Unitil Corp (NYSE:UTL) Q2 2022 Earnings Conference Call August 2, 2022 10:00 AM ET
Company Participants
Todd Diggins - IR Officer
Thomas Meissner - Chairman, President & CEO
Robert Hevert - SVP, CFO & Treasurer
Conference Call Participants
Kody Clark - Bank of America Merrill Lynch
Operator
Good day, and welcome to the Q2 2022 Unitil Earnings Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Mr. Todd Diggins, Director of Finance. Please go ahead, sir.
Todd Diggins
Good morning, and thank you for joining us to discuss Unitil Corporation's Second Quarter 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. We will discuss financial and other information on this call. As we mentioned in the press release announcing this 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 also 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.
Thomas Meissner
Great. Thanks, Todd. Good morning, everyone, and thank you for joining us. Beginning on Slide 4. Today, we announced net income of $4.9 million or $0.30 per share for the second quarter of 2022. Through the first half of the year, net income was $26.4 million or $1.65 per share. This represents an increase of $0.21 per share over the same 6-month period of 2021 supported by higher adjusted gross margins and successful rate case outcomes. Both our electric and gas operating companies in New Hampshire received orders from the Public Utilities Commission bringing a successful conclusion to the rate case process. These rate cases were an important part of our overall regulatory strategy and achieved favorable results for all stakeholders. The comprehensive settlements that were reached demonstrate the productive relationships we have with all parties involved. With the completion of these rate cases, the majority of our distribution revenues are now decoupled, helping stabilize future results. With that, we once again reaffirm our guidance that EPS growth will be above the upper end of our long-term guidance of 5% to 7%, both this year and again in 2023.