Portland General Electric Company (NYSE:POR) Q2 2022 Results Conference Call July 28, 2022 11:00 AM ET

Company Participants

Jardon Jaramillo - Senior Director, Investor Relations, Treasury & Risk Management

Maria Pope - President & CEO

Jim Ajello - Senior Vice President-Finance, CFO & Treasurer

Conference Call Participants

Ryan Greenwald - Bank of America

Insoo Kim - Goldman Sachs

Sophie Karp - KeyBanc

Anthony Crowdell - Mizuho

Steve Fleishman - Wolfe Research

Operator

Good morning, everyone, and welcome to Portland General Electric Company's Second Quarter 2022 Earnings Results Conference Call. Today is Thursday, July 28, 2022. This call is being recorded, and as such, all lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

For opening remarks, I would like to turn the conference call 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, Jonathan. 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 their prepared remarks, we will open the line for your questions.

Now it's my pleasure to turn the call over to Maria.

Maria Pope

Thank you, Jardon, and good morning, everyone, and thank you for joining us today. Beginning with Slide 4, I'll start by discussing our strong quarter and provide some operational and regulatory highlights. We reported GAAP net income of $64 million or $0.72 per share compared with net income of $32 million or $0.36 per share in the second quarter of last year.

Due to these strong results, we're revising our GAAP earnings guidance to $2.60 to $2.75 per share. Additionally, after further evaluating the first quarter write-off of the 2020 wildfire and COVID deferrals and after receiving further clarification from the Oregon Public Utility Commission, we are also initiating non-GAAP adjusted earnings guidance of $2.74 to $2.89 per share. This addition reflects our ongoing work to provide the most meaningful comparison of our earnings and assessment of ongoing financial performance.