UGI Corporation (NYSE:UGI) Q4 2023 Earnings Call Transcript

Gabriel Moreen: Understood. Thanks, Bob. Thanks, Roger.

Roger Perreault: Thank you, Gabe.

Operator: Our next question comes from the line of Michael Gaugler with Janney.

Roger Perreault: Good morning, Michael.

Michael Gaugler: Good morning, everyone. I’d like to go back to the guidance range for a moment. So as I look across your presentation, we’ve got $14 million in new rates at Mountaineer, positive trends at AmeriGas. You’re assuming normal weather across your businesses. I would think there would be some economic benefit from the RNG projects. And then you’ve got new assets of Midstream & Marketing. And you’re taking costs out of the business. So I look at the guidance and where your midpoint is exactly what you did this year. So I’m wondering where the offset to all that good news is that would get you to the midpoint or lower of your guidance.

Roger Perreault: I can start, Michael. I mean, the slide that we have in there — you highlighted all the good news and that is true. We do see some growth. We’re blessed to have a diversified portfolio, so the utility is growing, services is growing. We see international growing slightly. But we do see — it is a rebound year, recovery year for AmeriGas, so we do see volumes continuing to decline in AmeriGas. We do see some impact on our margins at AmeriGas, even on a 2023 to 2024 basis. So bottom line, we’re seeing growth in three divisions and that’s being predominantly offset as we continue to reset and get AmeriGas back on track.

Michael Gaugler: All right, that’s all I had gentlemen. Thank you.

Roger Perreault: Thank you, Mike.

Operator: That concludes today’s question-and-answer session. I’d like to turn the call back to Roger Perreault for closing remarks.

Roger Perreault: Okay. Thank you Liz and thank you all for joining us today. We appreciate your continued interest in UGI. I wish you all a great weekend and Thanksgiving.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.