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UGI Corporation's (UGI) Fiscal Q1 Earnings Beat Estimates
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UGI Corporation (UGI - Free Report) reported first-quarter fiscal 2023 operating earnings of $1.14 per share, beating the Zacks Consensus Estimate of $1.06 per share by 7.5%. In the year-ago quarter, UGI reported earnings of 93 cents per share.
Total Revenues
Revenues of $2,759 million for the fiscal first-quarter improved by 3.2% from the year-ago quarter’s figure of $2,673 million.
AmeriGas Propane: Revenues of $766 million for fiscal first-quarter, 2023 were down 2% from the last year. Retail gallons sold during the year dropped 2% year over year due to continuation of customer attribution, staffing shortages in key delivery-related positions, and structural conservation.
UGI International: Revenues totaled nearly $877 million for fiscal first-quarter, 2023, 16% down from the year-ago period. Retail volume decreased 18% due to warmer weather conditions than prior-year period and lower volumes associated with crop drying during summer.
Midstream & Marketing: Revenues of $669 million for fiscal first-quarter, 2023 are up 25% year over year.
UGI Utilities: Revenues of $592 million were up 41% from the year-ago period.
Corporate & Other: This segment incurred a loss of $145 million for fiscal first-quarter, in contrast to $108 million loss in the prior-year quarter.
Highlights of the Release
As of Dec 31, 2022, UGI reported a strong balance sheet, with available liquidity of approximately $1.2 billion.
The fiscal first-quarter report had total interest expenses of $92 million, up 13.6% from the year-ago quarter’s $81 million.
During the quarter, the company made progress in executing its renewables strategy with additional RNG projects announced in New York and South Dakota. To date, UGI has committed over $450 million to renewables project.
Guidance
UGI aims to deliver 6 - 10% EPS growth and 4% dividend growth over the long-term.
Duke Energy (DUK - Free Report) is scheduled to report fourth-quarter results on Feb 9, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at $1.07 per share, indicating a year-over-year increase of 13.83%.
ONE Gas (OGS - Free Report) is slated to report its fourth-quarter results on Feb 22, after market close. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at $1.2 per share, implying a year-over-year increase of 7.14%.
DTE Transfer (DTE - Free Report) is slated to report its fourth-quarter results on Feb 23, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at $1.21 per share, implying a year-over-year increase of 15.24%.
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UGI Corporation's (UGI) Fiscal Q1 Earnings Beat Estimates
UGI Corporation (UGI - Free Report) reported first-quarter fiscal 2023 operating earnings of $1.14 per share, beating the Zacks Consensus Estimate of $1.06 per share by 7.5%. In the year-ago quarter, UGI reported earnings of 93 cents per share.
Total Revenues
Revenues of $2,759 million for the fiscal first-quarter improved by 3.2% from the year-ago quarter’s figure of $2,673 million.
UGI Corporation Price, Consensus and EPS Surprise
UGI Corporation price-consensus-eps-surprise-chart | UGI Corporation Quote
Segmental Results
AmeriGas Propane: Revenues of $766 million for fiscal first-quarter, 2023 were down 2% from the last year. Retail gallons sold during the year dropped 2% year over year due to continuation of customer attribution, staffing shortages in key delivery-related positions, and structural conservation.
UGI International: Revenues totaled nearly $877 million for fiscal first-quarter, 2023, 16% down from the year-ago period. Retail volume decreased 18% due to warmer weather conditions than prior-year period and lower volumes associated with crop drying during summer.
Midstream & Marketing: Revenues of $669 million for fiscal first-quarter, 2023 are up 25% year over year.
UGI Utilities: Revenues of $592 million were up 41% from the year-ago period.
Corporate & Other: This segment incurred a loss of $145 million for fiscal first-quarter, in contrast to $108 million loss in the prior-year quarter.
Highlights of the Release
As of Dec 31, 2022, UGI reported a strong balance sheet, with available liquidity of approximately $1.2 billion.
The fiscal first-quarter report had total interest expenses of $92 million, up 13.6% from the year-ago quarter’s $81 million.
During the quarter, the company made progress in executing its renewables strategy with additional RNG projects announced in New York and South Dakota. To date, UGI has committed over $450 million to renewables project.
Guidance
UGI aims to deliver 6 - 10% EPS growth and 4% dividend growth over the long-term.
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.
Other Upcoming Releases
Duke Energy (DUK - Free Report) is scheduled to report fourth-quarter results on Feb 9, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at $1.07 per share, indicating a year-over-year increase of 13.83%.
ONE Gas (OGS - Free Report) is slated to report its fourth-quarter results on Feb 22, after market close. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at $1.2 per share, implying a year-over-year increase of 7.14%.
DTE Transfer (DTE - Free Report) is slated to report its fourth-quarter results on Feb 23, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at $1.21 per share, implying a year-over-year increase of 15.24%.