Portland General Electric Company (NYSE:POR) Q3 2024 Earnings Conference Call October 25, 2024 11:00 AM ET
Company Participants
Nick White - Manager, Investor Relations
Maria Pope - President and Chief Executive Officer
Joe Trpik - Senior Vice President Finance and Chief Financial Officer
Conference Call Participants
Richard Sunderland - JPMorgan
Shar Pourreza - Guggenheim Partners
Nicholas Campanella - Barclays
Michael Lonegan - Evercore ISI
Travis Miller - Morningstar Inc
Anthony Crowdell - Mizuho
Chris Ellinghaus - Siebert Williams Shank.
Paul Fremont - Ladenburg Thalmann & Co. Inc.
Operator
Good morning, everyone, and welcome to Portland General Electric Company's Third Quarter 2024 Earnings Results Conference Call. Today is Friday, October 25, 2024. This call is being recorded, and as such, all lines have been placed on mute to prevent any background noise. After the speakers’ remarks there will be a question-and-answer period. [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, GG. Good morning, everyone. Thank you for joining 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. I'm happy you can all join us today. Our third quarter reflects PGE's focus on operational excellence and delivering consistent results.
Starting with slide four. For the quarter, we reported GAAP net income of $94 million or $0.90 per diluted share. This compares with third quarter 2023 GAAP net income of $47 million or $0.46 per deleted share. Three key drivers underpinned our results: first improve power cost performance driven by PGE's acquisition of renewable resources and regional power market stability. This is despite experiencing very low-hydro conditions and summer heat. Certainly significant improvement from tough third quarters of the last several years.