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PORTLAND - Portland General Electric Co., Oregon's largest utility, on Wednesday cut its full-year earnings outlook, citing a decline in retail margins due to the recession and extended maintenance outages at two coal plants. Its shares fell more than 7 percent.
The company lowered its 2009 estimate to a range between $1.35 per share and $1.45 per share, down from a previous forecast between $1.80 per share and $1.90 per share. Analysts polled by Thomson Reuters predicted a full-year profit of $1.82 per share.
For the second-quarter the company estimated a profit of 31 cents per share, which falls short of analyst expectations of 53 cents per share.
"Oregon's economy continues to be impacted by the national recession," said Jim Piro, the company's CEO.
"Retail loads are down, primarily because our industrial customers' electricity use has declined by more than we projected just three months ago. In addition, lower prices in the wholesale energy market have made it difficult to offset lost revenue with the sale of excess power."
The company said it plans to release earnings on Aug. 3.
Shares of the company fell $1.44, or 7.3 percent, to $18.42 in morning trading.
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