ALLETE, Inc. (NYSE:ALE) Q2 2022 Results Conference Call August 3, 2022 10:00 AM ET

Company Participants

Bethany Owen - Chair, President and CEO

Steve Morris - SVP and CFO

Frank Frederickson - VP, Customer Experience

Conference Call Participants

Dariusz Lozny - Bank of America

Brian Russo - Sidoti

Operator

Good day, and welcome to the ALLETE Second Quarter 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 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's views 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.

Again, welcome to ALLETE's conference call announcing second quarter 2022 financial results. [Operator Instructions] Again, as a reminder, this call is being recorded. And 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 today. With me are ALLETE's Senior Vice President and Chief Financial Officer, Steve Morris; and Frank Frederickson, Minnesota Power's Vice President of Customer Experience. Corresponding slides for this morning's call can be found on our website at allete.com in the Investors section. To follow along, we'll call out each slide number as we go through today's presentation.

This morning, ALLETE reported second quarter 2022 earnings of $0.67 per share compared to $0.53 per share in 2021. The financial results for the quarter were impacted by transaction fees of $0.03 per share and purchase price accounting effects of $0.07 per share, both related to the recent acquisition of New Energy Equity. Steve will be providing more financial details from the quarter in a moment.