Portland General Electric Company (NYSE:POR) Q1 2024 Earnings Conference Call April 26, 2024 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

Richard Sunderland - JP Morgan
Shahriar Pourreza - Guggenheim Partners
Paul Fremont - Ladenburg Thalmann
Gregg Orrill - UBS
Willard Grainger - Mizuho Securities

Operator

Good morning, everyone, and welcome to Portland General Electric Company's First Quarter 2024 Earnings Results Conference Call. Today is Friday, April 26, 2024. This call is being recorded, and as such, all lines have been placed on mute to prevent any background noise. [Operator Instructions]

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

Nick White

Thank you, Norma. 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'll be referencing throughout the call. The slides are available on our website at investors.portlandgeneral.com.

Referring to slide two, 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.

Turning to slide three. Leading our discussion today are Maria Pope, President and CEO; and Joe Trpik, Senior Vice President Finance and CFO. 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, Nick, and good morning everyone. Thank you for joining us. Portland General Electric is on track in 2024, and the stage is set for steady, normalized growth. After tough weather and extensive customer restoration in January, our results this quarter speak to strong execution.

Beginning with slide four, I'll speak to our financial results and key drivers. For the first quarter, we reported GAAP net income of $109 million or $1.8 per diluted share. On a non-GAAP basis, net income was $123 million or $1.21 per diluted share.