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Dec 31, 2022
PGE Q4 2022 Earnings Report
PGE's Q4 2022 financial results were announced, with a GAAP net income of $50 million, or $0.56 per diluted share.
Key Takeaways
Portland General Electric reported a GAAP net income of $50 million, or $0.56 per diluted share, for the fourth quarter of 2022, compared to $66 million, or $0.73 per diluted share, for the fourth quarter of 2021. The company initiated 2023 adjusted earnings guidance of $2.60 to $2.75 per diluted share and reaffirmed 5% to 7% long-term earnings per share growth using 2022 non-GAAP adjusted base year.
Full-year 2022 GAAP basis financial results of $2.60 per diluted share; full-year 2022 non-GAAP basis adjusted financial results of $2.74 per diluted share
Initiating 2023 adjusted earnings guidance of $2.60 to $2.75 per diluted share and reaffirming 5% to 7% long-term earnings per share growth using 2022 non-GAAP adjusted base year
2024 test year general rate case filed, focused on capital investments and policy items to support safe, reliable and clean energy service
Invested $811 million in capital assets to address customer growth, system hardening, resiliency infrastructure, and grid modernization
PGE
PGE
PGE Revenue by Segment
Revenue by Segment
Residential Revenue
CapyFin.comCommercial Revenue
CapyFin.comIndustrial Revenue
CapyFin.com Forward Guidance
PGE is initiating full-year 2023 adjusted earnings guidance of $2.60 to $2.75 per diluted share.
Positive Outlook
- An increase in energy deliveries between 2.5% and 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
- Normal thermal plant operations
Challenges Ahead
- Operating and maintenance expense between $695 million and $715 million which includes approximately $45 million of expenses that are offset in other income statement lines
- Depreciation and amortization expense between $445 million and $465 million
- Effective tax rate of 15% to 20%
- Cash from operations of $700 to $750 million
- Capital expenditures of $1,210 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income