We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
UGI Corporation (UGI) Q1 Earnings Beat Estimates, Sales Lag
Read MoreHide Full Article
UGI Corporation (UGI - Free Report) reported first-quarter fiscal 2024 earnings per share of $1.20, surpassing the Zacks Consensus Estimate of $1.12 by 7.1%. The bottom line improved 5.2% from the year-ago quarter’s earnings of $1.14.
Total Revenues
Revenues of $2.12 billion missed the Zacks Consensus Estimate of $2.97 billion by nearly 28.77%. The top line also declined by 23% from the year-ago quarter’s figure of $2.75 billion.
AmeriGas Propane: Revenues of $629 million were down 17.8% from the year-ago quarter. Retail gallons sold during the quarter declined 13% year over year. This was due to warmer weather and continued customer attrition.
UGI International: Revenues totaled nearly $725 million, down 17.33% from the year-ago level. This was because temperatures were warmer than normal and colder than the prior-year period, and operating and administrative expenses increased.
Midstream &Marketing: Revenues of $394 million were down 41.1% year over year.
UGI Utilities: Sales of $493 million were down 16.7% from that registered in the year-ago period. The decline was due to warmer weather, partially offset by customer growth.
Corporate & Other: This segment incurred a loss of $120 million, narrower than the prior-year quarter’s loss of $145 million.
Highlights of the Release
Despite warmer-than-normal weather across its service territories, a 77% increase in EBIT was seen in UGI International. This can be attributed to the continued exit of the non-core energy marketing business, higher LPG volumes and increased unit margins.
Liquidity came in at approximately $1.5 billion as of Dec 31, 2023, which is sufficient to meet near-term obligations.
UGI Corporation received approval from the West Virginia Public Service Commission for Mountaineer's gas rate case. The settlement permitted a $13.9 million annual distribution rate increase, effective Jan 1, 2024, which will boost the company’s earnings.
The Southern Company (SO - Free Report) will report fourth-quarter 2023 results on Feb 15 before market open. The Zacks Consensus Estimate for earnings is pegged at 59 cents, implying a year-over-year increase of 126.92%.
The Zacks Consensus Estimate for SO’s 2024 earnings is pegged at $4.01 per share, calling for a year-over-year improvement of 11.48%.
Atmos Energy (ATO - Free Report) will report first-quarter fiscal 2024 results on Feb 6 after market close. The Zacks Consensus Estimate for earnings is pegged at $2.09 per share, suggesting a year-over-year increase of 9.42%.
The Zacks Consensus Estimate for ATO’s fiscal 2024 earnings is pegged at $6.57 per share, implying a year-over-year increase of 7.70%.
National Fuel Gas Company (NFG - Free Report) to report first-quarter fiscal 2024 results on Feb 7 after market close. The Zacks Consensus Estimate for earnings is pegged at $1.32 per share, indicating a year-over-year decline of 28.26%.
The Zacks Consensus Estimate for NFG’s fiscal 2024 earnings is pegged at $4.74 per share, implying a year-over-year decrease of 8.32%.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
UGI Corporation (UGI) Q1 Earnings Beat Estimates, Sales Lag
UGI Corporation (UGI - Free Report) reported first-quarter fiscal 2024 earnings per share of $1.20, surpassing the Zacks Consensus Estimate of $1.12 by 7.1%. The bottom line improved 5.2% from the year-ago quarter’s earnings of $1.14.
Total Revenues
Revenues of $2.12 billion missed the Zacks Consensus Estimate of $2.97 billion by nearly 28.77%. The top line also declined by 23% from the year-ago quarter’s figure of $2.75 billion.
UGI Corporation Price, Consensus and EPS Surprise
UGI Corporation price-consensus-eps-surprise-chart | UGI Corporation Quote
Segmental Results
AmeriGas Propane: Revenues of $629 million were down 17.8% from the year-ago quarter. Retail gallons sold during the quarter declined 13% year over year. This was due to warmer weather and continued customer attrition.
UGI International: Revenues totaled nearly $725 million, down 17.33% from the year-ago level. This was because temperatures were warmer than normal and colder than the prior-year period, and operating and administrative expenses increased.
Midstream & Marketing: Revenues of $394 million were down 41.1% year over year.
UGI Utilities: Sales of $493 million were down 16.7% from that registered in the year-ago period. The decline was due to warmer weather, partially offset by customer growth.
Corporate & Other: This segment incurred a loss of $120 million, narrower than the prior-year quarter’s loss of $145 million.
Highlights of the Release
Despite warmer-than-normal weather across its service territories, a 77% increase in EBIT was seen in UGI International. This can be attributed to the continued exit of the non-core energy marketing business, higher LPG volumes and increased unit margins.
Liquidity came in at approximately $1.5 billion as of Dec 31, 2023, which is sufficient to meet near-term obligations.
UGI Corporation received approval from the West Virginia Public Service Commission for Mountaineer's gas rate case. The settlement permitted a $13.9 million annual distribution rate increase, effective Jan 1, 2024, which will boost the company’s earnings.
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
The Southern Company (SO - Free Report) will report fourth-quarter 2023 results on Feb 15 before market open. The Zacks Consensus Estimate for earnings is pegged at 59 cents, implying a year-over-year increase of 126.92%.
The Zacks Consensus Estimate for SO’s 2024 earnings is pegged at $4.01 per share, calling for a year-over-year improvement of 11.48%.
Atmos Energy (ATO - Free Report) will report first-quarter fiscal 2024 results on Feb 6 after market close. The Zacks Consensus Estimate for earnings is pegged at $2.09 per share, suggesting a year-over-year increase of 9.42%.
The Zacks Consensus Estimate for ATO’s fiscal 2024 earnings is pegged at $6.57 per share, implying a year-over-year increase of 7.70%.
National Fuel Gas Company (NFG - Free Report) to report first-quarter fiscal 2024 results on Feb 7 after market close. The Zacks Consensus Estimate for earnings is pegged at $1.32 per share, indicating a year-over-year decline of 28.26%.
The Zacks Consensus Estimate for NFG’s fiscal 2024 earnings is pegged at $4.74 per share, implying a year-over-year decrease of 8.32%.