Portland General reported third quarter 2024 results on October 25th, 2024. The company reported net income of $94 million for the quarter, equal to $0.90 per diluted share on a GAAP basis, compared to $0.46 in Q3 2023. Retail energy deliveries rose 0.3% year-to-date compared to the same prior year period, but wholesale energy deliveries soared 45%. As a result, total energy deliveries rose 11%.
Company management upgraded the company’s long-term EPS growth guidance to 5% to 7% (from 4% to 6% previously), but from here we expect 4.5% earnings growth into 2029. As of October 2024, Portland General maintained that long-term guidance. Leadership also estimates that the company can grow the dividend by 5% to 7% over the long term, for a 6% mid-point, which is consistent with the trailing 10-year average dividend growth rate of 5.8%.