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UGI Q2 Earnings Surpass Estimates, Revenues Decline Y/Y
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UGI Corporation (UGI - Free Report) reported fiscal second-quarter 2024 operating earnings of $1.97 per share, which surpassed the Zacks Consensus Estimate of $1.65 by 19.4%. The bottom line also increased 17.3% from the year-ago quarter’s level of $1.68.
Total Revenues
Revenues of $2.47 billion missed the Zacks Consensus Estimate of $3.37 billion by 26.8%. The top line also declined 20.6% from the year-ago quarter’s figure of $3.11 billion.
AmeriGas Propane: Revenues of $795 million were down 8.3% from the year-ago quarter. Retail gallons sold during the quarter decreased 6% year over year due to warmer weather and continued customer attrition.
UGI International: Revenues totaled nearly $673 million, down 29% from the year-ago level. Retail volume decreased 0.5% year over year.
Midstream & Marketing: Revenues of $483 million were down 24.3% year over year.
UGI Utilities: Sales of $646 million were down 16.5% from the figure registered in the year-ago period.
Corporate & Other: This segment incurred a loss of $130 million, wider than the prior-year quarter’s loss of $121 million.
Highlights of the Release
The company reported strong second-quarter results despite warmer-than-normal weather across its service territories, led by higher margins from natural gas marketing activities in its Midstream & Marketing business and reduced operating expenses across the entity.
Total interest expenses came in at $100 million, up 7.5% from the year-ago quarter’s $93 million.
Guidance
UGI issued its fiscal 2024 adjusted earnings guidance in the range of $2.70-$3 per share. The Zacks Consensus Estimate for the same is pegged at $2.90 per share, which is higher than $2.85, the midpoint of the company’s guided range.
UGI is a high-performing, customer-centered and result-driven organization, targeting a long-term EPS growth rate of 4-6%.
ONE Gas, Inc. (OGS - Free Report) is slated to report first-quarter 2024 results on May 6, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.78 per share.
OGS’ long-term (three to five years) earnings growth rate is 5%. It delivered an average earnings surprise of 1.2% in the last four quarters.
Southwest Gas (SWX - Free Report) is slated to report first-quarter 2024 results on May 8, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.70 per share.
SWX’s long-term earnings growth rate is 6%. It delivered an average earnings surprise of 114.7% in the last four quarters.
Atmos Energy Corporation (ATO - Free Report) is slated to report second-quarter fiscal 2024 results on May 8, after market close. The Zacks Consensus Estimate for earnings is pegged at $2.62 per share.
ATO’s long-term earnings growth rate is 7%. It delivered an average earnings surprise of 1.2% in the last four quarters.
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UGI Q2 Earnings Surpass Estimates, Revenues Decline Y/Y
UGI Corporation (UGI - Free Report) reported fiscal second-quarter 2024 operating earnings of $1.97 per share, which surpassed the Zacks Consensus Estimate of $1.65 by 19.4%. The bottom line also increased 17.3% from the year-ago quarter’s level of $1.68.
Total Revenues
Revenues of $2.47 billion missed the Zacks Consensus Estimate of $3.37 billion by 26.8%. The top line also declined 20.6% from the year-ago quarter’s figure of $3.11 billion.
UGI Corporation Price, Consensus and EPS Surprise
UGI Corporation price-consensus-eps-surprise-chart | UGI Corporation Quote
Segmental Results
AmeriGas Propane: Revenues of $795 million were down 8.3% from the year-ago quarter. Retail gallons sold during the quarter decreased 6% year over year due to warmer weather and continued customer attrition.
UGI International: Revenues totaled nearly $673 million, down 29% from the year-ago level. Retail volume decreased 0.5% year over year.
Midstream & Marketing: Revenues of $483 million were down 24.3% year over year.
UGI Utilities: Sales of $646 million were down 16.5% from the figure registered in the year-ago period.
Corporate & Other: This segment incurred a loss of $130 million, wider than the prior-year quarter’s loss of $121 million.
Highlights of the Release
The company reported strong second-quarter results despite warmer-than-normal weather across its service territories, led by higher margins from natural gas marketing activities in its Midstream & Marketing business and reduced operating expenses across the entity.
Total interest expenses came in at $100 million, up 7.5% from the year-ago quarter’s $93 million.
Guidance
UGI issued its fiscal 2024 adjusted earnings guidance in the range of $2.70-$3 per share. The Zacks Consensus Estimate for the same is pegged at $2.90 per share, which is higher than $2.85, the midpoint of the company’s guided range.
UGI is a high-performing, customer-centered and result-driven organization, targeting a long-term EPS growth rate of 4-6%.
Zacks Rank
UGI currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
ONE Gas, Inc. (OGS - Free Report) is slated to report first-quarter 2024 results on May 6, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.78 per share.
OGS’ long-term (three to five years) earnings growth rate is 5%. It delivered an average earnings surprise of 1.2% in the last four quarters.
Southwest Gas (SWX - Free Report) is slated to report first-quarter 2024 results on May 8, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.70 per share.
SWX’s long-term earnings growth rate is 6%. It delivered an average earnings surprise of 114.7% in the last four quarters.
Atmos Energy Corporation (ATO - Free Report) is slated to report second-quarter fiscal 2024 results on May 8, after market close. The Zacks Consensus Estimate for earnings is pegged at $2.62 per share.
ATO’s long-term earnings growth rate is 7%. It delivered an average earnings surprise of 1.2% in the last four quarters.