Portland General Electric Co. on Feb. 16 posted fourth-quarter net income of $42 million, or 48 cents per share, missing the S&P Capital IQ consensus normalized EPS estimate of 65 cents. The result compares to $61 million, or 68 cents per share, for the comparable quarter of 2016.
After adjusting for the impact of the federal tax reform, non-GAAP earnings for the 2017 fourth quarter were $59 million, or 67 cents per share.
Fourth-quarter revenues declined to $515 million in 2017 from $524 million in 2016, while income from operations was up year over year to $108 million from $106 million.
On a full-year basis, Portland General booked $187 million, or $2.10 per share, in 2017 net income, compared with $193 million, or $2.16 per share, in 2016. Non-GAAP earnings for 2018 were $204 million, or $2.29 per share.
The S&P Capital IQ consensus normalized EPS estimate for 2017 was $2.27.
The company said its books were positively impacted by favorable weather, partially offset adjustments to net deferred taxes, higher expenses, lower production tax credit and additional investment in Carty Generating Station.
Full-year revenues increased to $2.01 billion from $1.92 billion in 2016, while income from operations was up to $376 million from $333 million a year earlier.
For 2018, the company is targeting earnings in the range of $2.10 per share to $2.25 per share.
PGE files rate case in Oregon
Portland General on Feb. 15 filed a general rate case with Oregon regulators, seeking an annual revenue increase of $86 million, net of customer credits and supplemental tariff updates. The request is based on a return on equity of 9.5% and cost of capital of 7.31%.
If approved by the state Public Utility Commission, typical residential customers using a monthly average of 800 kWh of power would see their bill increase by about $6.50 per month, effective January 2019.