1. PGE's Q1 2025 net income is $100 million, down from $109 million in 2024. 2. Revenues grew due to demand from tech sectors despite lower average prices. 3. PGE aims for energy mix of 80% non-emitting resources by 2030. 4. Quarterly dividend of $0.525 per share approved for payment in July 2025. 5. PGE reaffirms 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share.
The decline in net income suggests potential investor concerns about profitability, but ample guidance and a strong focus on clean energy may mitigate this risk.
The earnings report and guidance directly relate to POR's operational performance and investor sentiment.
Immediate market reactions may follow quarterly earnings release but long-term outlook may stabilize due to ongoing projects and strategic positioning.
Portland General Electric Company (NYSE: POR) today reported net income based on generally accepted accounting principles (GAAP) of $100 million, or $0.91 per diluted share, for the first quarter of 2025. This compares with GAAP net income of $109 million, or $1.08 per diluted share, for the first quarter of 2024. After adjusting for the impact of the January 2024 storm, first quarter 2024 non-GAAP net income was $123 million, or $1.21 per diluted share.
"This quarter, PGE advanced key priorities as we served growing customer demand, engaged on important wildfire policy and worked to thoughtfully streamline our operations," said Maria Pope, PGE President and CEO. "We are laying the foundation for solid results, diligent cost management and strong execution in 2025 and beyond."
Total revenues increased due to demand growth from semiconductor manufacturing and technology infrastructure customers, partially offset by lower average price of deliveries from changing delivery mix. Purchased power and fuel expense decreased due to decreased prices for purchased power and fuel. Operating and maintenance and administrative expenses increased due to wildfire mitigation, vegetation management, service restoration work, wages and benefits, and professional services costs. Depreciation and amortization expense and interest expense increased due to ongoing capital investment. Income tax expense increased as a result of lower production tax credit generation.
The Constable, Sundial and Coffee Creek battery storage systems, a combined 292 MW of energy storage capacity, completed the first full quarter of service in Q1 2025. Including the incoming 200 MW Seaside battery, which is estimated to be in-service in mid-2025, PGE will soon have over 500 MW of total battery storage, providing a vital tool for renewable integration, system reliability and energy price management.
In March, PGE released its 2024 Environmental, Social and Governance Report, which details key accomplishments including large customer participation in voluntary clean energy programs, record fish returns at hydro facilities and increases in employee volunteerism. The report highlights record clean energy performance in 2024, with non-emitting resources making up 45% of PGE's energy mix. This represents a 7% compounded growth rate in PGE's non-emitting resource mix since 2020.
As previously announced, on April 18, 2025, the board of directors of Portland General Electric Company approved a quarterly common stock dividend of $0.525 per share. The quarterly dividend is payable on or before July 15, 2025 to shareholders of record at the close of business on June 24, 2025.
PGE is reaffirming its estimate for full-year 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share based on the following assumptions:
PGE will host a conference call with financial analysts and investors on Friday, April 25, 2025, at 11 a.m. ET. The conference call will be webcast live on the PGE website at investors.portlandgeneral.com. A webcast replay will also be available on PGE's investor website "Events & Presentations" page beginning at 2 p.m. ET on April 25, 2025.
Maria Pope, President and CEO; Joe Trpik, Senior Vice President of Finance and CFO; and Nick White, Manager of Investor Relations, will participate in the call. Management will respond to questions following formal comments.
The attached unaudited condensed consolidated statements of income and comprehensive income, balance sheets and statements of cash flows, as well as the supplemental operating statistics, are an integral part of this earnings release.
This press release contains certain non-GAAP measures, such as adjusted earnings, adjusted EPS and adjusted earnings guidance. These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities, are infrequent in nature, or both. PGE believes that excluding the effects of these items provides a meaningful representation of the Company's comparative earnings per share and enables investors to evaluate the Company's ongoing operating financial performance. Management utilizes non-GAAP measures to assess the Company's current and forecasted performance, and for communications with shareholders, analysts and investors. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP.
Due to the forward-looking nature of PGE's non-GAAP adjusted earnings guidance, and the inherently unpredictable nature of items and events which could lead to the recognition of non-GAAP adjustments (such as, but not limited to, regulatory disallowances or extreme weather events), management is unable to estimate the occurrence or value of specific items requiring adjustment for future periods, which could potentially impact the Company's GAAP earnings. Therefore, management cannot provide a reconciliation of non-GAAP adjusted earnings per share guidance to the most comparable GAAP financial measure without unreasonable effort. For the same reasons, management is unable to address the probable significance of unavailable information.
| (Dollars in millions, except EPS) | Net Income | Diluted EPS |
|---|---|---|
| GAAP as reported for the quarter ended March 31, 2024 | $ 109 | $ 1.08 |
| Exclusion of January 2024 storm costs | 19 | 0.18 |
| Tax effect (1) | (5) | (0.05) |
| Non-GAAP as reported for the quarter ended March 31, 2024 | $ 123 | $ 1.21 |
(1) Tax effects were determined based on the Company's full-year blended federal and state statutory rate.
Portland General Electric (NYSE: POR) is an integrated energy company that generates, transmits and distributes electricity to over 950,000 customers serving an area of 1.9 million Oregonians. Since 1889, Portland General Electric (PGE) has been powering social progress, delivering safe, affordable, reliable and increasingly clean electricity while working to transform energy systems to meet evolving customer needs. PGE customers have set the standard for prioritizing clean energy with the No. 1 voluntary renewable energy program in the country. PGE was ranked the No. 1 utility in the 2024 Forrester U.S. Customer Experience Index and is committed to reducing emissions from its retail power supply by 80% by 2030 and 100% by 2040. In 2024, PGE employees, retirees and the PGE Foundation donated $5.5 million and volunteered nearly 23,000 hours to more than 480 nonprofit organizations. For more information visit www.portlandgeneral.com/news.
Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent our estimates and assumptions as of the date of this report. The Company assumes no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
Drew Hanson
Corporate Communications
Phone: 503-464-2067
Nick White
Investor Relations
Phone: 503-464-8073