ALLETE, Inc. (NYSE:ALE) Q2 2023 Earnings Conference Call August 8, 2023 10:00 AM ET

Company Participants

Bethany Owen - Chair, CEO & President

Steve Morris - CFO

Jeff Scissons - Director of Corporate Development

Conference Call Participants

Richard Sunderland - JPMorgan

Alex Mortimer - Mizuho Securities

Brian Russo - Sidoti

Operator

Good day, and welcome to the ALLETE Second Quarter 2023 Financial Results Call. Today's call is being recorded.

Certain statements contained in this conference call that are not descriptions of historical facts are forward-looking statements such as terms defined in the Private Securities Litigation Reform Act of 1995. Because such statements can include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but or are not limited to, those discussed in filings made by the company with the Securities and Exchange Commission.

Many of the factors that will determine the company's future results are beyond the ability of management to control or predict. Listeners should not put undue reliance on forward-looking statements, which reflect management reviews only as of the date hereof. The company undertakes no obligation to revise or update any forward-looking statements or to make any other forward-looking statements whether as a result of new information, future events or otherwise.

So welcome to the ALLETE's Conference Call Announcing Second Quarter 2023 Financial Results. All this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, this call is being recorded.

I would now like to turn the call over to Bethany Owen, Chair, President and CEO. You may begin.

Bethany Owen

Thank you, and good morning, everyone. And thanks for joining us. With me today are ALLETE's Senior Vice President and Chief Financial Officer, Steve Morris; Jeff Scissons, ALLETE Clean Energy's Chief Financial and Strategy Officer; and Frank Frederickson, Minnesota Power's Vice President of Customer Experience and Engineering Services. Corresponding slides for this morning's call are available on our website at allete.com in the Investors section. We'll call out each page number as we go through today's presentation.

This morning, ALLETE reported second quarter 2023 earnings of $0.90 per share or net income of $51.5 million. Last year's second quarter results were $0.67 per share or net income of $37.6 million. The financial results for the quarter highlight strong results at New Energy Equity, which we acquired in April of last year. We remain on track and are reaffirming ALLETE's original full year earnings guidance range of $3.55 to $3.85 per share. Steve will be providing additional details on our financial performance during the quarter in a moment.