Portland General Electric announces 2019 financial results and initiates 2020 earnings guidance

PORTLAND, Ore., Feb. 14, 2020 /PRNewswire/ --A Portland General Electric Company (NYSE: POR)A today reported net income of $214 million, or $2.39 per diluted share, for the year ended Dec. 31, 2019. This compares with net income of $212 million, or $2.37 per diluted share, for the year ended Dec. 31, 2018. Net income was $61 million, or $0.68 per diluted share, for the fourth quarter of 2019. This compares with $49 million, or $0.55 per diluted share, for the comparable period of 2018."I am pleased with our financial results and the progress that we continue to make on our strategic objectives to decarbonize our power supply, electrify other sectors of the economy and operate efficiently," said Maria Pope, PGE president and CEO. "In 2020 we are focused on investments that enhance reliability and resiliency."2019 earnings compared to 2018 earningsThe increase in full-year 2019 earnings was driven by an increase in revenues from higher retail prices and increased loads from industrial customers when compared to 2018. Largely offsetting the increase in revenues were higher distribution expenses due to higher vegetation management and wildfire mitigation efforts, a gain from the cash settlement of the Carty litigation in 2018 that did not recur in 2019, higher labor and benefit expenses, higher depreciation and amortization expense resulting from capital additions, and an increase in income tax expense attributable largely to fewer production tax credits.Company Updates
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