Portland General Electric FY24 Results Beat Market; Confirms Long-term Growth View; Stock Up

(RTTNews) - Portland General Electric Co. (POR), while reporting higher fiscal 2024 results, on Friday issued fiscal 2025 outlook, and reaffirmed long-term earnings growth view.

In pre-market activity on the NYSE, Portland General shares were gaining around 3.7 percent to trade at $43.69.

For fiscal 2025, the company projects adjusted earnings of $3.13 to $3.33 per share.

The Wall Street analysts on average expect the company to report earnings of $3.22 per share. Analysts' estimates typically exclude special items.

The company also reaffirmed 5 percent to 7 percent long-term earnings per share growth using a base of $3.08 per share, the mid-point of original 2024 adjusted earnings guidance.

As previously announced, the board of directors on February 12 approved a quarterly common stock dividend of $0.50 per share. The quarterly dividend is payable on or before April 15, to shareholders of record at the close of business on March 24.

For the fourth quarter, net income was $39 million or $0.36 per share, lower than last year's net income of $68 million or $0.67 per share.

In fiscal 2024, Portland General Electric's profit increased from last year and beat the Street estimates.

The company's earnings came in at $313 million or $3.01 per share, compared with $228 million, or $2.33 per share, last year.

Adjusted earnings were $327 million or $3.14 per share for the period. Analysts had expected the company to earn $3.13 per share.

The company's revenue for the period rose 17.7 percent to $3.440 billion from $2.923 billion last year. The Street was looking for revenues of $3.18 billion for the year.

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