DPL, Inc. (DPL) Q2 2010 Earnings Call July 30, 2010 Executives Fred Boyle - SVP, CFO and Treasurer Paul Barbas - President and CEO Analysts Paul Ridzon - KeyBanc Edward Heyn - Catapult PresentationOperator
Good day, ladies and gentlemen, and welcome to the second quarter DPL Inc. earnings conference call. With us today are Paul Barbas, President and Chief Executive Officer, and Fred Boyle, Senior Vice President, Chief Financial Officer and Treasurer. My name is Crystal and I 'll be your operator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. (Operator Instructions)As a reminder, today 's conference is being recorded for replay purposes. I would now like to turn the conference over to Mr. Fred Boyle. Please proceed. Fred Boyle Thank you. Good morning, and welcome to DPL 's second quarter 2010 earnings conference call. I am Fred Boyle, Senior Vice President, Chief Financial Officer and Treasurer. Before we begin today, I would like to remind everyone that all references to earnings per share are diluted unless otherwise noted, and that this call may contain certain forward-looking statements regarding plans and expectations for the future. Investors are cautioned that actual outcomes and results may vary materially from those projected due to various factors beyond DPL 's control. Such matters are described in our 2009 Annual Report on Form 10-K and Form 10-Q for the second quarter of 2010. With me today is Paul Barbas, DPL 's President and Chief Executive Officer. Paul will provide an overview of DPL 's performance during the quarter and an update on key operating matters. Following Paul 's comments, I will review the second quarter financial results discuss our 2010 earnings guidance and then open it up for questions. Now I 'll turn the presentation over to Paul Barbas. Paul Barbas Thanks, Fred. Good morning, everyone, and thank you for joining us today. I am pleased to report that DPL had a solid quarter both operationally and financially. Diluted earnings for the quarter were $0.53 per share, compared to $0.37 per share for the same period in 2009. And we remained on track to achieve our yearend earnings range of $2.35 per share to $2.55 per share. Fred will discuss the key drivers of earnings during his review of the quarterly financial results. Before Fred provides his review I 'd like to provide an update on key operating matters. First, building on what we experienced during the first quarter of the year, we continue to see signs of recovery with regards to our retail sales. For the first time since the end of 2008 we realized that increase in quarterly retail sales. Now for adjusting to weather total retail sales for the quarter increased approximately 5% compared to the second quarter of 2009. This improvement was driven by industrial sales which increased by approximately 15%. We experienced higher sales across multiple industries including automotive, metals, plastics and food.