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Portland General Electric announces 2024 financial results and initiates 2025 earnings guidance
PORPortland General Electric(POR) Prnewswire·2025-02-14 10:00

Financial Performance - Portland General Electric Company (PGE) reported a net income of 313million,or313 million, or 3.01 per diluted share, for the year ended December 31, 2024, which includes a 0.13perdilutedshareimpactfromJanuary2024winterstorms[1][2]−Thenon−GAAPnetincomefor2024,afteradjustingforthewinterstorms,was0.13 per diluted share impact from January 2024 winter storms [1][2] - The non-GAAP net income for 2024, after adjusting for the winter storms, was 327 million, or 3.14perdilutedshare[1][2]−FortheyearendedDecember31,2023,PGE′sGAAPnetincomewas3.14 per diluted share [1][2] - For the year ended December 31, 2023, PGE's GAAP net income was 228 million, or 2.33perdilutedshare,whichincludeda2.33 per diluted share, which included a 0.05 per diluted share charge related to the Boardman revenue requirement settlement [2][3] Operational Highlights - PGE experienced solid growth from new and returning customers, enhanced operational reliability, and made significant investments in clean energy resources and battery storage [4][8] - The company invested 1,262millionincapitalprojectsaimedatgridmodernization,customergrowth,andrenewableenergyintegration[8]−PGEachievedcommercialoperationsofthe311MWClearwaterWindEnergyFacility,contributingtoitswindproductioncapabilities[8]RevenueandExpenses−Totalrevenuesfor2024increasedto1,262 million in capital projects aimed at grid modernization, customer growth, and renewable energy integration [8] - PGE achieved commercial operations of the 311 MW Clearwater Wind Energy Facility, contributing to its wind production capabilities [8] Revenue and Expenses - Total revenues for 2024 increased to 3,480 million from 2,912millionin2023,drivenbydemandgrowthfromsemiconductormanufacturingandtechnologyinfrastructurecustomers[29]−Operatingexpensesroseto2,912 million in 2023, driven by demand growth from semiconductor manufacturing and technology infrastructure customers [29] - Operating expenses rose to 2,928 million in 2024, up from 2,527millionin2023,primarilyduetohigherpurchasedpowerandfuelcosts,aswellasincreasedmaintenanceandemployeecompensationexpenses[29]FutureGuidance−PGEisinitiating2025adjustedearningsguidanceof2,527 million in 2023, primarily due to higher purchased power and fuel costs, as well as increased maintenance and employee compensation expenses [29] Future Guidance - PGE is initiating 2025 adjusted earnings guidance of 3.13 to 3.33perdilutedshare,reaffirmingalong−termearningspersharegrowthtargetof53.33 per diluted share, reaffirming a long-term earnings per share growth target of 5% to 7% [7][9] - The company plans to continue its focus on wildfire risk mitigation, forecasting 53 to 57millioninoperationsandmaintenancecostsfor2025,alongwithanadditional57 million in operations and maintenance costs for 2025, along with an additional 57 to 78millionincapitalinvestments[11][10]ShareholderReturns−Theboardofdirectorsapprovedaquarterlycommonstockdividendof78 million in capital investments [11][10] Shareholder Returns - The board of directors approved a quarterly common stock dividend of 0.50 per share, payable on or before April 15, 2025 [14]