Portland General Electric Co · NYSE:POR
Portland General Electric — Q2 2024 Earnings Presentation
11 slides from Portland General Electric's earnings presentation, Jul 26, 2024
Slide 1: Earnings Conference Call Second Quarter 2024
Portland General Electric EARNINGS CONFERENCE CALL SECOND QUARTER 2024 Exhibit 99.2
Slide 2: Cautionary statement
Cautionary statement Information Current as of July 26, 2024 Except as expressly noted, the information in this presentation is current as of July 26, 2024 – the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 - and should not be relied upon as being cur
Slide 3: Topics for today's call
Topics for today’s call 3 Business Update Maria Pope, President and CEO • Financial and operational results • Second quarter highlights Financial Update Joe Trpik, Senior VP of Finance and CFO • Load growth and economy • Q2 2024 earnings drivers • Capital investments and resource planning update • L
Slide 4: Quarterly Diluted EPS and GAAP to non-GAAP summary
$0.80 $0.39 $0.46 Q1 Q2 Q3 Q4 Quarterly Diluted EPS $0.44(2) $0.67 Q2 2024 Q2 2023 2024 YTD 2023 YTD GAAP net income (in millions) $72 $39 $181 $113 GAAP diluted earnings per share (EPS) $0.69 $0.39 $1.77 $1.19 Exclusion of January 2024 storm costs (2) - - $0.18 - Exclusion of 2020 Boardman revenue
Slide 5: Q2 highlights and 2024 outlook
Q2 highlights and 2024 outlook 5 Advancing toward a clean energy future Signed a non-binding memorandum of understanding in the development of the North Plains Connector, a transmission line with endpoints near Bismarck, ND and Colstrip, MT NPC Industrial load growth Q2’24 energy deliveries for the
Slide 6: Q2 2024 earnings bridge
Q2 2024 earnings bridge 6 Q2 2023 GAAP EPS Note: Dollar values are earnings per diluted share OtherNet variable power costs Wildfire, vegetation management, other O&M and capital recovery Retail revenue Q2 2024 GAAP EPS Boardman refund Q2 2023 Non-GAAP EPS
Slide 7: Capital expenditures forecast
Note: Dollar values in millions. Capital expenditures exclude allowance for funds used during construction. These are projections based on assumptions of future investment. Actual amounts expended will depend on various factors and may differ materially from the amounts reflected in this capital exp
Slide 8: Liquidity and financing
Ratings S&P Moody’s Senior Secured A A1 Senior Unsecured BBB+ A3 Commercial Paper A-2 P-2 Outlook Stable Negative Credit Facilities $750 Letters of Credit $234 Total Liquidity: $990 million as of June 30, 2024 (dollars in millions) Cash $6 Liquidity and financing Actual and expected 2024 debt financ
Slide 9: Appendix
Appendix
Slide 10: Non-GAAP financial measures
This presentation contains certain non-GAAP measures, such as adjusted earnings, adjusted EPS and adjusted earnings guidance. These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities, are infrequent in nature, or both. PGE believes
Slide 11: Non-GAAP Earnings Reconciliation
Non-GAAP Earnings Reconciliation for the three months ended March 31, 2024 (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as reported for the three months ended March 31, 2024 $109 $1.08 Exclusion of January 2024 storm costs 19 0.18 Tax effect (1) (5) (0.05) Non-GAAP as reported for t
Portland General Electric — Q2 2024 Earnings Presentation on 6ix