UPDATE: Portland General Electric Q3 Profit Surges 41%

Portland General Electric Co

reported a 41% surge in its third-quarter earnings. Portland General Electric's quarterly profit rose to $38 million, or $0.50 per share, from $27 million, or $0.36 per share, in the year-ago period. Its revenue surged 2.5% to $450 million. However, analysts were expecting earnings of $0.47 per share on revenue of $429 million. Portland General Electric's operating margin rose to 18.2% from 15.5%. Its retail revenue climbed 4% to $422 million. However, wholesale revenue declined 21% to $19 million. Portland General Electric shares closed at $26.50 yesterday.