Entravision Communications Corporation (NYSE:EVC) Q2 2018 Earnings Conference Call - Final Transcript

Aug 02, 2018 • 05:00 pm ET


Entravision Communications Corporation (NYSE:EVC) Q2 2018 Earnings Conference Call - Final Transcript


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Good day and welcome to the Vectren 2018 second quarter earnings and webcast conference call. All participants will be in listen-only mode. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Dave Parker, Director of Investor Relations. Please go ahead.

Dave Parker

Thank you, Michelle and good afternoon and thanks for joining us on today's call. Yesterday afternoon we released our 2018 Second quarter results and this morning we filed our Form 10-Q with the SEC. You could access these two items as well as today's earnings call slide presentation on our investor relations homepage investors.vectren.com. This call is being webcast and shortly following its conclusion, a replay will be available on our investor relations homepage.

(Forward-Looking Cautionary Statements)

Carl Chapman, Vectren's Chairman, President and CEO will provide today's opening comments on consolidated second quarter and year-to-date 2018 results, our affirmed EPS guidance and an overview on the status of the merger with CenterPoint Energy; Susan Hardwick, Executive VP and CFO will then provide an update of utility regulatory activity, second quarter results by group and outlook, followed by a few closing remarks. Also joining us on today's call is Ron Christian, Executive VP and Chief Legal and External Affairs officer.

Following our prepared remarks, we'll be glad to answer questions you may have. With that, I'll turn the call over to Carl.

Carl Chapman

Thanks, Dave. Thanks for joining us on our call today. Turning to slide 6, yesterday, we reported consolidated second quarter 2018 net income of $46.7 million or $0.56 per share excluding certain reconciling items compared to consolidated net income of $37.6 million or $0.45 per share in the second quarter of 2017. We have noted a couple of items in the quarter that are not reflective of ongoing operations and we will call them out as items that reconcile from our reported results to our ongoing results of operations. These reconciling items for the quarter include $11.4 million after tax or $0.14 per share of expenses booked in the quarter related to the proposed merger with CenterPoint and an after tax charge of $13.1 million or $0.16 per share related to ProLiance's investment in LA Storage, a joint venture with Sempra in a gas storage facility.

The impairment charge was triggered as a result of Sempra's decision to divest of certain midstream investments. Year-to-date consolidated 2018 net income was $105.3 million or $1.27 per share excluding the reconciling items I just mentioned and the 179D benefit recognized in the first quarter of 2018, compared to $92.9 million or $1.12 per share for the six months ended June 30, 2017. During the remainder of this call, we will exclude these reconciling items when discussing financial results. A reconciliation of reported GAAP results to non-GAAP results is included in the appendix.

Moving on to slide 7, as has been the case for the past several years, infrastructure investment continues