UGI Corporation (NYSE:UGI) Q1 2023 Earnings Conference Call February 2, 2023 9:00 AM ET

Company Participants

Tameka Morris - Senior Director of Investor Relations

Roger Perreault - President and Chief Executive Officer

Ted Jastrzebski - Chief Financial Officer

Robert Beard - Chief Operations Officer

Conference Call Participants

Marc Solecitto - Barclays

Michael Gaugler - Janney Montgomery Scott

Operator

Good day and thank you for standing by. Welcome to the UGI Corporation Q1 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Tameka Morris, Senior Director, Investor Relations. Please go ahead.

Tameka Morris

Good morning, everyone, and thank you for joining our fiscal 2023 First Quarter Earnings Call. Today, I'm joined by Roger Perreault, President and CEO; Ted Jastrzebski, CFO; and Bob Beard, Chief Operations Officer. Roger and Ted 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 duty 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. I'll start today by providing an update on the quarter, then Ted will provide an overview of our financial results and our liquidity position. We had a good start to fiscal 2023 as our reportable segments delivered a $63 million increase in EBIT over the prior-year period. In totality, UGI reported adjusted diluted EPS of $1.14 compared to $0.93 in the prior-year period. In fact, our adjusted diluted EPS would have been $0.08 higher without the noncore energy Marketing business. These results reflect the robust performance of our natural gas businesses including the effect of weather that was colder than the prior-year period, higher gas base rates at UGI Utilities and continued growth from our UGI Appalachia assets.