Portland General Electric Company (NYSE:POR) Q2 2024 Earnings Conference Call July 26, 2024 11:00 AM ET

Company Participants

Nick White - Manager, Investor Relations
Maria Pope - President and Chief Executive Officer
Joe Trpik - Senior Vice President of Finance and Chief Financial Officer

Conference Call Participants

Nick Campanella - Barclays
Shahriar Pourreza - Guggenheim Partners
Richard Sunderland - JP Morgan
Paul Fremont - Ladenburg Thalmann
Sophie Karp - KeyBanc Capital Markets, Inc.
Gregg Orrill - UBS
Julian Dumoulin - Jefferies

Operator

Good morning, everyone, and welcome to Portland General Electric Company's second Quarter 2024 Earnings Results Conference Call. Today is Friday, July 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, Jonathan. 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 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.

Turning to slide 3. 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 today. Our second quarter results reflect our focus on execution and steady growth trajectory in 2024 and beyond. Starting with slide 4, I'll highlight key drivers of our second quarter financial results. For the quarter, we reported GAAP net income of $72 million or $0.59 per diluted share.

This compares with second quarter, 2023, GAAP net income of $0.39 million or $0.39 per diluted share and non-GAAP net income of $0.44 million or $0.44 per share. These results, which Joe will discuss in detail, were driven by three areas. First, continued growth and demand from industrial customers, primarily semiconductor manufacturing and data centers. Second, second quarter's mild weather and solid power cost performance. And third, our continued focus on cost management and risk mitigation. While these results mark an improvement from 2023, we recognize that there is still more work to do. We remain focused on meeting expectations for the year and improving our ROE towards authorized levels.