UPDATE: Portland General Electric Posts Downbeat Q4 Profit

Portland General Electric Co

reported a 3.4% drop in its fourth-quarter earnings. PGE expects full-year earnings of $1.85 to $2 per share, versus analysts' estimates of $1.91 per share. PGE's quarterly profit fell to $28 million, or $0.38 per share, from $29 million, or $0.38 per share, in the year-ago period. Its revenue declined 3.3% to $463 million. However, analysts were expecting earnings of $0.41 per share on revenue of $489 million. Its operating margin widened to 15.3% from 14.4%. PGE shares closed at $28.54 yesterday.