UGI Corporation (NYSE:UGI) Q3 2023 Results Conference Call August 3, 2023 9:00 AM ET

Company Participants

Tameka Morris - SD, IR

Roger Perreault - President, CEO

Sean O'Brien - CFO

Conference Call Participants

Christopher Jeffrey - Mizuho Securities

Julien Dumoulin-Smith - Bank of America

Operator

Good day, and thank you for standing by. Welcome to the UGI Corporation Q3 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator instructions] Please be advised that today's conference is being recorded.

I'd now like to hand the conference over to your speaker today, Tameka Morris. Please go ahead.

Tameka Morris

Good morning, everyone. Thank you for joining our Fiscal 2023 Third Quarter Earnings Call. With me today are Roger Perreault, President and CEO; Sean O'Brien, CFO; and Bob Beard, COO. Roger and Sean will provide an overview of our results and the entire team will then be available to answer your questions.

Before we begin, let me remind you that our comments today include certain forward-looking statements, which management believes to be reasonable as of today's date only. Actual results may differ significantly, because of risks and uncertainties that are difficult to predict. Please read our earnings release and our most recent annual and quarterly reports for an extensive list of factors that could affect results.

We assume no duties to update or revise forward-looking statements to reflect events or circumstances that are different from expectations. We will also describe our business using certain non-GAAP financial measures. Reconciliations of these measures to the comparable GAAP measures are available within our presentation.

Now I'm pleased to turn the call over to Roger.

Roger Perreault

Thank you, Tameka, and good morning, everyone. On our call today. I would like to share several key highlights for the quarter, as well as some important areas of focus as we continue to execute on our strategy. Sean will provide a high-level overview of our quarterly financial performance, and then we will have ample time for your questions. Yesterday, we reported adjusted diluted earnings per share of $0.00 for the quarter and $2.81 on a year-to-date basis. We were pleased to see solid margin improvement in aggregate for our business as this enabled us to withstand cost and inflationary pressures during the quarter.

Year-to-date EBIT from our reportable segments was relatively consistent with prior year, largely due to significant benefits from the weather normalization rider and increased gas base rates in our Pennsylvania gas utility, higher margins, and the attractive fee-based contract structures in our midstream and marketing segment, and higher LPG unit margins in the global LPG businesses that partially offset the impact of lower retail volumes and increased operating and administrative expenses.