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(RTTNews) - Portland General Electric Company (POR), an integrated energy company, on Friday reported lower first-quarter profit on lower revenue, citing unusually mild winter weather that reduced residential and commercial usage.
Further, the company reaffirmed its full year 2026 guidance.
Quarterly net profit declined to $45 million, or $0.38 per share from $100 million or $0.91 per share, a year earlier.
On an adjusted basis, net income was $68 million, or $0.58 per share, this year.
Revenue dropped to $879 million from $928 million in the prior year.
PGE said total energy demand was flat year-over-year as lower seasonal usage from residential and commercial customers offset growth in other segments.
Industrial demand rose 10 percent quarter-over-quarter, driven by data center and high-tech customers.
Maria Pope, PGE President and CEO said, "Strong operational performance and cost control are allowing us to navigate the impact of an unusually mild winter."
Looking ahead to fiscal 2026, PGE reaffirmed its 2026 adjusted earnings guidance of $3.33 to $3.53 per diluted share, based on assumptions including weather-adjusted energy delivery growth of 1.5 percent to 2.5 percent, normal temperatures, and execution of cost and financing plans.
In pre-market activity on the NYSE, shares of PGE were losing 4.95 percent, trading at $49.35, after closing Thursday's regular trading 1.72 percent higher.
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