UGI Corporation ( UGI Quick Quote UGI - Free Report) reported fiscal second-quarter 2023 operating earnings of $1.68 per share, which missed the Zacks Consensus Estimate of $1.84 by 8.7%. The bottom line also declined 12% from the year-ago quarter’s level of $1.91. Total Revenues
Revenues of $3,106 million missed the Zacks Consensus Estimate of $4,401 million by 29.4%. The top line also declined 10.4% from the year-ago quarter’s figure of $3,466 million.
Segmental Results AmeriGas Propane: Revenues of $867 million were down 17% from that recorded in the year-ago quarter. Retail gallons sold during the quarter declined 15% year over year. This was due to a shortage of drivers and warmer weather conditions (than the previous year) that also contributed to customer attrition and limited structural conservation. UGI International: Revenues totaled nearly $948 million, down 23% from the year-ago level. Retail volume decreased 10% due to warmer weather conditions. Midstream & Marketing: Revenues of $638 million were down 5% year over year. UGI Utilities: Sales of $774 million were up 9% from that registered in the year-ago period. Corporate & Other: This segment incurred a loss of $121 million, narrower than the prior-year quarter’s loss of $184 million. Highlights of the Release
As of Mar 31, 2023, UGI reported a strong balance sheet, with available liquidity of approximately $1.9 billion.
Total interest expenses came in at $93 million, up 13.4% from the year-ago quarter’s $82 million. During the reported quarter, the company entered into a joint venture with Archaea Energy to develop a renewable natural gas project in Pennsylvania. This brought the total renewables investment to more than $500 million to date. Guidance
UGI reaffirmed its fiscal 2023 adjusted earnings guidance in the range of $2.75-$2.90 per share. The Zacks Consensus Estimate for the same is pegged at $2.87 per share, higher than $2.82, the midpoint of the company’s guided range.
lower than the midpoint of the company’s guided range. UGI aims to deliver 6-10% earnings per share (EPS) growth and 4% dividend growth over the long term. Zacks Rank
UGI currently has a Zacks Rank #3 (Hold). You can see
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