For a description of some of the factors that may occur that could cause such differences, the company requests that you read our most recent form 10-K and form 10-Q. The form 10-Q for the first quarter 2012 is now available on our website at portlandgeneral.com.
The company undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise and this Safe Harbor statements should be incorporated as part of any transcript of this call. Portland General Electric’s first quarter earnings were released before the market opened today, and the release is available on our website at portlandgeneral.com.
Leading our discussion today are Jim Piro, President and CEO; and Maria Pope, Senior Vice President of Finance, CFO and Treasurer. Jim will begin today’s discussion by providing a general overview of the quarter results and our strategic capital projects. Then, Maria will provide more detail around the quarterly results. Following prepared remarks, we will then open the lines up for your questions.
And it’s my pleasure now to turn the call over to Jim.Jim Piro Thank you, Bill. Good morning, everyone and thank you for joining us. Welcome to Portland General Electric’s first quarter 2012 earnings call. PGE’s first quarter earnings were $49 million or $0.65 per diluted share, compared with $69 million or $0.92 per diluted share in the first quarter of 2011. These results reflect strong operating and financial performance and I’m pleased to report that we are reaffirming our 2012 earnings guidance of a $1.85 to $2 per diluted share. On today’s call, I will give you an update on Oregon’s economy and the progress we’re making on our strategic initiatives. Then Maria will discuss PGE’s first quarter results, liquidity and our outlook for the remainder of 2012. Now, let’s move on to the economic outlook in our operating area. Oregon continues to experience in migration and the state unemployment rate has dropped to 4 percentage points from last year to 8.6%, with the unemployment rate in our core operating area averaging 7.8%.