Portland General Electric Company (NYSE:POR) Q3 2023 Earnings Conference Call October 27, 2023 11:00 AM ET

Company Participants

Nick White - Manager, Investor Relations

Maria Pope - President & Chief Executive Officer

Joe Trpik - Senior Vice President of Finance & Chief Financial Officer

Conference Call Participants

Shahriar Pourreza - Guggenheim Partners

Richard Sunderland - JPMorgan

Julien Dumoulin-Smith - Bank of America

Nicholas Campanella - Barclays

Gregg Orrill - UBS

Andrew Levi - HITE Hedge Asset Management

Travis Miller - Morningstar, Inc

Operator

Good morning, everyone. And welcome to Portland General Electric Company’s Third Quarter 2023 Earnings Results Conference Call. Today is Friday, October 27, 2023. This call is being recorded, and as such, all lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question-and-answer period. [Operator Instructions]

For opening remarks, I will turn the conference over to Portland General Electric's Manager of Investor Relations, Nick White. Please go ahead, sir.

Nick White

Thank you, Latif. Good morning, everyone. I'm happy you can join us today. Before we begin this morning, I’d 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 Joe Trpik, Senior Vice President of Finance and CFO. Following their 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, Nick, and good morning. Thank you all for joining us today. Beginning with slide 4, I'll start by discussing our results for the quarter and speak to the key drivers, as well as our outlook for the balance of the year.

For the third quarter, we reported GAAP net income of $47 million or $0.46 per diluted share. This compares with third quarter 2022 results of $58 million or $0.65 per diluted share.