NYSE$POR
Portland General Electric Company · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Announced third quarter 2023 results, reflecting challenging weather, power market volatility, and continued investment to support grid resiliency, customer growth and decarbonization.
Portland General Electric reported a net income of $47 million, or $0.46 per diluted share, for the third quarter of 2023. The company reached a constructive global settlement stipulation in the 2024 General Rate Case, including updates to the power cost recovery framework.
- Reached constructive global settlement stipulation in 2024 GRC, including updates to the power cost recovery framework
- Third quarter results reflect challenging weather, power market volatility, and continued investment to support grid resiliency, customer growth and decarbonization
- Narrowing 2023 adjusted earnings guidance from $2.60 to $2.75 to $2.60 to $2.65 per diluted share to reflect the impact of third quarter power cost results
- The U.S. DOE selected the Pacific Northwest Hydrogen Association’s PNWH2 Hub for award negotiations as one of the Regional Clean Hydrogen Hubs
Headline financials
Revenue & EPS history
PGE · Revenue · Quarterly
$802M
Revenue by segment
PGE · $1.81B total across 3 segments · Q3 2023
- Residential$942M+12.0%52.2%
- Commercial$606M+12.2%33.6%
- Industrial$258M+19.4%14.3%
Forward guidance
PGE is narrowing its estimate for full-year 2023 adjusted earnings guidance from $2.60 to $2.75 to $2.60 to $2.65 per diluted share.
Tailwinds
- An increase in energy deliveries of 2%, 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
Headwinds
- Operating and maintenance expense between $695 million and $715 million which includes approximately $40 million of storm, wildfire and related deferral and other expenses that are offset in revenue and other income statement lines
- Depreciation and amortization expense between $445 million and $465 million
- Effective tax rate of 15% to 20%
- Cash from operations of $500 to $550 million
- Capital expenditures of $1,475 million
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
-0.1%
Avg return
Earnings day
-0.4%
Avg return
5 days after
+0.5%
Avg return
30 days after
51%
35 / 68 earnings
Positive
+5.4%
Q4 2022
Best reaction
-8.8%
Q2 2011
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.8% | -6.0% | -3.5% | |
| Q4 2025 | -2.6% | -2.9% | -3.2% | |
| Q3 2025 | +2.5% | +3.9% | +11.0% | |
| Q1 2025 | -3.8% | -2.0% | -2.3% | |
| Q4 2024 | -1.1% | +2.9% | +6.6% | |
| Q3 2024 | -0.2% | -2.7% | -2.5% | |
| Q2 2024 | -2.3% | -1.0% | -0.3% | |
| Q1 2024 | +0.3% | +1.5% | +1.1% | |
| Q4 2023 | +0.4% | +1.6% | +0.7% | |
| Q3 2023 | -3.1% | +0.4% | +1.7% | |
| Q2 2023 | -0.4% | -0.3% | -8.3% | |
| Q1 2023 | -1.5% | -2.3% | -5.6% | |
| Q4 2022 | +5.4% | +2.9% | +2.2% | |
| Q3 2022 | +1.9% | +3.9% | +10.1% | |
| Q2 2022 | +1.8% | +1.6% | +4.2% | |
| Q1 2022 | -8.3% | -10.2% | -5.7% | |
| Q4 2021 | -1.3% | -2.2% | +6.7% | |
| Q3 2021 | +3.4% | +2.7% | +2.1% | |
| Q2 2021 | +1.5% | +0.8% | +3.2% | |
| Q1 2021 | +0.4% | -1.1% | -4.6% | |
| Q4 2020 | +0.6% | +3.2% | +13.7% | |
| Q3 2020 | -0.1% | +2.2% | +7.5% | |
| Q2 2020 | -4.5% | -6.0% | -13.5% | |
| Q1 2020 | -4.4% | -0.7% | -11.3% | |
| Q4 2019 | +0.0% | -0.2% | -21.7% | |
| Q3 2019 | -0.4% | -1.9% | -2.4% | |
| Q2 2019 | -2.0% | -0.7% | +2.7% | |
| Q1 2019 | +0.5% | +1.2% | +4.2% | |
| Q4 2018 | +0.1% | +1.5% | +7.1% | |
| Q3 2018 | -1.4% | -1.8% | +3.2% | |
| Q2 2018 | -0.8% | -1.3% | +2.8% | |
| Q1 2018 | +2.6% | +1.7% | +1.2% | |
| Q4 2017 | -1.8% | -2.4% | -2.2% | |
| Q3 2017 | +3.4% | +2.9% | +5.7% | |
| Q2 2017 | -1.6% | -1.3% | +3.8% | |
| Q1 2017 | -2.9% | -4.0% | +1.2% | |
| Q4 2016 | +1.1% | +1.2% | +4.1% | |
| Q3 2016 | +4.3% | +1.2% | +1.6% | |
| Q2 2016 | -0.0% | -1.6% | -2.6% | |
| Q1 2016 | +4.2% | — | — | |
| Q4 2015 | -3.0% | — | — | |
| Q3 2015 | -3.1% | — | — | |
| Q2 2015 | +3.9% | — | — | |
| Q1 2015 | -2.7% | — | — | |
| Q4 2014 | -2.2% | — | — | |
| Q3 2014 | +0.4% | — | — | |
| Q2 2014 | -0.9% | — | — | |
| Q1 2014 | +1.3% | — | — | |
| Q4 2013 | +3.6% | — | — | |
| Q3 2013 | +3.8% | — | — | |
| Q2 2013 | -2.7% | — | — | |
| Q1 2013 | +0.2% | — | — | |
| Q4 2012 | +0.7% | — | — | |
| Q3 2012 | -2.4% | — | — | |
| Q2 2012 | -0.6% | — | — | |
| Q1 2012 | -2.9% | — | — | |
| Q4 2011 | +0.0% | — | — | |
| Q3 2011 | +1.3% | — | — | |
| Q2 2011 | -8.8% | — | — | |
| Q1 2010 | +0.2% | — | — | |
| Q1 2011 | +1.3% | — | — | |
| Q4 2008 | +3.7% | — | — | |
| Q4 2010 | +3.7% | — | — | |
| Q3 2009 | +1.2% | — | — | |
| Q3 2010 | +1.2% | — | — | |
| Q4 2009 | +1.9% | — | — | |
| Q2 2010 | +1.9% | — | — | |
| Q2 2009 | +1.9% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro