PGE Q1 GAAP EPS $0.80; CFO Ajello to retire June 30; BESS & $300M ATM

PORTLAND GENERAL ELECTRIC CO /OR/

GAAP net income $74M ($0.80/diluted); reaffirms FY2023 adjusted EPS guidance $2.60-$2.75.
Quarterly dividend raised 5.0% to $0.475/share, payable July 17 to holders of record June 26.
CFO Jim Ajello to retire effective June 30; senior advisor through Aug 31; successor search begun.
Agreed to construct 200 MW owned BESS ($360M) and 20-year capacity agreement for 200 MW BESS.
Filed $300M at-the-market equity offering; proceeds for general corporate and clean energy investments.

item 2.02 item 5.02 item 7.01 item 8.01 item 9.01

Executive movements

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Departed

James A. Ajello

Chief Financial Officer

POR · PORTLAND GENERAL ELECTRIC CO /OR/

Effective: 2023-06-30
Filed: April 28, 2023, 7:59 PM ET

On April 25, 2023, James A. Ajello, Senior Vice President Finance, Chief Financial Officer, Treasurer and Corporate Compliance Officer, informed the Company that he is retiring from his positions effective June 30, 2023.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PORTLAND GENERAL ELECTRIC CO /OR/ reported the three months ended March 31, 2023 results: net income $74 million, EPS $0.80 per diluted share. Guidance reaffirmed.

Period: the three months ended March 31, 2023
Net income: $74 million
EPS: $0.80 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Portland General Electric Company (NYSE: POR) today reported net income based on generally accepted accounting principles (GAAP) of $74 million, or $0.80 per diluted share, for the first quarter of 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

James A. Ajello departed as Chief Financial Officer at PORTLAND GENERAL ELECTRIC CO /OR/.

Action: retiring
Role: Chief Financial Officer

Exact text from the filing

On April 25, 2023, James A. Ajello, Senior Vice President Finance, Chief Financial Officer, Treasurer and Corporate Compliance Officer, informed the Company that he is retiring from his positions effective June 30, 2023.

View on SEC.gov

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Source: SEC EDGAR

accession 0000784977-23-000070

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