Portland General Electric Company (POR) has reported a 19.61 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $61 million, or $0.68 a share in the quarter, compared with $51 million, or $0.57 a share for the same period last year.
Revenue during the quarter grew 5.01 percent to $524 million from $499 million in the previous year period. Gross margin for the quarter expanded 158 basis points over the previous year period to 52.48 percent. Total expenses were 79.77 percent of quarterly revenues, down from 83.17 percent for the same period last year. This has led to an improvement of 340 basis points in operating margin to 20.23 percent.
Operating income for the quarter was $106 million, compared with $84 million in the previous year period.
“I’m very proud of our operational and financial performance, despite the impact of lower retail loads associated with warmer than normal temperatures and wind generation below our forecast that resulted in a return on equity lower than our currently allowed return,” said Jim Piro, president and chief executive officer. “We brought Carty Generating Station into service, and since then it has achieved an exceptional availability for a newly commissioned plant. We also filed our 2016 Integrated Resource plan, which reflects our plans for a more renewable, reliable and affordable energy future for our customers.”
For financial year 2017, the company forecasts diluted earnings per share to be in the range of $2.20 to $2.35.
Operating cash flow improves
Portland General Electric Company has generated cash of $553 million from operating activities during the year, up 6.35 percent or $33 million, when compared with the last year.
The company has spent $585 million cash to meet investing activities during the year as against cash outgo of $522 million in the last year.
Cash flow from financing activities was $34 million for the year as against cash outgo of $121 million in the last year period.
Cash and cash equivalents stood at $6 million as on Dec. 31, 2016, up 50 percent or $2 million from $4 million on Dec. 31, 2015.
Working capital remains negative
Working capital of Portland General Electric Company was negative $114 million on Dec. 31, 2016 compared with negative $69 million on Dec. 31, 2015. Current ratio was at 0.80 as on Dec. 31, 2016, down from 0.89 on Dec. 31, 2015.
Debt moves up
Portland General Electric Company has witnessed an increase in total debt over the last one year. It stood at $2,350 million as on Dec. 31, 2016, up 6.87 percent or $151 million from $2,199 million on Dec. 31, 2015. Total debt was 31.22 percent of total assets as on Dec. 31, 2016, compared with 30.45 percent on Dec. 31, 2015. Debt to equity ratio was at 1 as on Dec. 31, 2016, up from 0.97 as on Dec. 31, 2015. Interest coverage ratio improved to 3.53 for the quarter from 3 for the same period last year.
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