Financial Data and Key Metrics Changes - For the fiscal year to date, the company reported a net income of $837 million, or $5.26 per diluted share, reflecting a 6.7% increase over the prior year period [4][10] - Operating income increased to $1.1 billion, representing a 14.6% increase for the first six months of the fiscal year [10] - The fiscal year 2025 earnings per share guidance was updated to a range of $7.2 to $7.3, up from the previous range of $7.05 to $7.25 [4][17] Business Line Data and Key Metrics Changes - Rate increases in both operating segments totaled $185 million, contributing to operating income growth [11] - Revenues in the Pipeline and Storage segment increased by $11.4 million, driven by a 10% increase in volumes transported [11] - The company added nearly 59,000 new customers year to date, with approximately 46,000 of those in Texas [5] Market Data and Key Metrics Changes - Texas added jobs at a faster rate than the national average, with nearly 192,000 jobs added over the last twelve months, representing a 1.4% annual growth rate [5] - Industrial demand for natural gas remained strong, with the addition of nine new industrial customers during the second quarter [6] Company Strategy and Development Direction - The company is focused on modernizing its natural gas distribution, transmission, and storage systems while providing reliable service to 3.4 million customers across eight states [4] - Ongoing projects include the installation of new pipelines to support growth in the DFW Metroplex, enhancing safety, reliability, and supply diversification [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance, citing robust growth driven by favorable employment trends in Texas [4] - The company anticipates that the remaining contribution to fiscal year 2025 earnings per share will be recognized somewhat evenly by quarter in the back half of the fiscal year [17][18] Other Important Information - The company has extended its credit facilities totaling $3.1 billion and had $5.3 billion in available liquidity at quarter end [17] - The company is actively monitoring legislative developments across its operating states, which could impact its business [47][48] Q&A Session Summary Question: Is the higher guidance for 2025 a fair base to think about growth going forward? - Management indicated that they will assess market conditions before finalizing fiscal year 2026 plans, acknowledging current market volatility [26] Question: How are you thinking about the higher O&M this year and any efforts to derisk 2026? - Management noted that some of the higher O&M for 2025 could be a pull forward from 2026, emphasizing proactive maintenance and compliance efforts [27][28] Question: Can you update us on the equity financing for the rest of the year? - Management confirmed that their financing strategy remains balanced, utilizing a combination of equity and long-term debt, with equity needs anticipated for fiscal years 2025 and 2026 [37] Question: Can you discuss any quantifiable backlog of projects? - Management clarified that while there is no backlog per se, they are focused on high-priority projects and scheduled work based on reliability and safety [40][42] Question: What key bills are being monitored that could benefit your business? - Management is monitoring various legislative sessions and bills but refrained from making predictions until final decisions are made [47][48] Question: Should the new EPS guidance midpoint be used as the new EPS base for calculating the five-year CAGR? - Management indicated that using the new EPS guidance midpoint as a base for calculations is a safe assumption [49][50] Question: What are the underlying growth assumptions for APT expansion projects? - Management explained that growth assumptions are based on city models and anticipated demand, with ongoing reviews to adjust plans as necessary [69][71]

Financial Data and Key Metrics Changes - For the fiscal year to date, the company reported a net income of $837 million, or $5.26 per diluted share, reflecting a 6.7% increase over the prior year period [2][9] - Operating income increased to $1.1 billion, representing a 14.6% increase for the first six months of the fiscal year [9] - The fiscal year 2025 earnings per share guidance was updated to a range of $7.2 to $7.3, up from a previous range of $7.05 to $7.25 [15][16] Business Line Data and Key Metrics Changes - Rate increases in both operating segments totaled $185 million, contributing to the operating income growth [10] - Revenues in the Pipeline and Storage segment increased by $11.4 million, reflecting a 10% increase in volumes transported across the system [10] - The company added nearly 59,000 new customers year to date, with approximately 46,000 of those in Texas [4] Market Data and Key Metrics Changes - Texas added jobs at a faster rate than the nation, with nearly 192,000 jobs added over the last twelve months, representing a 1.4% annual growth rate [4] - Industrial demand for natural gas remained strong, with nine new industrial customers added during the second quarter, expected to have an annual load of approximately 8 Bcf [5] Company Strategy and Development Direction - The company is focused on modernizing its natural gas distribution, transmission, and storage systems while safely providing reliable service to 3.4 million customers across eight states [3] - Ongoing projects include the installation of approximately 44 miles of pipe to support growth in the DFW Metroplex, expected to be completed by the end of the calendar year [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fiscal year 2025 performance, attributing it to the strength of APT's three-system business and favorable market conditions [16] - The company anticipates O&M expenses to be in the range of $860 million to $880 million, with a significant portion of the year-over-year increase already recognized [17] Other Important Information - The company has extended its credit facilities totaling $3.1 billion and had $5.3 billion in available liquidity at quarter end [15] - The company is monitoring legislative developments across its operating states, with potential implications for its business [44] Q&A Session Summary Question: Is the higher guidance for 2025 a fair base to think about growth going forward? - Management indicated that they will assess market conditions before releasing fiscal year 2026 guidance, acknowledging current market volatility [22][23] Question: How are you thinking about the higher O&M this year and any efforts to derisk 2026? - Management noted that some of the higher O&M for 2025 may be a pull forward from 2026, emphasizing proactive maintenance and compliance efforts [24][25] Question: Can you update us on the equity financing for the rest of the year? - Management confirmed that their financing strategy remains balanced, utilizing a combination of equity and long-term debt, with equity needs anticipated for fiscal years 2025 and 2026 [34] Question: What are some of the key bills you are monitoring legislatively? - Management is monitoring various bills across their eight states but refrained from making predictions until the legislative process is complete [44][45] Question: What are the underlying growth assumptions for APT expansion projects? - Management explained that growth assumptions are based on population increases and anticipated capacity requirements, with ongoing reviews to adjust plans as necessary [65][66]

Financial Data and Key Metrics Changes - UGI reported a 12% year-over-year increase in adjusted diluted EPS for the fiscal second quarter, achieving the highest adjusted diluted EPS in the company's history [5] - The fiscal 2025 guidance range for adjusted diluted EPS has been increased to $3.00 to $3.15, driven by favorable weather conditions and operational improvements [8][11] - The balance sheet showed $1,900,000,000 in available liquidity and a leverage ratio of 3.8 times at the end of the quarter [5][19] Business Line Data and Key Metrics Changes - The Utility segment reported EBIT of $241,000,000, up $15,000,000 year-over-year, primarily due to colder weather [14] - Midstream and Marketing segment EBIT was $154,000,000, comparable to the prior year, with total margin increasing by $2,000,000 [15] - AmeriGas reported EBIT of $154,000,000, an increase of $16,000,000 year-over-year, driven by higher LPG volumes due to colder weather [18] Market Data and Key Metrics Changes - Regional natural gas demand continues to show robust growth, particularly in response to colder weather patterns [6] - UGI International experienced a 4% decline in LPG volumes, impacted by structural conservation and customer conversions from LPG to natural gas [16] Company Strategy and Development Direction - The company is focusing on operational excellence and strategic infrastructure investments, particularly in the regulated utility business [21] - AmeriGas is implementing process improvements to enhance customer retention and operational efficiency [21] - The company is well-positioned to leverage its infrastructure for growth in natural gas demand, particularly in the Appalachian region [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying strength of the business and the ability to execute strategic priorities in the second half of the fiscal year [11] - The company is optimistic about improving AmeriGas operations and enhancing customer service ahead of the next winter season [30] Other Important Information - The company deployed $160,000,000 in capital investment during the quarter, primarily in natural gas businesses [7] - Free cash flow for the year to date was approximately $490,000,000, up 55% year-over-year [19] Q&A Session Summary Question: Can you discuss the learnings from AmeriGas this winter and targets for the upcoming fiscal year? - Management highlighted the focus on improving business processes and operational efficiency, with several key projects underway to enhance service and reduce costs [25][26] Question: Update on refinancing the 2026 maturities? - Management confirmed that objectives remain unchanged, with a focus on addressing the $664,000,000 due in late August [32] Question: Thoughts on UGI's positioning regarding Appalachian natural gas demand? - Management noted ongoing discussions with potential generators and data centers, emphasizing the company's strategic location and infrastructure [38] Question: Quantification of incremental margin or EBITDA from AmeriGas for fiscal 2026? - Management refrained from providing specific numbers but emphasized the importance of strengthening business processes and focusing on high-margin customers [45][46] Question: Comments on fiscal second half drivers and implied net loss? - Management explained that colder weather in the first half led to a shift in capital and operational expenditures to the second half, impacting earnings timing [49][50]

Financial Performance - The company increased its fiscal year 2025 indicated annual dividend by 8.1% to $3.48 per diluted share[3] - Year-to-date diluted EPS reached $5.26[6] - The company raised its fiscal year 2025 EPS guidance range from $7.05-$7.25 to $7.20-$7.30[6] - Q2 2025 net income was $486 million, compared to $432 million in Q2 2024[8] - Capital expenditures year-to-date totaled $1.7 billion, with 85% allocated to safety and reliability spending[6] Financing and Liquidity - The company issued $650 million in 30-year senior notes at a 5.00% interest rate[6] - The company settled $380 million of equity forwards[6] - Available liquidity stood at approximately $5.3 billion[6] - Equity capitalization was at 61% as of March 31, 2025[6] Regulatory and Rate Activity - Implemented $153.2 million in approved annualized operating income increases as of May 7, 2025[6] - $389.1 million in annualized operating income increases are currently in progress[6] - Mid-Tex Cities filed a Rate Review Mechanism (RRM) requesting an increase of $165.0 million in annual operating income[62] Outlook - The company anticipates total net income between $1.15 billion and $1.17 billion for fiscal year 2025[43] - Capital spending is projected to be approximately $3.7 billion for fiscal year 2025[43] - The effective tax rate is expected to be between 18% and 20% for fiscal year 2025[45]

May 2025 Investor Presentation Fiscal 2025 Second Quarter and Year-to-Date Financial Results Non-GAAP Measures This presentation includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, financial margin, utility gross margin, adjusted funds from operations and adjusted debt. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR's operating ...

HAMPTON, N.H., April 01, 2025 (GLOBE NEWSWIRE) -- Unitil Corporation (NYSE: UTL) (unitil.com) today announced that it has entered into a definitive agreement to acquire Maine Natural Gas Company ("Maine Natural") from Avangrid Enterprises, Inc., for $86.0 million on a debt-free basis, subject to adjustment for closing working capital and transaction expenses. Upon closing of the transaction, which is expected to occur by the end of 2025, Maine Natural will become a wholly owned subsidiary of Unitil. The tra ...