ALLETE, Inc. (NYSE:ALE) Q1 2022 Results Conference Call May 5, 2022 10:00 AM ET

Company Participants

Bethany Owen - President & Chief Executive Officer

Steve Morris - Senior Vice President and Chief Financial Officer

Frank Frederickson - Vice President of Customer Experience, Minnesota Power

Jeff Scissons - Chief Financial and Strategy Officer, ALLETE Clean Energy's

Operator

Good day, and welcome to the ALLETE First Quarter 2022 Financial Results Call. Today's call is being recorded.

Certain statements contained in this conference call 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 risk and uncertainties, actual results may defer materially from those expressed or implied by such forward-looking statements. Factors that could cause results to defer materially from those expressed or implied by such forward looking statements include, but are not limited to those discussed in the 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. A listener should not place undue reliance on forward looking statements, which reflect management views only as 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. Welcome to the ALLETE First Quarter 2022 Financial Results Call.

For opening remarks and introductions, I'd now like to turn the conference over to ALLETE Chair, President and Chief Executive Officer, Ms. Bethany Owen. Please go ahead.

Bethany Owen

Good morning, everyone. And thanks for joining us today. With me 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. Corresponding slides for this morning's call can be found on our website at allete.com in the investor section. To follow along, we'll call out each slide number as we go through today's presentation. This morning, ALLETE reported first quarter 2022 earnings of $1.24 per share or net income of $66.3 million. Last year's results were $0.99 per share on net income of $51.8 million. Our financial results for the quarter were firmly in line with our expectations and support ALLETE's full year earnings guidance range of $3.60 to $3.90 per share, which we originally shared in February. Steve will be providing more financial details from the quarter in a moment.