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Portland General Electric Q2 net income misses estimates by wide margin

Portland General Electric Co. on Aug. 2 announced net income of $25.0 million, or 28 cents per share, in the 2019 second quarter, down from $46.0 million, or 51 cents per share, in the prior-year quarter.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 50 cents.

Revenues were $460.0 million, improving from $449.0 million a year ago. The company reported income from operations of $57 million, a drop from $80 million a year earlier.

"This quarter, we navigated challenging regional power markets with significantly lower hydro production and are maintaining full year guidance," Portland General President and CEO Maria Pope said in a statement.

Looking ahead, Portland General affirmed its 2019 earnings guidance range of $2.35 per share to $2.50 per share.