Portland General Electric Company Just Missed Earnings - But Analysts Have Updated Their Models

Portland General Electric Company (NYSE:POR) last week reported its latest yearly results, which makes it a good time for investors to dive in and see if the business is performing in line with expectations. Portland General Electric beat revenue expectations by 5.4%, at US$2.9b. Statutory earnings per share (EPS) came in at US$2.33, some 9.8% short of analyst estimates. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. We thought readers would find it interesting to see the analysts latest (statutory) post-earnings forecasts for next year.

View our latest analysis for Portland General Electric

Following last week's earnings report, Portland General Electric's seven analysts are forecasting 2024 revenues to be US$2.96b, approximately in line with the last 12 months. Per-share earnings are expected to surge 33% to US$3.01. Before this earnings report, the analysts had been forecasting revenues of US$2.93b and earnings per share (EPS) of US$3.02 in 2024. So it's pretty clear that, although the analysts have updated their estimates, there's been no major change in expectations for the business following the latest results.

There were no changes to revenue or earnings estimates or the price target of US$47.05, suggesting that the company has met expectations in its recent result. That's not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. Currently, the most bullish analyst values Portland General Electric at US$60.00 per share, while the most bearish prices it at US$42.00. These price targets show that analysts do have some differing views on the business, but the estimates do not vary enough to suggest to us that some are betting on wild success or utter failure.

One way to get more context on these forecasts is to look at how they compare to both past performance, and how other companies in the same industry are performing. It's pretty clear that there is an expectation that Portland General Electric's revenue growth will slow down substantially, with revenues to the end of 2024 expected to display 1.4% growth on an annualised basis. This is compared to a historical growth rate of 7.8% over the past five years. Compare this against other companies (with analyst forecasts) in the industry, which are in aggregate expected to see revenue growth of 3.5% annually. Factoring in the forecast slowdown in growth, it seems obvious that Portland General Electric is also expected to grow slower than other industry participants.

The Bottom Line

The most obvious conclusion is that there's been no major change in the business' prospects in recent times, with the analysts holding their earnings forecasts steady, in line with previous estimates. On the plus side, there were no major changes to revenue estimates; although forecasts imply they will perform worse than the wider industry. There was no real change to the consensus price target, suggesting that the intrinsic value of the business has not undergone any major changes with the latest estimates.

With that said, the long-term trajectory of the company's earnings is a lot more important than next year. At Simply Wall St, we have a full range of analyst estimates for Portland General Electric going out to 2026, and you can see them free on our platform here..

Don't forget that there may still be risks. For instance, we've identified 3 warning signs for Portland General Electric (1 shouldn't be ignored) you should be aware of.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.