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Sep 30, 2022
PGE Q3 2022 Earnings Report
Reported solid financial results due to exceptional operating performance amidst challenging climate and power market conditions.
Key Takeaways
Portland General Electric reported a net income of $58 million, or $0.65 per diluted share, for the third quarter of 2022, compared to a net income of $50 million, or $0.56 per diluted share, for the third quarter of 2021. The company is also increasing long-term EPS growth guidance to 5% to 7% from a 2022 adjusted earnings base year.
Increased long-term EPS growth guidance to 5% to 7% from a 2022 adjusted earnings base year.
Collaborated with NextEra Energy Resources to construct a 311 MW wind energy facility in Eastern Montana, with 208 megawatts Company-owned.
Resolved 2020 wildfire, 2021 ice storm, and 2021 power cost deferrals.
Reaffirmed 2022 GAAP basis earnings guidance of $2.60 to $2.75 and non-GAAP basis adjusted earnings guidance of $2.74 to $2.89.
Revenue by Segment
Forward Guidance
PGE is reaffirming its estimate for full-year 2022 GAAP earnings guidance of $2.60 to $2.75 per diluted share and its non-GAAP basis adjusted full-year 2022 earnings guidance of $2.74 to $2.89.
Positive Outlook
- An increase in energy deliveries between 2% and 2.5%, weather adjusted
- Normal temperatures in its utility service territory for the remainder of the year
- Hydro conditions for the remainder of the year that reflect current estimates
- Wind generation based on five years of historical levels or forecast studies when historical data is not available
- Normal thermal plant operations for the remainder of the year
Challenges Ahead
- Operating and maintenance expense revised from $620 to $640 million, which included the $17 million impact of released deferrals related to 2020, to between $640 million to $660 million, which also includes $10 million related to storm deferrals offset within Revenue, and an $11 million increase due to the post-retirement medical settlement originally forecast within O&M guidance but reclassified to Other Income
- Depreciation and amortization expense between $410 million and $430 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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