NorthWestern Corporation (NASDAQ:NWE) Q3 2023 Earnings Call Transcript
NorthWestern Corporation (NASDAQ:NWE) Q3 2023 Earnings Call Transcript October 27, 2023
Travis Meyer: Good afternoon, and thank you for joining NorthWestern Energy Group's Financial Results Webcast for the quarter ended September 30, 2023. My name is Travis Meyer. I'm the Director of Corporate Development and Investor Relations Officer for NorthWestern. Joining us today to walk you through the results and provide an overall update are Brian Bird, President and Chief Executive Officer; and Crystal Lail, Chief Financial Officer. All participant lines are currently muted. After the presentation, we have allotted time for a Q&A session. I'll provide instructions for asking questions at that time. However, if you intend to ask a question or joining us by computer, please set your Zoom identity to your first and last name and firm so we can call on you by name and let you know when your line is open.
NorthWestern's results have been released and the release is available on our website at northwesternenergy.com. We also released our 10-Q pre-market this morning. Please note that this company's press release, this presentation, comments by presenters and responses to your question may contain forward-looking statements. As such, I will direct you to the disclosures contained within our SEC filings and safe harbor provisions included in the second slide of this presentation. Please also note, this presentation includes non-GAAP financial measures. Please see the non-GAAP disclosures, definitions, and reconciliations also included in the presentation today. The webcast is being recorded. The archived replay of today's call will be available for one year beginning at 6 p.m. Eastern today, and can be found in the financial results section of our website.
With that, I'll turn the presentation over to NorthWestern CEO, Brian Bird.
Brian Bird: Thanks, Travis. First of all, we just completed our Board meetings for the third quarter in here in South Dakota. And matter of fact, last night, we celebrated the 100th birthday of NorthWestern Public Service. Many of you may remember, in 2012, we celebrated the 100th birthday of the Montana Power Company. So, now all of our businesses has achieved 100th birthday. In fact, actually, it will be this -- November 27, will be the actual date, because back on 11/27/1923, three employees from the Albert Emmanuel Company incorporated NorthWestern Public Service Corporation. And just a little bit more history there, this company owned many utilities in the Ohio, Pennsylvania, and other Midwestern states. And the reason that they named this NorthWestern Public Service Company is because after its incorporation, it was the group of assets that were most NorthWestern of all the assets they own.
So, a little bit of history to start. For the quarter, the highlights certainly have to do with providing guidance both for '23 and '24. I think from '23's perspective, our diluted earnings per share, $3 to $3.10 per share, for 2024, $3.42 to $3.62. Crystal will give more color on the guidance of each of these and then also on our long-term growth rates. Regarding those long-term growth rates, we are increasing our long-term, I think, five-years, rate base and earnings per share growth rate targets to 4% to 6%. Much of this now hinges upon unanimous approval of a constructive multi-party settlement in the Montana rate review, resulting in electric and natural gas increases of $67.4 million -- excuse me, $14.1 million, respectively, as rates go into effect November 1, 2023.
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