on Linn, Thanks, I'll everyone. good and good. X. Very morning, start Slide
expectations. solid performance As we quarter met financial our Linn delivered noted, that first
$X.XX to year's was much year's normal. quarter than as $X.XX QX driver First was as quarter than adjusted was first normal, milder the this Weather EPS quarter last in big colder compared affecting results first year-over-year and XXXX. was
and financial solid. results our For estimate impacted by compared normal Despite EPS to on to $X.XX QX. unfavorably compared $X.XX QX impact weather, QX by weather XXXX XXXX, for our we was limited had to unfavorable COVID-XX XXXX. start
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performance to we We impairment special earnings privately in non-GAAP XX, and $X.X better first This million our and In or same as were both the GAAP do $X.XX earnings. Slide futures impairment a to triggered pretax deterioration On of recorded of communicate represent last third-party decline we gas held to we that the items the and earnings a quarter X the recorded related company. In the believe earnings investment. slide significant adjusted we quarters investment tax performance. by a our this ongoing price the gas demonstrates and oil impairments earnings displays seasonality in isolate third These of an in XXXX, an of of related after reconcile a per to measure. noncash share quarter the XXXX, company. natural
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our in year. can you in find segment and release On the additional in the income that Slide margin will are prior on and later operating first gross I'll comments expenses year-over-year we today. to make operating file compared here, details few earnings changes for results quarter XX, QX and XX-Q our a
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we last due property year. at assets. and included wind new these the credits earnings higher our the of and generation generation bottom taxes the below half operating due credits tax new these on decreased wind to the $XXX,XXX benefit income expense was from tax XXXX comes receive in federal through XX, reduced are On Operating from Revenue line primarily higher income depreciation assets These expenses numbers. wind in Power The primary from Generation to income increased our not new increased Slide projects. year-over-year. added tax segment, projects from operating production
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our ratings and lens flexibility. shows capital financial the credit structure, financial XX Slide position through of
a from shape good and liquidity perspective. in debt maturity are We
Fitch and remain a stable BaaX at credit at all agencies. and X both BBB+ at outlook with ratings Our Moody's S&P at
ratings. our committed are maintaining to We strong investment-grade credit
As to help BBB+ stable a our on Linn investments mentioned, affirmed equity And million our XXXX strengthen with in outlook of balance capital sheet. rating issued and we February, April support S&P XX. $XXX our
remained year this this also we closely short-term don't available to push facility. We April equity to any XXXX are revolving million. from maturities of if position. we debt will position on million into and index-eligible expect flows liquidity in capacity our $XXX to XXXX. that enhance We further issue the the had While liquidity our debt flexibility XX, in and favorable. monitor pandemic, cash our on hand don't on March to capital out And an cash conditions we liquidity investment do would of program support any credit But market later XXXX. given more offering On material $XXX late term XX, may and until we position. during have approximately look issuance our liquidity excess our our issuance We have issue debt
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the -- mid-XXs We long continue cap in over debt-to-cap total the a to target ratio term.
the and XX most trends our lines averages events Thus few below they far, XX and financial jobless unemployment Electric typically stable than as from illustrate insulated crisis as our swings metropolitan the more I'll and our to of our average. operate have has territories service more decade compare Gas The that and Utilities months. major the claims not in such areas. service for the populated well note states graphs been Slides rural states are a densely pandemic in more major the impacted economic over how national show national severely rates in as territories coast in major the ago, regions. past that and past
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we on XX guidance With our with the COVID-XX, in of but by weather, our unfavorable COVID-XX stable range. share. by this from trends revised and to of $X.XX be the range I'll regional the expectations to expected guidance $X.XX compared revised to includes EPS we we $X.XX move our slide, bridge discuss to guidance. guidance On the prior reduced during from guidance. the impact each end mind, first per to earnings normal position financial for weather the of remainder combined the mild are Due currently The Slide to to the quarter impacts first $X.XX which estimating driven quarter, it's net between largely year,
assumptions. details around provides revised earnings XX guidance Slide our
remainder from eliminating Aside known XXXX. the for guidance. with in needs QX, our of in previously equity negative assumptions forecasted the COVID-XX weather our These remain consistent impacts further issued any
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Dakota Colorado. usage few don't largest modeling Industrial from assumes XXXX, from Utilities impact to who customers Electric down more the electric in And a of impact remainder significant usage and our XXX in and impact the We've and the have few at them, slightly over usage The was in both expect been regular our industrials than reduced fact, but on reduced get in earnings a net of industrial a we are year forecast we in South for we there Colorado, actually gas. covering with side. have up electric although will customers, overall. customers our residential commercial the contact pickup are
quarters. comes as At our off-peak we're expect load Utilities, a March with most natural residential in essentially to lower usage gas season to remain Similar first in usage. years, compared Gas through decreases increases the and the QX and the our April overall usage seen weather-normalized through commercial heating basis, QX Electric be to and the impact and prior fourth our of season steady customer we've and through Utilities in of on
year Electric We compared have our through negative but minimal some Gas Utilities. it's impact Utilities, of the assumed the balance overall our at to
We're with also associated near-term the incurring extra costs the in pandemic.
X mission-critical more the electric are personal protective technology cleaning our are our We of to our on. supplies, utilities into and throughout ready protocols additional and have so spreads are sequestered do costs for deeply generation There territories. virus support so equipment, employees to incurring if we sites work-from-home at
assist -- we -- to we've do to work we We're while coming them steps increase our months. expect While not with delinquencies expect over taking limited to challenging proactive seen times. the date, limited delinquencies we've in customers do these to
determine certain savings cost-saving, expenses we costs. offsetting hiring, further other appropriate closely through partially tracking travel, in closely working with items, treatment We're we're planned outside training that O&M We're COVID-XX-related to services managing and our XXXX. slowed program. costs for our these and and our we continuous improvement were as on these of pandemic-related We've states are leverage regulators
the the it have and local service early Obviously, in customers difficult of duration our it's the crisis, economies will the in and on the and event it's to predict still territories. impact
is operating effect the $X.XX $X.XX assumption margins and of Our to of pretax expenses $X net equivalent to million, XXXX income by impact that lost to combined million $X will EPS.
While we or our less impacted be surrounding the year. on other navigate change remain of territories remainder our could we either our positively pandemic impacts the parts negatively country, assumptions optimistic, will than of as earnings the
economic of recent evidence we've rate illustrates track future other a through XXXX, in our disciplined our track growth and at in with XXXX, confidence and consecutive events. management increases $X.XX XX dividend record, XX on in XXXX dividend years our the historic We're demonstrating in to our increasing earnings grown years dividends deliver Slide strong potential. of annual
we XXXX, the for our payout dividend While may earnings XX% of slightly growth to above ratio go long-term ratio XX% payout long-term in confidence maintain we our EPS, XX% of prospects. target our demonstrating
With Linn. that, it back I'll to turn
