Northwest Natural Holding Company (NYSE:NWN) Q1 2024 Earnings Call Transcript May 6, 2024 11:00 AM ET

Company Participants

Nikki Sparley - IR
David Anderson - CEO
Brody Wilson - CFO, VP, Treasurer and Chief Accounting Officer

Conference Call Participants

Selman Akyol - Stifel

Operator

Hello and welcome to the NW Natural Holdings Company, Q1 2024 Earnings Call. My name is Natasha and I will be your moderator for today. [Operator Instructions] I now have the pleasure of handing you over to your host, Nikki. Nikki, please go ahead.

Nikki Sparley

Thank you, Natasha. Good morning and welcome to our first quarter 2024 earnings call. As a reminder, some things that will be said this morning contain forward-looking statements. They are based on management's assumptions which may or may not occur. For a complete list of cautionary statements, refer to the language at the end of our press release. We expect to file our 10-Q later today. As mentioned, this teleconference is being recorded and will be available on our website following the call. Please note these calls are designed for the financial community. If you are an investor and have additional questions after the call, please contact me directly at 503-721-2530. News media may contact David Roy at 503-610-7157. Speaking this morning are David Anderson, Chief Executive Officer; and Brody Wilson, CFO, Vice President, Treasurer and Chief Accounting Officer. David and Brody have prepared remarks and then will be available along with other members of our Executive Team to answer your questions.

With that, I will turn it over to David.

David Anderson

Thanks, Nikki and good morning everyone. This morning I'll walk through a few financial and economic indicators and some takeaways from our winter peak event that we experienced.

Brody will go through the quarter's results and then I'll wrap up with an update on decarbonization activities in our water and renewables company. To begin with, our financial results are on track for the year and in line with our full-year guidance that we issued in February. We reported net income of $1.69 per share in the first quarter compared to net income of $2.01 per share for the same period last year.

As discussed on the year-end call in February, results in 2024 reflect a combination of regulatory lag related to our capital investments and inflationary pressures. It's the reason we filed an Oregon general rate case at the end of 2023. First quarter of 2024 results included higher pension, depreciation and interest expense compared to the same period in 2023.