Portland General shares close at $44.27 ahead of third-quarter results
Key Facts
Portland General Electric shares closed at $44.27 on October 28, 2026, according to EL7 data, on the eve of the date the company had announced for releasing its third-quarter results summary. The company said the summary would be released before U.S. markets opened on October 29 and scheduled a call to review the results for the same day at 11 a.m. Eastern Time. No results announcement indicating that the company had fallen short of analysts' expectations appeared on the investor relations releases page reviewed. Nor was there an official announcement of a cut to annual earnings guidance. The latest published range for that guidance remained $3.33 to $3.53 per diluted share.
The company had reaffirmed its 2026 adjusted earnings range in its second-quarter results announcement issued on July 31. It set guidance at $3.33 to $3.53 per diluted share, unchanged in that announcement. This range is the latest annual guidance in the official disclosure available among the published facts. The available record therefore does not support describing what happened as a cut to annual expectations. Investors were awaiting the October 29 announcement for third-quarter figures and any updates the company might provide for the year.
In the second quarter of 2026, Portland General reported net income of $68 million under generally accepted accounting principles, or $0.59 per diluted share. Adjusted net income, a non-GAAP measure, was $74 million, or $0.64 per share. In the same period of 2025, GAAP net income was $62 million, and earnings per share were $0.56. Adjusted net income in the second quarter of 2025 was $73 million, or $0.66 per share. The comparison shows reported net income rose year over year in the second quarter, while adjusted earnings per share fell from $0.66 to $0.64.
Industrial customer electricity demand grew 11% year over year in the second quarter of 2026, a rise the company attributed to continued demand growth from advanced technology customers and data centers. Chief Executive Maria Pope said the new tariff raised data center rates by about 30%, while lowering costs for other customers. The new rates for the large-load category took effect on July 8, 2026. The tariff included an average increase of about 30% for data center customers and new large-load customers, while reducing rates for other customers. The company linked industrial demand growth to the treatment of service costs across different customer groups through these changes.
The proposed 2027 general rate case request included an overall increase of about 4.8% compared with approved rates. The company said the new rates would take effect on July 1, 2027, if the request is approved. By contrast, it expected the power cost adjustment tariff to lower customer rates by about 2.4% beginning on January 1, 2027. These dates place the proposed and expected tariff changes in the periods following the third-quarter results announcement. The upcoming event the company had set for investors was the release of the results summary before the market open on October 29, followed by a review call at 11 a.m. Eastern Time.