Portland General Electric's stock plunged 7.38% in pre-market trading on Friday, following the release of its first-quarter 2026 financial results.

The utility company reported adjusted earnings per share of $0.58, significantly missing the analyst consensus estimate of $0.88. Quarterly sales of $879 million also fell short of the $957.3 million estimate. The results reflected a 55% year-over-year decline in net income to $45 million.

The company attributed the weaker performance to unusually mild winter weather, which led to lower residential and commercial energy usage. Additionally, results were impacted by increased regulatory and business expenses, including costs related to storm recovery deferral and business transformation.

Despite the quarterly miss, Portland General reaffirmed its full-year 2026 adjusted earnings guidance of $3.33 to $3.53 per diluted share.