Unitil Corporation (NYSE:UTL) Q2 2023 Earnings Conference Call August 1, 2023 10:00 AM ET

Company Participants

Todd Diggins - Chief Accounting Officer and Controller

Tom Meissner - Chairman, President and CEO

Daniel Hurstak - SVP, CFO and Treasurer

Conference Call Participants

Operator

Good day and thank you for standing by. Welcome to the Unitil's Second Quarter 2023 Earnings Conference Call. At this time all participant are in a 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 would now like to hand the conference over to your speaker today, Todd Diggins, Chief Accounting Officer. Please go ahead.

Todd Diggins

Good morning and thank you for joining us to discuss Unitil Corporation's second quarter 2023 financial results. Speaking on the call today will be Tom Meissner, Chairman and Chief Executive Officer; and Dan Hurstak, Senior Vice President, Chief Financial Officer and Treasurer. Also with us today is Bob Hevert, President and Chief Administrative Officer.

We will discuss financial and other information on this call. As we mentioned in the press release announcing today's call, we have posted information including a presentation to the Investors section of our website at unitil.com. We will refer to that information during this call.

Moving to Slide 2, the comments made today about future operating results or events are forward-looking statements under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that can cause actual results to differ materially from those predicted. Statements made on this call should be considered together with cautionary statements and other information contained in our most recent annual report on Form 10-K and other documents we have filed with or furnished to the Securities and Exchange Commission. Forward-looking statements speak only as of today, and we assume no obligation to update them.

This presentation contains non-GAAP financial measures. The accompanying supplemental information more fully describes these non-GAAP financial measures and includes a reconciliation to the nearest GAAP financial measures. The company believes these non-GAAP financial measures are useful in evaluating its performance.

With that, I will now turn the call over to Chairman and CEO, Tom Meissner.

Tom Meissner

Thanks, Todd. And good morning, everyone. Thanks for joining us today.

Beginning on Slide four, today we announced net income of $4.2 million or $0.25 per share for the second quarter of 2023. Through the first half of 2023, net income was $28.3 million or $1.76 per share, representing an increase of $0.11 or approximately 7% over the same period in 2022. Earnings growth was achieved through execution of our regulatory agenda and are focused on cost control.