PGE Q4 2022 Earnings Report
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
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