Portland General Electric Reaffirms Its 2024 Guidance: Sees Adjusted EPS Of $2.98-$3.18 Vs. $3.07 Consensus, And Cash From Operations Of $700M-$800M

Benzinga04-26

2024 Earnings Guidance

PGE is reaffirming its estimate for full-year 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share based on the following assumptions:

  • Exclusion of the impacts of the January 2024 winter storm, including non-deferrable Reliability Contingency Event (RCE) costs and non-deferred incremental storm restoration costs;
  • An increase in energy deliveries of 2% to 3%, weather adjusted;
  • Normal temperatures in its utility service territory;
  • Hydro conditions for the year that reflect current estimates;
  • Wind generation based on five years of historical levels or forecast studies when historical data is not available;
  • Normal thermal plant operations;
  • Operating and maintenance expense between $815 million and $840 million which includes approximately $165 million of wildfire, vegetation management, deferral amortization and other expenses that are offset in other income statement lines;
  • Depreciation and amortization expense between $475 million and $525 million;
  • Effective tax rate of 10% to 15%;
  • Cash from operations of $700 to $800 million;
  • Capital expenditures of $1,340 million; and
  • Average construction work in progress balance of $795 million.
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