islowering its 2016 EPS guidance given unfavorable weather and needed to complete theCarty GeneratingStation in Oregon.
Thecompany will now target an EPS of $2.05 to $2.20 — down from $2.20 to $2.35previously. Thecompany made the announcement in its April 29 earnings release, reportingfirst-quarter 2016 net income of $61 million, or 68 cents per share, up from$50 million, or 62 cents per share, for the same quarter of 2015.
Thecompany's first-quarter 2016 normalized EPS consensus estimate stood at 61cents, according to S&P Global Market Intelligence data.
PortlandGeneral said its books were helped by higher retail load when compared to thefirst quarter of 2015. "Oregon's strong economy contributed to solid loadgrowth and we saw our largest growth in the number of customers since therecession," Portland General President and CEO Jim Piro said.
Thecompany's first-quarter 2016 revenues were up $14 million year over year to$487 million, as were its income from operations: $99 million versus $85million in the first quarter of 2015.
PGEwill host its first-quarter conference call at 11 a.m. ET on April 29.