Portland General Electric posts 3Q profit

posted: 103 DAYS 18 HOURS AGO

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PORTLAND -Portland General Electric Co. on Thursday reported a profit for its third quarter after a refund to customers wiped out the utility's earnings during the same period a year earlier.

Oregon's largest utility said net income climbed to $32 million, or 43 cents per share, for the quarter through September, compared with zero for the year-ago period when a customer refund ordered by the Oregon Public Utility Commission reduced net income by $20 million.

Higher income in the latest quarter also was driven by a 2009 general rate case, an increase in the fair value of certain benefit plan assets and lower administrative costs.

Revenue rose 11 percent to $445 million from $400 million.

Analysts, who typically exclude one-time items from their estimates, expected a profit of 23 cents per share on revenue of $410.2 million, according to a survey by Thomson Reuters.

"We've put special emphasis on identifying and implementing cost efficiencies, including temporary reductions in operating expense, while still making progress on key capital projects," Jim Piro, president and chief executive, said in a statement.

He said the utility plans to submit a general rate case for 2011.

Portland General Electric reaffirmed its 2009 earnings guidance of $1.35 to $1.45 per share and said it expects net income of $1.50 to $1.65 per share in 2010. Analysts have predicted the company will earn $1.40 and $1.75 per share for the 2009 and 2010 fiscal years, respectively.

Shares of the utility slid 81 cents, or 4.1 percent, to close at $19.

2009-10-29 16:51:08