Unitil Corporation (NYSE:UTL) Q4 2022 Earnings Conference Call February 14, 2023 2:00 PM ET

Company Participants

Todd Diggins - Director of Finance

Tom Meissner - Chairman, President and Chief Executive Officer

Bob Hevert - Senior Vice President, Chief Financial Officer and Treasurer

Dan Hurstak - Controller and Chief Accounting Officer

Conference Call Participants

Operator

Good day, and thank you for standing by. Welcome to the Q4 2022 Unitil 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, Todd Diggins, Director of Finance. Please go ahead, sir.

Todd Diggins

Good morning, and thank you for joining us to discuss Unitil Corporation's fiscal year 2022 financial results. Speaking on the call today will be Tom Meissner, Chairman, President and Chief Executive Officer; and Bob Hevert, Senior Vice President, Chief Financial Officer and Treasurer. Also with us today is Dan Hurstak, Controller and Chief Accounting 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 two, 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 company's 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, President and CEO, Tom Meissner.

Tom Meissner

Great. Thanks, Todd. Good morning, everyone, and thanks for being with us today. I am going to begin on Slide 4 where today we announced another strong year of financial results, with net income of $41.4 million or $2.59 per share. This represents an increase of $0.24 per share or 10.2% over 2021, driven by higher adjusted growth margins achieved through customer growth in execution of our regulatory agenda.