Northwest Natural Holding Co (NYSE:NWN) Q3 2019 Earnings Conference Call Transcript
Nov 05, 2019 • 11:00 am ET
Good day, and welcome to the Northwest Natural Holding Company's Third Quarter 2019 Conference Call and Webcast. [Operator instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]
I would now like to turn the conference over to Nikki Sparley, Director of Investor Relations. Please go ahead.
Thank you, Ben. Good morning, everyone, and welcome to our third quarter 2019 earnings call.
As a reminder, some of the things that will be said this morning contain forward-looking statements. They are based on management's assumptions, which may or may not occur. In addition, some of our comments today, reference non-GAAP adjusted measures. For a complete reconciliation of these measures and other cautionary statements, refer to the language and reconciliation 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. News media may contact Melissa Moore at 503-220-2436.
Speaking this morning are David Anderson, President and Chief Executive Officer; and Frank Burkhartsmeyer, Senior Vice President and Chief Financial Officer. David and Frank have prepared remarks, and then will be available, along with other members of our executive team, to answer your questions.
With that, I'll turn it over to David.
David H. Anderson
Thanks, Nikki, and good morning, everyone.
The year continues to progress nicely, both in terms of financial results and in the execution of our long-term strategy. Our year-to-date results are strong, and position us nicely for a strong full-year financial results.
For the first nine months of the year, net income was $0.91 per share compared to $1.06 per share for the same period in 2018. As previously discussed, our first quarter results included a one-time regulatory pension disallowance of $0.22 per share related to an Oregon commission order. Excluding that disallowance, on an adjusted basis, net income increased $0.07 per share or $3 million to $33.6 million or $1.13 per share for the first nine months in 2019. These results reflect new rates in Oregon, North Mist storage project, again gas storage services, and customer growth.
Our gas utility continues to grow and that coincides with the momentum in the local job market and housing sector. Oregon's unemployment rate maintain a record low at 4.1% with the Portland area have seen unemployment at 3.9%.
Single-family housing permits in the Portland metro area were up 8.4% year-to-date, compared to the same period last year, and multi-family permits increased 10.4%. These factors translating -- translated into connecting more than 12,000 new customers over the last year, resulting in an annual growth rate of 1.6%.
On the regulatory front, I'm pleased to report that after 10 months of review with stakeholders, an order was issued in our Washington general rate case. Our Washington state service territory covers about 11% of our