previously disclosed deferral reductions related to 2020.
Continued strong energy delivery and customer growth, coupled with favorable power cost conditions
Filed for amortization of 2021 Power Cost Adjustment Mechanism, 2020 Labor Day Wildfire and February 2021 Ice Storm deferrals
The region’s growth, driven by the semiconductor and digital technology sectors, relies upon safe, reliable, clean, affordable energy
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PGE Revenue by Segment
Forward Guidance
PGE is revising its estimate for full-year 2022 GAAP earnings guidance from $2.50 to $2.65 to $2.60 to $2.75 per diluted share; initiating non-GAAP basis adjusted full-year 2022 earnings guidance of $2.74 to $2.89 which reflects the exclusion of previously disclosed $17 million deferral reductions related to the year ended 2020.
Positive Outlook
- An increase in energy deliveries between 2% and 2.5%, weather adjusted
- Normal temperatures in its utility service territory
- Average hydro conditions
- Wind generation based on five years of historical levels or forecast studies when historical data is not available
- Normal thermal plant operations
Challenges Ahead
- Operating and maintenance expense from between $620 million to $640 million, which includes the $17 million impact of released deferrals related to 2020
- Depreciation and amortization expense between $420 million and $440 million
- Effective tax rate of 15% to 20%
- Cash from operations of $600 million to $650 million
- Capital expenditures of $755 million