Q2 2024 Northwest Natural Holding Co Earnings Call Transcript
Key Points
- Northwest Natural Holding Co (NWN) reported that their financial results are on track for the year and in line with their full-year guidance issued in February.
- Oregon's unemployment rate remains low and on par with the national average, signaling a stable economic environment in their service territory.
- Single-family housing permits in Oregon and the Portland metro area have increased significantly, indicating favorable conditions for customer growth.
- The company has made substantial progress in their gas utility Oregon general rate case, including a revenue requirement increase of $95 million.
- Northwest Natural Holding Co (NWN) continues to work on decarbonization initiatives, including renewable natural gas and hydrogen pilots, showcasing their commitment to sustainability.
- Northwest Natural Holding Co (NWN) reported a net loss of $2.8 million for the second quarter of 2024, compared to net income of $1.2 million for the same period in 2023.
- The company is experiencing regulatory lag on investments and inflationary pressures, which have negatively impacted earnings.
- Other income declined by $4.2 million, mainly driven by higher pension costs.
- Interest expense increased by $0.4 million due to incremental long-term debt financing.
- The company is contending with inflationary pressures on operating expenses, which has led to the filing of rate cases for their gas and water utilities.
Good morning. Thank you for attending today's Northwest Natural Holding Company Q2 2024 earnings call. My name is Jayla, and I will be your moderator for today. (Operator Instructions)
I would now like to pass the conference over to our host, Nikki Sparley, Director of Investor Relations. Nikki, you may proceed.
Good morning, and welcome to our second-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 our 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.
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