Portland General Electric Co. on Oct. 30 reported non-GAAP net income of $80 million, or 90 cents per share.
The S&P Capital IQ consensus normalized EPS estimate for the quarter was negative 30 cents.
The adjusted results excluded energy trading losses, which amounted to $127 million. The PGE board's special committee is currently reviewing the losses and the company's procedures and controls related to it.
On a GAAP basis, the company reported a net loss of $17 million, or a loss of 19 cents per share, in the most recent quarter, compared to net income of $55 million, or 61 cents per share, a year ago.
Revenues totaled were $547 million in the third quarter of 2020, compared with $542 million in the same period of 2019. The company reported a loss from operations of $16 million, compared to income from operations of $88 million a year ago.
"We continue to deliver strong operating performance, notwithstanding the financial impact of the isolated trading losses and wildfires this quarter," said President and CEO Maria Pope.
The company reaffirmed its 2020 earnings guidance of $1.40 per share to $1.60 per share, expecting to be in the upper half of the range.
Portland General also announced a $100 million increase to its capital plan through 2021. "These investments in grid resiliency, system modernization and infrastructure to serve new large customers will enhance the Company's ability to deliver safe, clean, reliable and affordable energy," the company said.