Portland General Electric (POR) Tops Q4 EPS by 3c, Beats on Revenues; Offers FY18 EPS Guidance Below Consensus

Portland General Electric (NYSE: POR) reported Q4 EPS of $0.68, $0.03 better than the analyst estimate of $0.65. Revenue for the quarter came in at $515 million versus the consensus estimate of $514.6 million.

• reported net income based on generally accepted accounting principles (GAAP) of $187 million, or $2.10 per diluted share, for the year ended December 31, 2017.
• This compares with $193 million, or $2.16 per diluted share, for the year ended December 31, 2016.
• After adjusting for the impacts of the Tax Cuts and Jobs Act (TCJA), non-GAAP net income was $204 million, or $2.29 per diluted share, for the year ended December 31, 2017. GAAP-based net income was $42 million, or 48 cents per diluted share, for the fourth quarter of 2017.
• This compares with $61 million, or 68 cents per diluted share, for the comparable period of 2016. After adjusting for the impacts of the TCJA, non-GAAPnet income was $59 million, or 67 cents per diluted share, for the fourth quarter of 2017.
• Looking forward, the company is initiating full-year 2018 earnings guidance of $2.10 to $2.25 per diluted share.

2018 earnings guidance

PGE is initiating full-year 2018 earnings guidance of $2.10 to $2.25 per diluted share, which includes the impact of warmer than normal weather in January 2018. Additional assumptions include the following:

• A decline in retail deliveries between 0 and 1 percent, weather adjusted;
• 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;
• Operating and maintenance costs between $575 and $595 million; and
• Depreciation and amortization expense between $365 and $385 million.

The guidance provided assumes OPUC approval of the Company’s intended filing of a deferral application to recover the revenue requirement associated with the customer information system replacement project (Customer Touchpoints), which is expected to be placed in service in the second quarter of 2018.

GUIDANCE:

Portland General Electric sees FY2018 EPS of $2.10-$2.25, versus the consensus of $2.31.

For earnings history and earnings-related data on Portland General Electric (POR) click here.

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