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Dec 31, 2021
PGE Q4 2021 Earnings Report
PGE reported strong growth and execution in Q4 2021, focusing on reliability and resiliency investments amidst the pandemic, historic ice storm, and record heat.
Key Takeaways
Portland General Electric reported a GAAP net income of $66 million, or $0.73 per diluted share, for the fourth quarter of 2021, compared to $52 million, or $0.57 per diluted share, for the fourth quarter of 2020. The company is initiating full-year 2022 earnings guidance of $2.75 to $2.90 per diluted share.
Full-year 2021 financial results of $2.72 per diluted share.
Initiating 2022 earnings guidance of $2.75 to $2.90 per diluted share and reaffirming 4% to 6% long-term earnings per share growth using 2019 base year.
RFP shortlist targeted in Q2 with final selection by the end of 2022.
Worked with legislators and stakeholders to develop Oregon state law (HB 2021) establishing an electric sector decarbonization framework.
Revenue by Segment
Forward Guidance
PGE is initiating full-year 2022 earnings guidance of $2.75 to $2.90 per diluted share.
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
- Capital expenditures of $660 million in 2022 and $650 million in 2023 through 2026.
- Average construction work in progress balance of $270 million.
- Operating and maintenance expense between $590 million and $610 million.
- Depreciation and amortization expense between $420 million and $440 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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