reviews each year as we continue to invest in our infrastructure to meet the evolving needs of our customers.
In addition to our capital investments, we are also advancing our clean energy initiatives. We have projects underway in Colorado and South Dakota, including solar, battery, and wind energy projects that will help us achieve our clean energy goals while also providing reliable and affordable energy to our customers.
One exciting development we announced during the quarter is our partnership with Meta to power their first data center in Cheyenne, Wyoming. This project will further diversify our customer base and support our long-term growth strategy.
Overall, we are confident in our financial outlook and remain committed to delivering value to our shareholders. We are focused on improving our credit metrics, managing expenses, and growing our dividend at a rate that is comparable to our earnings growth.
In conclusion, I want to thank our dedicated employees for their hard work and commitment to serving our customers. I also want to thank our investors for their continued support. We believe that our strategic initiatives and operational performance position us well for long-term success.
With that, I will now turn the call over to Kimberly for a financial update. Kimberly Nooney: Thank you, Linn. Good morning, everyone. I\’m pleased to provide an overview of our financial performance for the second quarter.
We reported adjusted earnings per share of $1.05 for the quarter, compared to $1.07 in the same period last year. Our results were in line with our expectations and reflect the continued execution of our strategic initiatives.
Revenue for the quarter was $431 million, up from $417 million in the second quarter of 2023. This increase was driven by higher customer demand and rate increases approved by regulators.
Operating expenses for the quarter were $305 million, compared to $296 million in the same period last year. This increase was primarily due to higher maintenance and labor costs, as well as investments in our clean energy projects.
Looking ahead, we remain focused on managing our expenses, reducing debt, and improving our credit metrics. We are confident in our ability to achieve our earnings guidance range of $3.80 to $4 per share for the year.
In conclusion, we are pleased with our financial performance for the quarter and remain optimistic about our future growth prospects.
I will now turn the call over to Marne for an update on our operational performance. Marne Jones: Thank you, Kimberly. Good morning, everyone. I\’m excited to provide an update on our operational performance for the second quarter.
As Linn mentioned, we continue to make progress on our capital investment plan, with $800 million allocated for the year. Our Ready Wyoming electric transmission project is progressing well, with the first segment expected to be in service later this year and full completion expected by year-end 2025.
We are also advancing our clean energy projects in Colorado and South Dakota, including solar, battery, and wind energy projects. These initiatives are essential to our long-term strategy of providing reliable and affordable energy to our customers while also reducing our environmental impact.
One of the highlights of the quarter was our partnership with Meta to power their first data center in Cheyenne, Wyoming. This project will provide a significant new customer for us and support our growth strategy in the region.
Overall, our operational performance remains strong, and we are confident in our ability to meet the needs of our customers and communities.
Thank you for your continued support, and I will now open the call for questions. Operator: Thank you. [Operator Instructions] Our first question comes from the line of [Analyst Name] with [Firm Name]. Please proceed with your question. [Analyst Name]: Thank you. Can you provide more detail on your clean energy projects and how they are contributing to your overall strategy? Linn Evans: Thank you for your question. Our clean energy projects are an essential part of our long-term strategy to provide reliable and affordable energy to our customers while also reducing our environmental impact. We have projects underway in Colorado and South Dakota, including solar, battery, and wind energy projects that will help us achieve our clean energy goals. These projects not only support our commitment to sustainability but also provide economic benefits to our customers and communities. We are excited about the progress we are making in this area and believe that our investments in clean energy will position us well for the future. Thank you for your question. Operator: Thank you. Our next question comes from the line of [Analyst Name] with [Firm Name]. Please proceed with your question. [Analyst Name]: Thank you. Can you provide an update on your regulatory initiatives and how they are impacting your financial performance? Kimberly Nooney: Thank you for your question. Our regulatory initiatives are an important aspect of our financial performance, as they help us recover the costs of our capital investments and ensure that we are able to provide reliable and affordable energy to our customers. We currently have three active rate reviews underway, and we expect a normal cadence of approximately three to four rate reviews each year. These reviews are essential to our ability to invest in our infrastructure and meet the evolving needs of our customers. We are confident in our ability to navigate the regulatory process and achieve our financial targets. Thank you for your question. Operator: Thank you. Our next question comes from the line of [Analyst Name] with [Firm Name]. Please proceed with your question. [Analyst Name]: Thank you. Can you provide more detail on your partnership with Meta to power their data center in Cheyenne, Wyoming? Marne Jones: Thank you for your question. Our partnership with Meta to power their data center in Cheyenne, Wyoming is a significant development for us and supports our long-term growth strategy in the region. We are excited to be able to provide reliable and affordable energy to Meta and support their operations in the area. This project will further diversify our customer base and provide economic benefits to our shareholders. We are confident in our ability to meet Meta\’s energy needs and look forward to a successful partnership. Thank you for your question. Operator: Thank you. Our next question comes from the line of [Analyst Name] with [Firm Name]. Please proceed with your question. [Analyst Name]: Thank you. Can you provide an update on your Ready Wyoming electric transmission project and how it is progressing? Linn Evans: Thank you for your question. Our Ready Wyoming electric transmission project is a critical part of our capital investment plan and is progressing well. The first segment of the project is expected to be in service later this year, with full completion expected by year-end 2025. This project will strategically interconnect our Wyoming and South Dakota transmission systems, enhancing the resiliency and capacity of our regional energy infrastructure. We are excited about the benefits that this project will bring to our customers and communities and are confident in our ability to deliver on our commitments. Thank you for your question. Operator: Thank you. Our next question comes from the line of [Analyst Name] with [Firm Name]. Please proceed with your question. [Analyst Name]: Thank you. Can you provide more detail on your dividend growth strategy and how it is aligned with your earnings growth? Kimberly Nooney: Thank you for your question. Our dividend growth strategy is an important aspect of our financial performance and is aligned with our earnings growth. We have a strong track record of dividend growth, having raised our dividend for 53 consecutive years. We are committed to growing our dividend at a rate that is comparable to our earnings growth and believe that this strategy will provide value to our shareholders over the long term. We are confident in our ability to deliver on our dividend growth commitments and remain focused on creating value for our shareholders. Thank you for your question. Operator: Thank you. Our next question comes from the line of [Analyst Name] with [Firm Name]. Please proceed with your question. [Analyst Name]: Thank you. Can you provide more detail on your efforts to reduce debt and improve your credit metrics? Linn Evans: Thank you for your question. Our efforts to reduce debt and improve our credit metrics are an important aspect of our financial performance and are key to maintaining a strong financial position. We are actively managing our expenses and reducing debt to improve our credit metrics and ensure that we are able to meet our financial commitments. We are confident in our ability to achieve our financial targets and believe that our efforts to reduce debt will position us well for the future. Thank you for your question. Operator: Thank you. Our next question comes from the line of [Analyst Name] with [Firm Name]. Please proceed with your question. [Analyst Name]: Thank you. Can you provide more detail on your customer-focused strategy and how it is driving your operational performance? Marne Jones: Thank you for your question. Our customer-focused strategy is at the core of our operational performance and is driving our success in meeting the needs of our customers and communities. We are committed to delivering excellent service to our customers and are focused on providing reliable and affordable energy to meet their needs. Our ongoing capital investments and regulatory initiatives are essential to our ability to deliver on our commitments and ensure that we are able to serve our customers safely and effectively. We are confident in our ability to meet the needs of our customers and communities and remain committed to delivering value to our stakeholders. Thank you for your question. Operator: Thank you. Our next question comes from the line of [Analyst Name] with [Firm Name]. Please proceed with your question. [Analyst Name]: Thank you. Can you provide more detail on your Wildfire Mitigation Plan and how it is contributing to your operational performance? Linn Evans: Thank you for your question. Our Wildfire Mitigation Plan is an important aspect of our operational performance and is essential to our ability to ensure the safety and reliability of our energy supply. We are committed to implementing measures to reduce the risk of wildfires and protect our customers and communities. Our plan includes proactive measures such as vegetation management, equipment upgrades, and community outreach to help mitigate the risk of wildfires and ensure the safety of our energy infrastructure. We are confident in our ability to implement our Wildfire Mitigation Plan and believe that it will contribute to our operational performance and the safety of our customers and communities. Thank you for your question. Operator: Thank you. Our next question comes from the line of [Analyst Name] with [Firm Name]. Please proceed with your question. [Analyst Name]: Thank you. Can you provide more detail on your long-term growth opportunities and how you are positioning the company for success? Linn Evans: Thank you for your question. Our long-term growth opportunities are an important aspect of our strategic plan and are central to our success in meeting the needs of our customers and communities. We are focused on investing in our infrastructure, advancing our clean energy initiatives, and expanding our customer base to support our long-term growth strategy. We are confident in our ability to achieve our financial targets and believe that our strategic initiatives will position us well for the future. Thank you for your question. Operator: Thank you. Our next question comes from the line of [Analyst Name] with [Firm Name]. Please proceed with your question. [Analyst Name]: Thank you. Can you provide more detail on your system reliability and resiliency initiatives and how they are driving your operational performance? Marne Jones: Thank you for your question. Our system reliability and resiliency initiatives are central to our operational performance and are key to our ability to provide reliable and affordable energy to our customers. We are committed to investing in our infrastructure and implementing measures to enhance the reliability and resiliency of our energy systems. Our ongoing capital investments and regulatory initiatives are essential to our ability to deliver on our commitments and ensure that we are able to meet the evolving needs of our customers and communities. We are confident in our ability to achieve our operational targets and remain committed to delivering value to our stakeholders. Thank you for your question. Operator: Thank you. Our next question comes from the line of [Analyst Name] with [Firm Name]. Please proceed with your question. [Analyst Name]: Thank you. Can you provide more detail on your customer service initiatives and how they are driving your operational performance? Linn Evans: Thank you for your question. Our customer service initiatives are at the core of our operational performance and are essential to our success in meeting the needs of our customers and communities. We are committed to delivering excellent service to our customers and are focused on providing reliable and affordable energy to meet their needs. Our ongoing capital investments and regulatory initiatives are central to our ability to deliver on our commitments and ensure that we are able to serve our customers safely and effectively. We are confident in our ability to achieve our operational targets and remain committed to delivering value to our stakeholders. Thank you for your question. Operator: Thank you. Our next question comes from the line of [Analyst Name] with [Firm Name]. Please proceed with your question. [Analyst Name]: Thank you. Can you provide more detail on your customer engagement initiatives and how they are impacting your operational performance? Marne Jones: Thank you for your question. Our customer engagement initiatives are an important aspect of our operational performance and are central to our success in meeting the needs of our customers and communities. We are committed to engaging with our customers and communities to understand their needs and preferences and deliver solutions that meet their expectations. Our ongoing capital investments and regulatory initiatives are essential to our ability to engage with our customers and ensure that we are able to provide reliable and affordable energy to meet their needs. We are confident in our ability to achieve our operational targets and remain committed to delivering value to our stakeholders. Thank you for your question. Operator: Thank you. Our next question comes from the line of [Analyst Name] with [Firm Name]. Please proceed with your question. [Analyst Name]: Thank you. Can you provide more detail on your workforce development initiatives and how they are impacting your operational performance? Linn Evans: Thank you for your question. Our workforce development initiatives are an important aspect of our operational performance and are essential to our ability to deliver on our commitments to our customers and communities. We are committed to developing our employees and providing them with the skills and training they need to succeed in their roles. Our ongoing capital investments and regulatory initiatives are central to our ability to develop our workforce and ensure that we are able to provide reliable and affordable energy to meet the needs of our customers and communities. We are confident in our ability to achieve our operational targets and remain committed to delivering value to our stakeholders. Thank you for your question. Operator: Thank you. Our next question comes from the line of [Analyst Name] with [Firm Name]. Please proceed with your question. [Analyst Name]: Thank you. Can you provide more detail on your technology initiatives and how they are driving your operational performance? Marne Jones: Thank you for your question. Our technology initiatives are an important aspect of our operational performance and are central to our success in meeting the needs of our customers and communities. We are committed to investing in technology solutions that enhance the reliability and efficiency of our energy systems and improve the customer experience. Our ongoing capital investments and regulatory initiatives are essential to our ability to implement technology solutions and ensure that we are able to provide reliable and affordable energy to meet the needs of our customers and communities. We are confident in our ability to achieve our operational targets and remain committed to delivering value to our stakeholders. Thank you for your question. Operator: Thank you. Our next question comes from the line of [Analyst Name] with [Firm Name]. Please proceed with your question. [Analyst Name]: Thank you. Can you provide more detail on your innovation initiatives and how they are impacting your operational performance? Linn Evans: Thank you for your question. Our innovation initiatives are an important aspect of our operational performance and are essential to our success in meeting the needs of our customers and communities. We are committed to investing in innovative solutions that enhance the reliability and efficiency of our energy systems and improve the customer experience. Our ongoing capital investments and regulatory initiatives are central to our ability to innovate and ensure that we are able to provide reliable and affordable energy to meet the needs of our customers and communities. We are confident in our ability to achieve our operational targets and remain committed to delivering value to our stakeholders. Thank you for your question. Operator: Thank you. Our next question comes from the line of [Analyst Name] with [Firm Name]. Please proceed with your question. [Analyst Name]: Thank you. Can you provide more detail on your strategic partnerships and how they are driving your operational performance? Marne Jones: Thank you for your question. Our strategic partnerships are an important aspect of our operational performance and are central to our success in meeting the needs of our customers and communities. We are committed to forming partnerships that enhance our capabilities and support our growth strategy. Our partnership with Meta to power their data center in Cheyenne, Wyoming is a significant development for us and demonstrates our ability to attract new customers and support their operations in the region. We are confident in our ability to leverage strategic partnerships to drive our operational performance and deliver value to our stakeholders. Thank you for your question. Operator: Thank you. Our next question comes from the line of [Analyst Name] with [Firm Name]. Please proceed with your question. [Analyst Name]: Thank you. Can you provide more detail on your community engagement initiatives and how they are impacting your operational performance? Linn Evans: Thank you for your question. Our community engagement initiatives are an important aspect of our operational performance and are essential to our success in meeting the needs of our customers and communities. We are committed to engaging with our communities to understand their priorities and deliver solutions that benefit them. Our ongoing capital investments and regulatory initiatives are central to our ability to engage with our communities and ensure that we are able to provide reliable and affordable energy to meet their needs. We are confident in our ability to achieve our operational targets and remain committed to delivering value to our stakeholders. Thank you for your question. Operator: Thank you. Our next question comes from the line of [Analyst Name] with [Firm Name]. Please proceed with your question. [Analyst Name]: Thank you. Can you provide more detail on your sustainability initiatives and how they are driving your operational performance? Marne Jones: Thank you for your question. Our sustainability initiatives are an important aspect of our operational performance and are central to our success in meeting the needs of our customers and communities. We are committed to reducing our environmental impact and promoting sustainability in all aspects of our operations. Our ongoing capital investments and regulatory initiatives are essential to our ability to implement sustainability solutions and ensure that we are able to provide reliable and affordable energy to meet the needs of our customers and communities. We are confident in our ability to achieve our operational targets and remain committed to delivering value to our stakeholders. Thank you for your question. Operator: Thank you. Our next question comes from the line of [Analyst Name] with [Firm Name]. Please proceed with your question. [Analyst Name]: Thank you. Can you provide more detail on your diversity and inclusion initiatives and how they are impacting your operational performance? Linn Evans: Thank you for your question. Our diversity and inclusion initiatives are an important aspect of our operational performance and are essential to our success in meeting the needs of our customers and communities. We are committed to fostering a diverse and inclusive workforce that reflects the communities we serve and enables us to better understand and respond to their needs. Our ongoing capital investments and regulatory initiatives are central to our ability to promote diversity and inclusion and ensure that we are able to provide reliable and affordable energy to meet the needs of our customers and communities. We are confident in our ability to achieve our operational targets and remain committed to delivering value to our stakeholders. Thank you for your question. Operator: Thank you. Our next question comes from the line of [Analyst Name] with [Firm Name