Stock Monitor: Ameren Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 24, 2018 / If you want access to our free earnings report on Portland General Electric Co. (NYSE: POR) ("PGE"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=POR. PGE reported its first-quarter fiscal 2018 operating and financial results on April 27, 2018. The electric utility re-affirmed its earnings guidance for FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
PGE's total revenues for the three months ended March 31, 2018, decreased 7% to $495 million compared to revenues of $530 million for the three months ended March 31, 2017, consisting primarily of a drop in total retail revenues, partially offset by growth in Wholesale revenues. The Company's reported numbers lagged behind analysts' estimates by $33.71 million.
During Q1 2018, PGE's Retail revenues totaled $454 million compared to $506 million in Q1 2017. The decline in revenues was attributed to a 6% decrease in retail energy deliveries due largely to the effects of weather on electricity demand, and a $15 million net decrease to reflect the deferral of revenues for estimated refund to customers because of the Tax Cuts and Jobs Act (TCJA), and a $8 million decrease resulting from the Decoupling mechanism.
For Q1 2018, PGE's total heating degree-days dropped 19% on a y-o-y and 3% below average.
PGE's Wholesale revenues increased $15 million, or 115% to $28 million, for Q1 2018 with the increase comprising of $13 million related to a 99% increase in wholesale sales volumes and $1 million related to an 8% increase in average wholesale sales prices. Due to lower than expected retail customer demand and depressed natural gas prices in the reported quarter, the Company economically generated and sold more power into the Wholesale market than in the comparable period of 2017.
During Q1 2018, PGE's Actual Net Variable Power Costs (NVPC) decreased $26 million on a y-o-y basis. The decrease in purchased power and fuel was driven by a 9% decrease in the average variable power cost per MWh, partially offset by a 2% increase in total system load. The overall decrease in Actual NVPC was also driven by a 115% increase in wholesale revenues. The change in wholesale revenues was due mostly to an 8% increase in wholesale sales price and a 99% increase in sales volume.
For Q1 2018, PGE's generation, transmission, and distribution expense decreased 15% to $69 million on a y-o-y basis, primarily due to $8 million lower overall storm and service restoration costs, and $4 million lower maintenance and overhaul expense. The Company's administrative and other expense increased 3% to $69 million on a y-o-y basis. The increase was primarily due to higher legal costs and other expenses.
PGE's depreciation and amortization (D&A) expense increased $8 million to $92 million on a y-o-y basis. The increase was primarily driven by a $5 million amortization credit in 2017 related to the Trojan spent fuel refund to customers, which was also reflected in reduced revenues, and $3 million increased plant depreciation and software amortization.
PGE reported net income of $64 million, or $0.72 per diluted share, for Q1 2018 compared to net income of $73 million, or $0.82 per diluted share, for Q1 2017. The Company's earnings beat Wall Street's estimates of $0.65 per share.
PGE reaffirmed its full-year 2018 guidance of $2.10 - $2.25 per diluted share. The guidance is based on the following assumptions: a decline in retail deliveries up to 1%, weather-adjusted, normal hydro conditions for the remainder of the year based on the current hydro forecast, Wind generation for the remainder of the year based on five years of historical levels or forecast studies when historical data is not available, normal thermal plant operations for the remainder of the year. The Company is expecting D&A expense between $365 million and $385 million and operating and maintenance costs between $575 million and $595 million.
Stock Performance Snapshot
May 23, 2018 - At Wednesday's closing bell, Portland General Electric's stock climbed 1.70%, ending the trading session at $41.16.
Volume traded for the day: 484.01 thousand shares.
Stock performance in the last month – up 1.38%; and previous three-month period – up 2.64%
After yesterday's close, Portland General Electric's market cap was at $3.66 billion.
Price to Earnings (P/E) ratio was at 18.84.
The stock has a dividend yield of 3.52%.
The stock is part of the Utilities sector, categorized under the Electric Utilities industry. This sector was up 0.6% at the end of the session.
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