UGI Corporation (UGI) Q1 Earnings Beat Estimates, Sales Lag
UGI Corporation UGI 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 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 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 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%.
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