On Friday, Portland General Electric Company (NYSE:POR) announced second-quarter adjusted earnings of $0.66 per share, beating analyst forecasts of $0.64. This strong result was driven by a 16.5% quarter-over-quarter surge in demand, largely attributed to growth in data center industrial loads. Revenue totaled $807 million, outpacing the consensus estimate of $794.08 million.
Following the announcement, the utility’s shares nudged up 0.18% in pre-market trading.
“The second quarter was a period of execution and solid progress at Portland General Electric,” said President and CEO Maria Pope. “We are focused on safely and reliably serving customers, engaging with stakeholders, driving efficiencies and updating our corporate structure to lower costs and deliver results.”
Year-over-year revenue growth was primarily fueled by increased demand from semiconductor manufacturing and technology infrastructure clients, though it was partially offset by a drop in average delivery prices due to shifting customer mix. The company reported GAAP net income of $62 million, or $0.56 per diluted share, compared to $72 million, or $0.69 per share, in the second quarter of 2024.
Operating expenses climbed to $689 million from $642 million in the prior-year period, driven by heightened wildfire mitigation efforts, vegetation management, and business transformation costs. Purchased power and fuel expenses also rose amid increasing prices.
PGE reaffirmed its full-year 2025 adjusted earnings forecast of $3.13 to $3.33 per diluted share, anticipating energy delivery growth between 2.5% and 3.5% (weather adjusted).
The company is progressing with several strategic initiatives, including filing a formal application with the Oregon Public Utility Commission for approval of a holding company reorganization and seeking cost recovery related to its Distribution System Plan and the Seaside Battery Energy Storage System.
Portland General Electric Company stock price
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