Portland General Electric (POR) Q1 FY2024 earnings: revenue $929 million, up 24.2% on the year

Portland General Electric Co. (POR) reported revenue of $929 million for Q1 FY2024, the quarter ended 31 March 2024, up 24.2% on the same quarter a year earlier. Net income was $109 million, up 47.3% on the year, and diluted earnings per share $1.08. The figures are the company's own, from the 10-Q it filed with the SEC on 26 April 2024.

Revenue$929 millionup 24.2%

Net income$109 millionup 47.3%

Diluted EPS$1.08

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	929	725	n/a	n/a
Operating income	162	113	n/a	n/a
Operating margin	17.4%	15.6%	n/a
Interest expense	51.0	46.0	n/a	n/a
Pre-tax income	122	83.0	n/a	n/a
Income tax	13.0	15.0	n/a	n/a
Effective tax rate	10.7%	18.1%	n/a
Net income	109	68.0	n/a	n/a
Net margin	11.7%	9.4%	n/a
Diluted EPS	$1.08	$0.68	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	175	89.0	n/a	n/a
Capital expenditure	325	427	n/a	n/a
Free cash flow	-150	-338	n/a	n/a
Free cash flow margin	-16.1%	-46.6%	n/a
Cash from investing	-331	-426	n/a	n/a
Cash from financing	327	295	n/a	n/a
Depreciation and amortisation	121	118	n/a	n/a
Buybacks	n/a	0.0	n/a	n/a
Dividends paid	48.0	48.0	n/a	n/a
Dividend per share	$0.47	n/a	n/a	n/a
Diluted shares, weighted	101m	98m	n/a	n/a
Shares outstanding at period end	103m	101m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	3,459	3,319	n/a	n/a
Short-term borrowings	0.0	146	n/a	n/a
Debt	4,433	3,999	n/a	n/a
Operating lease liabilities	n/a	16.0	n/a	n/a
Finance lease liabilities	285	289	n/a	n/a
Other liabilities	3,411	3,439	n/a	n/a
Total liabilities and equity	11,588	11,208	n/a	n/a
Cash and equivalents	176	5.0	n/a	n/a
Receivables	412	414	n/a	n/a
Other assets	11,000	10,789	n/a	n/a
Total assets	11,588	11,208	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	802	725	929	758	929	824	928	807	952	889	879	814
Operating income	85.0	113	162	116	146	88.0	168	118	174	95.0	107	121
Operating margin	11%	16%	17%	15%	16%	11%	18%	15%	18%	11%	12%	15%
Interest expense	42.0	46.0	51.0	52.0	53.0	55.0	56.0	57.0	60.0	59.0	60.0	61.0
Pre-tax income	53.0	83.0	122	79.0	105	44.0	122	74.0	123	40.0	54.0	80.0
Tax rate	11%	18%	11%	9%	10%	14%	18%	16%	16%	-2%	17%	15%
Net income	47.0	68.0	109	72.0	94.0	38.0	100	62.0	103	41.0	45.0	68.0
Net margin	6%	9%	12%	9%	10%	5%	11%	8%	11%	5%	5%	8%
Diluted EPS	$0.46	$0.68	$1.08	$0.69	$0.90	$0.34	$0.91	$0.56	$0.94	$0.36	$0.38	$0.59
Operating cash flow	188	89.0	175	189	244	170	231	336	403	148	268	220
Capital expenditure	358	427	325	298	253	392	359	237	303	290	259	376
Free cash flow	-170	-338	-150	-109	-9.0	-222	-128	99.0	100	-142	9.0	-156
Buybacks	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	47.0	48.0	48.0	48.0	52.0	52.0	55.0	54.0	58.0	58.0	60.0	60.0
Shares outstanding	101m	101m	103m	103m	105m	109m	110m	110m	111m	116m	116m	116m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 26 April 2024, accession 0000784977-24-000085: the filing on EDGAR. All of Portland General Electric Co.'s filings: EDGAR company page.

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