Financial Data and Key Metrics Changes - UGI reported adjusted diluted EPS of 1.14forQ12023,anincreasefrom0.93 in the prior-year period, reflecting a 63millionincreaseinEBITovertheprior−yearperiod[4][9]−TheadjusteddilutedEPSwouldhavebeen0.08 higher without the noncore energy marketing business [4] - The company had available liquidity of 1.2billionattheendofthequarter,withstrongcashflowsgenerated[19]BusinessLineDataandKeyMetricsChanges−AmeriGasreportedEBITof110 million, up from 86millionintheprior−yearperiod,despitea266 million from 82million,attributedtolowervolumeintheEuropeanLPGbusinessandsignificantlywarmerweather[13]−TheMidstreamandMarketingsegmentreportedEBITof107 million, an increase of 25millionovertheprioryear,benefitingfromcolderweatherandincreasedmarginsfromnaturalgasmarketingactivities[15][16]−TheUtilitiessegmenthadEBITof128 million, 30millionhigherthantheprioryear,drivenbya17450 million to renewable projects and aims for 6% to 10% EPS growth and 4% dividend growth over the long term [8] - A strategic growth project at AmeriGas is aimed at enhancing customer experience and operational efficiencies [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by sustained inflationary pressures and geopolitical tensions but expressed confidence in the company's ability to manage these headwinds [20] - The company plans to provide updated guidance at the end of the second quarter, with expectations for continued monitoring of weather impacts [22][23] Other Important Information - UGI Utilities filed a request to increase rates by approximately $11 million to fund ongoing system improvements [6] - The company is also working on bio LPG projects and renewable dimethyl ether as part of its renewable strategy [28] Q&A Session Summary Question: Context around Q1 relative to guidance expectations - Management indicated that Q1 was solid, with some upside due to margin management efficiencies, but did not provide specific guidance for the second quarter yet [21][22] Question: Dynamics in Midstream and Marketing segment - Management noted that December's severe weather volatility contributed to additional benefits, but it is uncertain if this will carry into Q2 [24] Question: Mountaineer gas rate case timeline - Management confirmed plans to file a rate case but did not predict whether it would be effective in FY 2023 or calendar 2023 [25][26] Question: Scale of RNG projects - Management stated that they have a healthy pipeline of RNG projects and are targeting double-digit rates of return while remaining disciplined in project selection [27][28]
