Portland General Electric Co (NYSE:POR) Q1 2023 Earnings Conference Call April 28, 2023 11:00 AM ET

Company Participants

Jardon Jaramillo - Former Controller & Assistant Treasurer

Maria Pope - President, CEO & Director

James Ajello - SVP, Finance, CFO, Treasurer & Corporate Compliance Officer

Conference Call Participants

Shahriar Pourreza - Guggenheim Securities

Julien Dumoulin-Smith - Bank of America Merrill Lynch

Sophie Karp - KeyBanc Capital Markets

Andrew Levi - Hite Hedge Asset Management

Anthony Crowdell - Mizuho Group

Travis Miller - Morningstar Inc.

Operator

Good morning, everyone, and welcome to Portland General Electric Company's First Quarter 2023 Earnings Results Conference Call. Today is Friday, April 28, 2023. [Operator Instructions]. For opening remarks, I will turn the conference over to Portland General Electric's Senior Director of Finance, Investor Relations and Risk Management, Jardon Jaramillo. Please go ahead, sir.

Jardon Jaramillo

Thank you, Valerie. Good morning, everyone. I'm happy you can join us today. Before we begin this morning, I would like to remind you that we have prepared a presentation to supplement our discussion, which we will be referencing throughout the call. The slides are available on our website at investors.portlandgeneral.com.

Referring to Slide 2. Some of our remarks this morning will constitute forward-looking statements. We caution you that such statements involve inherent risks and uncertainties, and actual results may differ materially from our expectations. For a description of some of the factors that could cause actual results to differ materially, please refer to our earnings press release and our most recent periodic reports on Forms 10-K and 10-Q, which are available on our website.

Leading our discussion today are Maria Pope, President and CEO; and Jim Ajello, Senior Vice President of Finance, CFO, Treasurer and CCO. Following the prepared remarks, we will open the line for your questions. Now it is my pleasure to turn the call over to Maria.

Maria Pope

Thank you, Jardon, and good morning. Thank you all for joining us today. Beginning with Slide 4, I'll start by discussing our first quarter results and speak to the key drivers. For the first quarter, we reported GAAP net income of $74 million or $0.80 per diluted share. This compares with first quarter 2022 GAAP net income of $60 million or $0.67 per share. Our non-GAAP net income of $72 million or $0.81 per share.

There are 3 primary drivers of our results this quarter: First, we continue to see good load growth. Industrial load, in particular, increased over 8% quarter-over-quarter, as high-tech sectors and steady expansion in the region continues; second, our power costs have increased both as a result of load growth as well as higher natural gas and power prices; and third, cost management remains a key priority, and we expect largely flat O&M for the full year, excluding the impact of Wildfire and major deferrals as was the case this quarter.