(RTTNews) – Energy company Portland General Electric Company (POR) Friday revised its 2018 earnings guidance, reflecting better-than-expected weather and Carty litigation settlement, and reported higher profits for the second quarter.
The company now expects earnings for the full year 2018 to be in the range of $2.25-$2.40 per share versus prior guidance of $2.10-$2.25 per share. Analysts currently expect the company to earn $2.25 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special item.
For the second quarter, the company’s net profit rose to $46 million or $0.51 per share, from last year’s $32 million or $0.36 per share. Revenues, however, stood at $449 million. The company attributed the increase in earnings to lower natural gas prices as well as reduced plant maintenance expenses and distribution-related expenses.