RTTNews | Feb 19, 2021 05:35AM EST

05:34 Friday, February 19, 2021 (RTTNews.com) - Portland General Electric Co. (POR) reported Friday that its fourth-quarter net income was $52 million or $0.57 per share, lower than previous year's $61 million or $0.68 per share.

On average, nine analysts polled by Thomson Reuters expected earnings of $0.41 per share. Analysts' estimates typically exclude special items.

In fiscal 2020, net income of $155 million or $1.72 per share, down from $214 million or $2.39 per share a year ago.

The latest results included $1.03 loss per share from previously disclosed energy trading losses.

Adjusted net income was $247 million or $2.75 per share for the quarter. Analysts expected earnings of $1.58 per share.

Total revenues were $2.145 billion, slightly higher than last year's $2.12 billion. The analysts expected $2.12 billion revenues.

Further, the company initiated fiscal 2021 earnings guidance of $2.55 to $2.70 per share, while analysts expect earnings of $2.6 per share.

The company projects an increase in energy deliveries between 1 percent and 1.5 percent, weather adjusted, which reflects the continued impacts of COVID-19: Elevated residential deliveries through the second quarter; reduced commercial deliveries in the first quarter, with improvement beginning in the second quarter; and strong industrial customer deliveries.

Further, the company reaffirmed 4 percent to 6 percent long-term earnings per share growth using 2019 base year.

Read the original article on RTTNews ( https://www.rttnews.com/3171185/portland-general-electric-q4-profit-down-tops-view-sees-higher-earnings-ahead.aspx)

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