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Dec 31, 2024
PGE Q4 2024 Earnings Report
PGE reported lower net income despite revenue growth in Q4 2024.
Key Takeaways
Portland General Electric (PGE) reported revenue growth of 4.74% YoY in Q4 2024, driven by increased demand from semiconductor and technology infrastructure customers. However, net income declined by 42.65% YoY due to rising costs for power, fuel, and operations.
Q4 revenue grew 4.74% YoY, reaching $870,000,000.
Net income declined 42.65% YoY due to higher power, fuel, and operational costs.
Operating margin decreased from 23.05% to 14.94%.
PGE remains focused on clean energy investments and long-term earnings growth.
PGE
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PGE Revenue by Segment
Forward Guidance
PGE expects modest revenue growth in 2025, driven by higher energy demand and investments in clean energy projects, while cost pressures remain a challenge.
Positive Outlook
- 2025 adjusted EPS guidance of $3.13 - $3.33 per share.
- Energy deliveries expected to grow by 2.5% to 3.5%.
- Continued investment in grid modernization and renewable energy.
- Projected capital expenditures of $1.27 billion in 2025.
- Expansion of battery storage capacity for greater grid resilience.
Challenges Ahead
- Ongoing cost pressures from power and fuel expenses.
- Potential regulatory and policy uncertainties affecting revenue.
- Weather-related demand fluctuations remain a risk factor.
- Higher operating and maintenance expenses forecasted.
- Increased depreciation and interest expenses due to asset growth.