Financial Performance - Q3 FY25 - Sales increased by $62.7 million, a 26.9% increase, reaching $296.3 million compared to $233.6 million in Q3'24[13] - Adjusted EBIT increased by $17.5 million, a 38.6% increase, reaching $62.7 million compared to $45.2 million in Q3'24[13] - Adjusted EPS increased by 25%, reaching $1.60 compared to $1.28 in Q3'24[12] - Record ending backlog of $1.17 billion, a 75% increase from September 30, 2024[14] Segment Performance - A&D - Entered Orders increased by $492.3 million, a 546.5% increase, reaching $582.4 million compared to $90.1 million in Q3'24[19] - Sales increased by $49.1 million, a 56.3% increase, reaching $136.3 million compared to $87.2 million in Q3'24[19] - Adjusted EBIT increased by $19.1 million, a 94.3% increase, reaching $39.3 million compared to $20.2 million in Q3'24[19] Segment Performance - USG - Entered Orders increased by $5.5 million, a 5.5% increase, reaching $105.5 million compared to $100.0 million in Q3'24[25] - Sales increased by $2.1 million, a 2.3% increase, reaching $92.4 million compared to $90.3 million in Q3'24[25] - Adjusted EBIT decreased by $0.4 million, a -2.0% decrease, reaching $21.8 million compared to $22.2 million in Q3'24[25] Segment Performance - Test - Sales increased by $11.6 million, a 20.7% increase, reaching $67.7 million compared to $56.1 million in Q3'24[30] - Adjusted EBIT increased by $1.4 million, a 15.4% increase, reaching $10.7 million compared to $9.3 million in Q3'24[30] - Entered Orders decreased by $3.6 million, a -5.7% decrease, reaching $61.2 million compared to $64.8 million in Q3'24[30] Financial Performance - YTD Q3 FY25 - Sales increased by $97.1 million, a 15.0% increase, reaching $742.7 million compared to $645.6 million in Q3 YTD '24[38] - Adjusted EBIT increased by $30.7 million, a 28.6% increase, reaching $138.0 million compared to $107.3 million in Q3 YTD '24[38] - Adjusted EPS increased by 24.1%, reaching $3.71 compared to $2.99 in Q3 YTD '24[38] FY25 Guidance - Full year revenue from Continuing Operations is expected to be $1.075 billion - $1.105 billion[52] - Full Year Adjusted EPS from Continuing Operations is now expected to be in the range of $5.75 - $5.90, a 21% - 24% growth over FY'24[52] - Q4 Adjusted EPS from Continuing Operations is expected to be in the range of $2.04 - $2.19, a 14% - 22% growth over Q4'24[51]

Financial Performance - Consolidated Edison reported a net income of $246 million or $0.68 per share for Q2 2025, an increase from $202 million or $0.58 per share in Q2 2024 [1] - For the first half of 2025, net income reached $1,038 million or $2.93 per share, compared to $922 million or $2.67 per share in the same period of 2024 [2] - Adjusted earnings for Q2 2025 were $240 million or $0.67 per share, up from $203 million or $0.59 per share in Q2 2024 [1] - Adjusted earnings for the first six months of 2025 were $1,032 million or $2.91 per share, compared to $945 million or $2.73 per share in the first half of 2024 [2] Strategic Initiatives - The company is focused on disciplined investments in infrastructure to enhance reliability and resilience against extreme weather [3] - Con Edison secured approval to invest $440 million in five key projects aimed at advancing building and transportation electrification, indicating strong regulatory support [3] - The company reaffirmed its adjusted earnings per share guidance for 2025 to be in the range of $5.50 to $5.70 [3] Project Developments - Major transmission projects in Brooklyn and Staten Island have been completed, contributing to long-term reliability for customers [3] - The company continues to execute complex energy projects that benefit both customers and shareholders [3] Regulatory Environment - The company benefits from regulatory support for its strategy and the state's clean energy goals, as evidenced by the approval of significant investments [3]

Core Viewpoint - Chesapeake Utilities Corporation reported strong financial results for the second quarter and first half of 2025, highlighting significant growth in net income and adjusted earnings per share driven by regulatory initiatives, infrastructure programs, and increased demand for natural gas services [2][4][6]. Financial Performance - Net income for Q2 2025 was $23.9 million ($1.02 per share), up from $18.2 million ($0.82 per share) in Q2 2024, marking a 31.2% increase in net income and a 24.4% increase in EPS [2][14]. - Adjusted net income for Q2 2025 was $24.3 million ($1.04 per share), compared to $19.3 million ($0.86 per share) in Q2 2024, reflecting a 20.9% increase in adjusted EPS [2][16]. - For the first half of 2025, net income was $74.8 million ($3.22 per share), up from $64.4 million ($2.89 per share) in the same period of 2024, representing an 11.4% increase in EPS [4][14]. Growth Drivers - Adjusted earnings growth was primarily driven by contributions from regulatory initiatives, infrastructure programs, and organic growth in natural gas distribution and pipeline expansion projects [3][6]. - The company experienced a 13% increase in adjusted gross margin, attributed to operational efficiency improvements and increased customer consumption [6][17]. Capital Expenditure and Guidance - Year-to-date capital deployment reached $213 million, prompting an increase in full-year 2025 capital expenditure guidance to a range of $375 million to $425 million [7][9]. - The company reaffirmed its 2025 EPS guidance range of $6.15 to $6.35 per share and its 2028 EPS guidance range of $7.75 to $8.00 per share [8][9]. Regulatory and Infrastructure Initiatives - The company successfully resolved all three active rate cases and received approval for updated rates for the Worcester Resiliency Upgrade project, expected to generate an additional $3.9 million in margin once operational [7][9]. - Significant progress was made in capital projects, including pipeline expansions and regulatory initiatives aimed at meeting rising natural gas demand [7][36]. Segment Performance - The regulated energy segment reported an adjusted gross margin of $117.7 million for Q2 2025, up from $103.3 million in Q2 2024, driven by rate changes, natural gas transmission service expansions, and contributions from regulated infrastructure programs [18][25]. - The unregulated energy segment saw an adjusted gross margin increase to $25.0 million in Q2 2025 from $23.4 million in Q2 2024, despite challenges in propane operations [21][28].

Financial Data and Key Metrics Changes - The company reported second quarter earnings of $13.7 million or $0.07 per share, compared to $60.4 million or $0.30 per share in the same period of 2024 [12] - Income from continuing operations was $14.1 million for the second quarter or $0.07 per share, down from $20.2 million or $0.10 per share in 2024 [12] - The company narrowed its earnings per share guidance to a range of $0.88 to $0.95 per share from a previous range of $0.88 to $0.98 per share [10] Business Line Data and Key Metrics Changes - The electric utility segment reported second quarter earnings of $10.4 million, down from $15.5 million in the same period in 2024, primarily due to higher payroll costs and planned outages [12][13] - The natural gas utility experienced a seasonal loss of $7.4 million in the second quarter, compared to a loss of $5 million in 2024, driven by increased operating expenses and lower volumes due to warmer weather [13] - The pipeline segment posted second quarter earnings of $15.4 million, down from a record $17.3 million in the prior year, impacted by higher operating expenses [14] Market Data and Key Metrics Changes - The utility experienced combined retail customer growth of 1.4% compared to the same time last year, aligning with the targeted annual growth rate of 1% to 2% [5] - The company has signed electric service agreements for 580 megawatts of data center load, with 180 megawatts currently online and additional capacity expected to come online in the coming years [7] Company Strategy and Development Direction - The company is focused on a capital investment of $3.1 billion over the next five years, targeting 7% to 8% compounded annual utility rate base growth and 1% to 2% annual customer growth [11] - The company plans to file general rate cases in Wyoming and Montana, and is refining wildfire mitigation plans across its electric service territory [6][8] - The company remains committed to investing in future expansion projects to meet customer demand, including the Minot expansion project which will add approximately 7 million cubic feet of natural gas transportation capacity per day [9] Management's Comments on Operating Environment and Future Outlook - Management noted unfavorable weather and increased operating costs impacted second quarter results, but expressed confidence in the company's long-term growth strategy [4][10] - The company anticipates a long-term EPS growth rate of 6% to 8% while targeting a 60% to 70% annual dividend payout ratio [11] - Management emphasized the importance of operational excellence and customer focus as key components of their strategy moving forward [11] Other Important Information - The company maintains a strong balance sheet and ample access to working capital, with no equity needs in 2025 based on the current capital plan [16] - The binding open season for the Baker storage field enhancement project concluded in May, and the company is evaluating a smaller project based on customer interest [10] Q&A Session Summary Question: Impact of lower storage project size on Bakken East pipeline - Management indicated that the Baker storage enhancement project does not have implications for the Bakken East project, and there may be opportunities for expansion if Bakken East proceeds [20][22] Question: Revised EPS guidance and its impact on long-term outlook - Management explained that the revision was due to weather impacts and higher operating expenses, but they do not expect these to be long-term trends [23][24] Question: North Dakota Industrial Commission meeting and its implications - Management confirmed the timing of the next meeting and indicated that state support would enhance the Bakken East project, but customer commitments are also crucial [29][30] Question: Quantifying drivers of guidance revision - Management provided insights on the planned outage and weather impacts, estimating a $1 million impact from weather alone in the quarter [33][34] Question: Capacity absorption for data centers before needing new infrastructure - Management stated that there is additional capacity available without new infrastructure, but they are willing to explore investments if necessary [36][38]

Core Insights - DataCapable has made a significant hire by appointing Sandy Buzzard as Chief Customer and Communications Officer, emphasizing its commitment to customer-centric innovation in outage detection and response [2][3] - Buzzard brings 15 years of experience from Duke Energy, where she successfully managed high-stakes outage events and developed industry-leading communication strategies [3][4] - The appointment aligns with increasing challenges in the energy sector, particularly due to extreme weather events, highlighting the need for real-world expertise and actionable solutions [5] Company Strategy - Buzzard will lead the customer communication strategy across all product lines and develop proactive crisis-response tools to enhance customer engagement [6] - DataCapable aims to transform the utility industry by not only providing tools but also delivering comprehensive solutions that address the complexities of outage management [6] Industry Context - The energy sector is facing mounting pressures from extreme weather and grid stability issues, necessitating partnerships with companies that have practical experience and innovative strategies [5] - Trust and effective communication are critical in the utility industry, where downtime can result in significant financial losses [6]

Company Strategy and Outlook - MDU Resources aims for a long-term EPS growth rate of 6%-8%[10] - The company targets an annual dividend payout ratio of 60%-70%[10] - MDU anticipates continued customer growth in the electric and natural gas sectors at a rate of 1%-2% annually[12][26] - The company narrows its 2025 earnings per share guidance to a range of $0.88 to $0.95[24] Regulatory Updates and Projects - Natural Gas Distribution in Montana: A settlement agreement is pending for an 8.6% or $7.3 million increase, with interim rates of 10.25% or $7.7 million already effective[13] - Natural Gas Distribution in Wyoming: A settlement agreement was approved for an 11.7% or $2.1 million increase, with rates effective August 1, 2025[13] - The company has signed electric service agreements for 580 MW of data center load[12][16] - MDU has a 49% ownership interest representing 122.5 MW in the Badger Wind Project, with a total capacity of 250 MW, and an estimated cost of $294 million[12][21] Financial Performance - MDU Resources Group's net income for the second quarter of 2025 was $14.1 million, or $0.07 per share, compared to $20.2 million, or $0.10 per share in 2024[31] - The Electric Utility reported earnings of $10.4 million, with retail sales volumes increasing 12.0%[34][35] - The Natural Gas Utility experienced a seasonal loss of $7.4 million, with customer count increasing 1.5% year-over-year[37][38] - The Pipeline segment reported earnings of $15.4 million[40]

Financial Performance - Reported Q2-2025 adjusted EPS of $0.89 and YTD-2025 adjusted EPS of $2.34[12] - Affirmed FY-2025 adjusted EPS guidance range of $4.30 - $4.70[12] - Affirmed FY-2026 EPS guidance range of $4.80 - $5.30[12] - Affirmed guidance at high-end or above projected EPS CAGR of 7% - 9% for 2025 through 2029[12] - Oncor invested $3 billion of CapEx, supporting premise count increase of 20,000[16] Strategic Initiatives - Invested over $5 billion of CapEx in 1H-2025[11] - Executed an effort to save $300 million by phasing out certain non-economic regulatory programs in California[11] - Initiated Ecogas sale process[11] - Extended ROFO process with existing limited partners and signed non-binding letter of intent with KKR[11] Operational Excellence and Infrastructure Development - Hardened 100% of SDGE's transmission system located in Tier 3 HFTD, with 100% of all HFTD transmission expected in 2028[11] - Safely completed 1,000th LNG cargo from Cameron LNG Phase 1 since start of operations[11] - SDGE awarded estimated $600 million of projects in finalized CAISO 2024 – 2025 Transmission Plan[16]

Financial Data and Key Metrics Changes - The company reported second quarter GAAP earnings of $2.67 per share and adjusted operating earnings of $1.91 per share, an improvement of $0.23 per share compared to the previous year [6][37] - The fleet performed exceptionally well, achieving a capacity factor of 94.8% and producing over 41 million megawatt hours of emissions-free power [40] Business Line Data and Key Metrics Changes - The nuclear team achieved its second-best fleet production ever, completing three refueling outages with an average duration of nineteen days, outperforming the industry average by over two weeks [40] - Renewable energy capture was at 96.1%, and power dispatch matched 98.3%, indicating strong performance across the renewable and natural gas fleets [40] Market Data and Key Metrics Changes - The company recognized $2 million from the Illinois ZEC program for bank credits, similar to the previous year, which reflects the effectiveness of the program [38] - The latest PJM capacity auction cleared 2,700 megawatts of new and uprated generation capacity, with expectations for more than nine gigawatts of new firm reliable supply to come online by 2025 [28] Company Strategy and Development Direction - The company is focused on long-term contracts, such as the recently announced twenty-year power purchase agreement with Meta, which ensures over 1,100 megawatts of emissions-free nuclear energy [10][9] - The company is also pursuing the Calpine acquisition, which is expected to close by the end of the year, enhancing its competitive advantage by combining gas and nuclear capabilities [36][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued bipartisan support for nuclear energy, highlighting the passage of significant legislation that preserves and expands nuclear credits [20][21] - The company anticipates earnings growth of 13% through the decade, supported by robust cash flow and base earnings protected by the nuclear PTC [51][52] Other Important Information - The company has executed $400 million in accelerated share repurchases, totaling $2.4 billion since the beginning of the buyback program, with $600 million remaining under the current Board authorization [47] - The "One Big Beautiful Bill" includes provisions for a 10% bonus on nuclear energy community credits, which will benefit the company's capital plans [48] Q&A Session Summary Question: Timeline for interconnection on late inning data center deal - Management hopes to complete the interconnection this year, acknowledging that the timeline depends on utility processes [56][58] Question: Changes in strategy for new nuclear investments - Management indicated that the strategy is evolving rather than undergoing a major shift, with growing confidence in understanding cost structures and timelines for new nuclear projects [64][66] Question: Pricing trends in data center deals - Management noted that the market is becoming more scarce, leading to expectations of rising prices for capacity and resources [82][84]

Financial Data and Key Metrics Changes - UGI reported year-to-date adjusted diluted earnings per share (EPS) of $3.55, an increase of $0.33 compared to the prior year period, marking a record performance [6] - For the fiscal third quarter, adjusted diluted EPS was negative $0.01, down from positive $0.06 in the prior year period, reflecting typical seasonal patterns [7][11] - The company expects to achieve the top end of its fiscal 2025 adjusted EPS guidance range of $3 to $3.15 [18] Business Line Data and Key Metrics Changes - The utility segment added approximately 9,000 residential heating and commercial customers this fiscal year, demonstrating strong fundamentals [8] - AmeriGas is exiting the wholesale business, which represented about 11% of total LPG gallons sold in fiscal 2024 but had little to no earnings contribution [9][10] - UGI International experienced a 9% decline in LPG volumes due to structural conservation and weather impacts, leading to a $19 million decline in total margin [14][15] Market Data and Key Metrics Changes - The utility segment's EBIT was $30 million for the quarter, down from $39 million in the prior year, with total margin up $4 million due to infrastructure programs [13] - Midstream and marketing EBIT was $27 million, down $16 million year-over-year, primarily due to lower natural gas gathering and processing margins [14] - UGI International's EBIT decreased by $14 million, largely due to lower total margins and higher depreciation expenses [15][16] Company Strategy and Development Direction - UGI is focusing on strategic portfolio optimization, with asset sales expected to generate approximately $150 million in proceeds during fiscal 2025 [9][19] - The company is concentrating resources on high-return opportunities while providing financial flexibility to support deleveraging objectives [9] - UGI anticipates benefiting from the One Big Beautiful Bill Act, which may enhance tax expense favorability moving forward [18] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong performance despite typical seasonal challenges, with a focus on operational excellence and financial flexibility [6][18] - The company is optimistic about the upcoming winter season and is preparing for a successful launch into fiscal 2026 [56] - Management highlighted improvements in safety performance as a leading indicator of operational efficiency [40][53] Other Important Information - UGI's leverage ratio was reported at 3.8 times for the quarter, with strong free cash flow generation and available liquidity of approximately $1.9 billion as of June 30, 2025 [18] - The company is actively engaging in discussions with potential generators and other opportunities in Pennsylvania, indicating robust growth prospects in the midstream sector [30][48] Q&A Session Summary Question: Potential benefits from the One Big Beautiful Bill Act - Management indicated that the act will allow retroactive removal of some valuation allowances and may enhance future tax benefits, particularly for AmeriGas [24][26] Question: Investment opportunities in Pennsylvania Midstream business - Management noted ongoing discussions with multiple counterparties and expects to benefit from robust opportunities in both midstream and utility sectors [30][48] Question: Metrics for AmeriGas going into winter - Key metrics include safety improvements, customer service statistics, delivery efficiency, and free cash flow generation [39][41][42] Question: Strategic divestitures and their multiples - Management emphasized that divestitures are evaluated to ensure they are not dilutive and must provide equal or better value than retained assets [31][32] Question: Midstream producer activity and contract expiries - No significant contract expiries are anticipated, and management sees substantial inquiries and opportunities in Pennsylvania for power generation [46][48]

Financial Performance - Year-to-date adjusted diluted EPS increased by 10% from $3.22 in FY24 to $3.55 in FY25[13] - Year-to-date FY25 GAAP diluted EPS is $3.16, compared to $2.52 in year-to-date FY24[14] - Year-to-date FY25 free cash flow is $558 million[14], an 11% increase compared to year-to-date FY24[15] - Available liquidity as of June 30, 2025, is $1.9 billion[14] - The company expects to achieve the top end of its FY25 adjusted EPS guidance range of $3.00 to $3.15 per share[15] Segment Results (Q3 FY25) - Utilities EBIT decreased from $39 million in Q3 FY24 to $30 million in Q3 FY25[22] - Midstream & Marketing EBIT decreased from $43 million in Q3 FY24 to $27 million in Q3 FY25[24] - UGI International EBIT increased from -$19 million in Q3 FY24 to $43 million in Q3 FY25[28] - AmeriGas Propane EBIT decreased from $9 million in Q3 FY24 to -$28 million in Q3 FY25[28, 32] Strategic Initiatives - The company is generating approximately $150 million of cash through LPG asset sales in Hawaii, Italy, and a small cylinder business in the UK[16] - Year-to-date capital expenditure is $605 million, with over 80% allocated to the natural gas businesses[16] - Utilities added approximately 9,000 residential heating and commercial customers year-to-date FY25[16] - AmeriGas is substantially exiting the wholesale business, which represented approximately 11% of total LPG gallons sold and was essentially a breakeven business in FY24[16]