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Portland General Electric 1Q Profit Climbs

The Associated Press

PORTLAND, Ore. (AP) — Portland General Electric Co., Oregon's largest utility, on Monday said its first-quarter profit rose 11 percent on higher prices, partially offset by lower sales volumes and higher costs.

Net income for the quarter rose to $31 million, or 47 cents per share, from $28 million, or 44 cents per share, during the same period last year.

The latest quarter's results include a one-time loss of 2 cents per share from a decline in the value of non-qualified benefit plan trust assets. The company also recorded a loss of a penny per share from additional costs related to a storm in December 2008.

On average, analysts polled by Thomson Reuters predicted profit of 53 cents per share. Analyst estimates typically exclude one-time items.

Revenue climbed 3 percent to $485 million from $471 million. Analysts forecast revenue of $490 million.

Portland General Electric reaffirmed its 2009 earnings outlook of $1.80 to $1.90 per share.

Shares of the company fell 20 cents to $18.63 in afternoon trading.