Core Viewpoint - RGC Resources is presenting its financial results for the first quarter of the 2026 fiscal year, highlighting operational and financial performance along with future outlook [2]. Group 1: Presentation Overview - The presentation includes forecasts and projections regarding earnings, capital spending, and gas prices, emphasizing the importance of understanding risks and uncertainties associated with forward-looking statements [2]. - The agenda for the presentation includes a review of operational and financial highlights for the first quarter, followed by an outlook for the remainder of the 2026 fiscal year, with a focus on an eventful January [2]. Group 2: Participants - The presentation features key personnel from RGC Resources, including the Director of Finance, the President and CEO, the VP, Treasurer and CFO, and the Senior Vice President of Regulatory and External Affairs [1].

Financial Data and Key Metrics Changes - Net income for Q1 2026 was $4.8 million or $0.47 per share, down from $5.3 million or $0.51 per share in the same quarter last year [6] - Gas margins increased nominally, while lower interest expenses were noted due to Fed rate cuts, but these were offset by higher costs in personnel, IT, property taxes, and depreciation [6][7] - Total capital expenditures for Q1 2026 were $5.6 million, flat compared to the same period last year [5] Business Line Data and Key Metrics Changes - New main miles installed in Q1 2026 were 0.6, down from 1.1 in Q1 2025, while new service connections remained stable at 196 compared to 197 last year [4] - Residential gas usage increased by 8%, while commercial volumes rose due to an 11% increase in heating degree days compared to Q1 last year [5] Market Data and Key Metrics Changes - The recent cold snap, referred to as Winter Storm Fern, resulted in heating degree days being 53% colder than normal, with 680 heating degree days recorded versus a normal of 445 [11] - Natural gas prices spiked significantly during the cold snap, multiplying by a factor of approximately 10 on certain days [12] Company Strategy and Development Direction - The company is focused on enhancing safety and reliability for customers through continued investment in infrastructure, as evidenced by the increase in service renewals through the SAVE program by 80% [4] - The company is actively monitoring legislative changes in Virginia, which are not currently aimed at limiting natural gas usage, and is engaged with local lawmakers [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the local economy, despite a potential plant closure of a major industrial customer later in 2026 [10] - The company anticipates a weaker second quarter due to weather-related construction delays, with approximately 17% of working days lost [16] - Earnings per share forecast remains unchanged at $1.27-$1.35, influenced by the ongoing rate case and economic variables [17] Other Important Information - The company filed an expedited rate case seeking approximately $4.3 million in incremental annual revenue, with interim rates effective from January 1, 2026 [14] - An estimated undercollection of $8 million-$10 million in gas costs related to Winter Storm Fern is expected, which will be addressed with the commission [13] Q&A Session Summary - No questions were raised during the Q&A session, and the management thanked participants for their time and expressed anticipation for the next earnings call in May [18]

Financial Data and Key Metrics Changes - Net income for Q1 2026 was $4.8 million or $0.47 per share, down from $5.3 million or $0.51 per share in the same quarter last year [6] - Gas margins increased nominally, while lower interest expenses were noted due to Fed rate cuts, but these were offset by higher costs in personnel, IT, property taxes, and depreciation [6] Business Line Data and Key Metrics Changes - Total gas volumes remained flat compared to Q1 2025, with residential usage increasing by 8% and commercial volumes rising due to an 11% increase in heating degree days [5] - The company installed 0.6 new main miles and connected 196 new services, which is consistent with the previous year [4] Market Data and Key Metrics Changes - The recent cold snap, referred to as Winter Storm Fern, resulted in a 53% increase in heating degree days compared to normal, significantly impacting gas demand [10] - Natural gas prices experienced an unprecedented spike, multiplying by a factor of approximately 10 during the cold snap [11] Company Strategy and Development Direction - The company is focused on enhancing safety and reliability for customers, with a backlog of approximately 2.5 miles of new main to install [4] - Legislative activity in Virginia is being monitored, with a focus on ensuring that new laws do not hinder natural gas usage or development [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the local economy, despite a potential plant closure of a major industrial customer later in 2026 [9] - The company anticipates a weaker second quarter due to weather-related construction delays, but remains optimistic about making up for lost time in the spring and summer [15] Other Important Information - An expedited rate case was filed seeking approximately $4.3 million in incremental annual revenue, with interim rates effective from January 1, 2026 [13] - The company expects an estimated undercollection of $8 million to $10 million in gas costs related to Winter Storm Fern, which will be addressed with the commission [12] Q&A Session Summary Question: What is the impact of the recent cold snap on operations? - Management noted that the distribution system performed flawlessly during the cold snap, and there were no customer losses [10] Question: How is the company addressing the rate case? - The company filed an expedited rate case seeking $4.3 million in additional revenue, with interim rates already in effect [13] Question: What are the expectations for capital expenditures moving forward? - The capital forecast remains at $22 million for the fiscal year, but weather conditions may impact the second quarter's performance [15]

Core Insights - Unitil Corporation reported a GAAP Net Income of $50.2 million, or $2.97 in Earnings Per Share (EPS), for the year ended December 31, 2025, reflecting an increase of $3.1 million in Net Income and $0.04 in EPS compared to 2024 [1][10] - The company's Adjusted Net Income was $53.3 million, or $3.16 in EPS, representing an increase of $5.5 million and $0.19 in EPS compared to 2024, excluding costs related to recent acquisitions [1][18] - The financial performance was driven by higher rates and continued customer growth, with a reaffirmation of long-term EPS growth of 5% to 7% [2][11] Financial Performance - Electric GAAP Gross Margin was $82.7 million in 2025, an increase of $4.7 million compared to 2024, driven by higher rates and customer growth [2][5] - Gas GAAP Gross Margin reached $142.3 million in 2025, an increase of $22.2 million compared to 2024, primarily due to higher rates and customer growth [5][6] - Total Operating Revenue for 2025 was $536.0 million, with Electric Revenues at $236.4 million and Gas Revenues at $299.6 million [25][29] Cost and Expenses - Operation and Maintenance (O&M) expenses increased by $14.9 million in 2025, reflecting higher utility operating costs, labor costs, and acquisition costs [7][30] - Depreciation and Amortization expenses rose by $12.6 million in 2025, influenced by higher depreciation rates and additional depreciation from increased utility plant in service [8][30] - Interest Expense, Net increased by $7.4 million in 2025, primarily due to higher interest on increased debt from acquisitions [9][30] Customer Metrics - Total Electric kWh Sales decreased by 0.6% to 1,574.4 million kWh in 2025, with residential sales increasing by 4.1% while commercial/industrial sales decreased by 4.0% [29] - Total Gas Therm Sales increased by 26.6% to 278.5 million therms, with residential sales up by 34.0% and commercial/industrial sales up by 24.8% [29] Dividends - The annual common dividend for 2025 was $1.80 per share, with a subsequent increase to $1.90 per share declared in January 2026 [11][30]

Core Insights - Atmos Energy Corporation (NYSE: ATO) is recognized as one of the best long-term low-risk stocks to buy now [1] - The company reported a 14.5% increase in first-quarter profit compared to the previous year, driven by steady demand across its gas distribution and pipeline systems [2] Financial Performance - For fiscal Q1 2026, Atmos Energy's net income reached $403 million, translating to $2.44 per diluted share [3] - Capital expenditures for the quarter totaled $1 billion, with over 85% dedicated to safety and reliability initiatives [4] - The company reaffirmed its fiscal 2026 earnings per share guidance of $8.15 to $8.35 and set an annual dividend of $4 per share, aligning with its long-term EPS growth target of 6% to 8% annually [4] Operational Highlights - The Atmos Pipeline-Texas segment made significant progress, including the installation of 55 miles of 36-inch pipeline and the completion of new interconnect projects that added 700,000 Mcf per day of supply capacity [5] - Customer growth remained robust, with nearly 54,000 new customers added in the 12 months ending December 31, 2025, primarily in Texas [5] - In the first quarter alone, the company added over 1,100 commercial customers and three new industrial customers [5] - Atmos Energy received recognition from J.D. Power and Escalent for its customer service performance [5] Company Overview - Atmos Energy Corporation serves approximately 3.3 million distribution customers across eight states, operating regulated utility businesses in Colorado, Kansas, Kentucky, Louisiana, Mississippi, Tennessee, Texas, and Virginia [6]

Core Insights - UGI Corporation reported fiscal first-quarter 2026 earnings of $1.26 per share, missing the Zacks Consensus Estimate of $1.50 by 16% and down 8.03% from $1.37 per share in the same quarter last year [1][9] - Total revenues for the quarter were $2.08 billion, falling short of the Zacks Consensus Estimate of $2.13 billion by 2.07%, but representing a 2.61% increase from $2.03 billion in the prior year [2][9] Financial Performance - Earnings before interest expense and income tax (EBIT) for the fiscal first quarter of 2026 were $462 million, an 11% decline from $519 million in the year-ago quarter [3] - Interest expenses increased to $111 million, up 8.82% from $102 million in the previous year [3] Strategic Developments - UGI filed new gas base rate cases for UGI Utilities and Mountaineer Gas, seeking overall distribution rate increases of $99 million and $27 million, respectively [3] - The company entered into agreements for the divestiture of LPG businesses in several countries for an enterprise value of nearly $56.59 million, contributing to $215 million in cash proceeds from divestitures since fiscal 2025 [4] - UGI invested $225 million in the fiscal first quarter of 2026, with 73% allocated to regulated utilities [4] Operational Highlights - The New Carlisle LNG storage and vaporization facility commenced operations in the fiscal first quarter of 2026 [5] - Segment performance showed mixed results: - AmeriGas Propane EBIT was $72 million, down 2.70% year-over-year - UGI International EBIT increased by 12.7% to $124 million - Midstream & Marketing EBIT declined by 7.37% to $88 million - UGI Utilities EBIT rose 10.2% to $157 million [6][7]

Core Insights - MDU Resources Group Inc. reported fourth-quarter 2025 operating earnings per share (EPS) of 37 cents, matching the Zacks Consensus Estimate, with a year-over-year increase of 37% [1] - Total revenues for 2025 reached $1.88 billion, reflecting a 6.7% increase from $1.76 billion in 2024, although fourth-quarter revenues declined by 0.3% year over year [2] Financial Performance - Total operating expenses in Q4 were approximately $426.6 million, down 3.3% from $441 million in the same quarter of the previous year [3] - Operating income for Q4 was $107.4 million, up 13.7% from $94.5 million in the prior year [3] - As of December 31, 2025, cash and cash equivalents stood at $28.2 million, a decrease from $66.9 million as of December 31, 2024 [4] - Net cash provided by operating activities in 2025 was $473.4 million, compared to $502.3 million in the previous year [4] Future Outlook - For 2026, MDU Resources expects earnings to be between 93 cents and $1 per share, with the Zacks Consensus Estimate at $1.02 [5] - The company anticipates utility customer growth of 1-2% annually and a long-term EPS growth rate of 6-8% [5] - Projected capital expenditure for 2026 is $560 million [5] Market Position - MDU Resources currently holds a Zacks Rank 2 (Buy) [6]

Core Viewpoint - Atmos Energy shareholders approved all eight proposals presented at the annual meeting, indicating strong support for the company's governance and strategic direction [3][7]. Group 1: Meeting Overview - The annual meeting was chaired by Kim Cocklin, who introduced the board of directors and other participants, including the independent auditor from Ernst & Young [4]. - The meeting was conducted in accordance with legal requirements, with a notice distributed to shareholders and a quorum established with over 80 million shares present, representing more than 50% of outstanding common shares [5][6]. Group 2: Proposals Approved - Shareholders approved the election of 12 directors for one-year terms and ratified Ernst & Young as the independent auditor [3][7]. - A non-binding advisory vote on executive compensation was also approved, along with amendments to the company's articles of incorporation, which included increasing common shares and adopting plurality voting for contested elections [7].

Core Insights - Atmos Energy (ATO) reported first-quarter fiscal 2026 earnings of $2.44 per share, exceeding the Zacks Consensus Estimate of $2.41 by 1.24% and showing a 9.42% increase from $2.23 in the same quarter last year [2][8] ATO's Revenues - The company generated revenues of $1.34 billion, falling short of the Zacks Consensus Estimate of $1.44 billion by 6.41%, but representing a 14.2% increase from $1.18 billion in the prior-year quarter [3] Highlights of ATO's Release - Operating income for the first fiscal quarter was $514.7 million, a 12% increase from $459.4 million in the year-ago quarter [4] - New rates worth $122.9 million were implemented, with an additional $81.2 million pending approval [4] - Net income reached $403 million, reflecting a 14.5% increase from $352 million in the year-ago quarter [4] ATO's Segmental Details - Distribution segment net income was $269.2 million, a 12% increase from $240.2 million in the year-ago quarter [5] - Pipeline and Storage segment income amounted to $134 million, a 19.6% increase from $112 million in the year-ago quarter [5] ATO's Financial Highlights - As of December 31, 2025, Atmos Energy reported $4.6 billion in available liquidity [6] - The company issued $600 million in 5.45% 30-year senior notes and settled $472 million through equity forward arrangements in the first quarter of fiscal 2026 [6] - Nearly $1 billion was invested in the first quarter, with 85% allocated for enhancing the safety and reliability of distribution and transportation systems [6] ATO's Guidance - Atmos Energy reaffirmed its fiscal 2026 earnings guidance at $8.15-$8.35 per share [7] - The anticipated capital expenditure for fiscal 2026 is $4.2 billion [7] - A quarterly dividend of $1 per common share was declared, indicating an annual dividend of $4, which is a 14.9% increase from fiscal 2025 [7]

Financial Data and Key Metrics Changes - The total shares present at the meeting were more than 80 million, representing over 50% of the company's outstanding common stock [2][3] - All nominees for election to the board of directors received a full vote from a majority of the shares present or represented by proxy [8] Business Line Data and Key Metrics Changes - The meeting included proposals related to the election of directors and the ratification of the independent registered public accounting firm for the fiscal year [4][5] Market Data and Key Metrics Changes - Proposals for amendments to the company's articles of incorporation were approved by more than two-thirds of the outstanding shares entitled to vote [9] Company Strategy and Development Direction - The company is focused on governance and compliance, as evidenced by the proposals to amend articles of incorporation and the election of directors [4][5] Management Comments on Operating Environment and Future Outlook - The management expressed gratitude for shareholder support and indicated a commitment to transparency and governance [9] Other Important Information - The independent auditor, Ernst & Young, was ratified for the 2026 fiscal year [8] - A non-binding advisory vote on executive compensation for fiscal 2025 was approved [8] Q&A Session All Questions and Answers - No shareholder questions were submitted prior to the meeting, and therefore no Q&A session took place [1]