PGE Q3 GAAP EPS $0.46 vs $0.65 YoY; GRC settlement; guidance narrowed to $2.60-$2.65

PORTLAND GENERAL ELECTRIC CO /OR/

2023-Q3 EPS reported $1.65 revenue$2,198,000,000

Q3 GAAP net income $47M ($0.46/diluted share) vs $58M ($0.65) in Q3 2022; power costs increased from extreme summer heat.
Reached global settlement in 2024 general rate case; adjusted annual revenue requirement increase of $391M, pending OPUC approval.
Narrowing 2023 adjusted EPS guidance to $2.60-$2.65 from $2.60-$2.75, reflecting Q3 power cost headwinds.
Quarterly dividend declared at $0.475/share, payable Jan 15, 2024 to holders of record Dec 26, 2023.
DOE awarded $250M grant for Bethel-Round Butte transmission upgrade and $50M for Smart Grid Chip project; hydrogen hub selected.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.92

PORTLAND GENERAL ELECTRIC CO /OR/ reported the three and nine months ended September 30, 2023 results: net income $47 million, or $0.46 per diluted share.

Period: the three and nine months ended September 30, 2023
Net income: $47 million, or $0.46 per diluted share
Result: reported results

Exact text from the filing

On October 27, 2023, Portland General Electric Company (the Company) issued a press release announcing its financial results for the three and nine months ended September 30, 2023.

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Source: SEC EDGAR

accession 0000784977-23-000145

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