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Portland General Electric Announces First Quarter 2025 Results
Portland General Electric Company (NYSE: POR) today reported net income based on generally accepted accounting principles (GAAP) of $100 million, or $0.91 per diluted share, for the first quarter of 2025. This compares with GAAP net income of $109 million, or $1.08 per diluted share, for the first quarter of 2024. After adjusting for the impact of the January 2024 storm, first quarter 2024 non-GAAP net income was $123 million, or $1.21 per diluted share.
About this update from Portland General Electric Co
[{"type":"list","items":[{"val":[{"type":"text","content":"First quarter financial results reflect strong energy demand from high-tech and data centers, which drove total quarter-over-quarter load growth of 4.6% and 16.4% industrial load growth","length":185,"tagName":"p"}]},{"val":[{"type":"text","content":"Reaffirming 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share","length":79,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":264,"olType":false},{"type":"text","content":"PORTLAND, Ore., April 25, 2025 /PRNewswire/ -- Portland General Electric Company (NYSE: POR) today reported net income based on generally accepted accounting principles (GAAP) of $100 million, or $0.91 per diluted share, for the first quarter of 2025. This compares with GAAP net income of $109 million, or $1.08 per diluted share, for the first quarter of 2024. After adjusting for the impact of the January 2024 storm, first quarter 2024 non-GAAP net income was $123 million, or $1.21 per diluted share.","length":515,"tagName":"p"},{"type":"text","content":""This quarter, PGE advanced key priorities as we served growing customer demand, engaged on important wildfire policy and worked to thoughtfully streamline our operations," said Maria Pope, PGE President and CEO. "We are laying the foundation for solid results, diligent cost management and strong execution in 2025 and beyond."","length":348,"tagName":"p"},{"type":"text","content":"First Quarter 2025 Compared to First Quarter 2024","length":49,"tagName":"p"},{"type":"text","content":"Total revenues increased due to demand growth from semiconductor manufacturing and technology infrastructure customers, partially offset by lower average price of deliveries from changing delivery mix. Purchased power and fuel expense decreased due to decreased prices for purchased power and fuel. Operating and maintenance and administrative expenses increased due to wildfire mitigation, vegetation management, service restoration work, wages and benefits, and professional services costs. Depreciation and amortization expense and interest expense increased due to ongoing capital investment. Income tax expense increased as a result of lower production tax credit generation.","length":680,"tagName":"p"},{"type":"text","content":"Company Updates","length":15,"tagName":"p"},{"type":"text","content":"B...