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UGI Corporation (UGI) Q4 Earnings Beat Estimates, Revenues Lag
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UGI Corporation (UGI - Free Report) reported fourth-quarter fiscal 2023 earnings per share of 3 cents against the Zacks Consensus Estimate of a loss of 6 cents. In the year-ago quarter, the company reported break-even earnings per share.
UGI’s adjusted earnings improved year over year due to higher gas utility base rates, benefits from the weather normalization adjustment mechanism at the PA Gas Utility and incremental earnings from the prior year acquisitions of UGI Moraine East and Pennant.
Total Revenues
Revenues of $1,404 million missed the Zacks Consensus Estimate of $2,016 million by nearly 30.4%. The top line also declined by 27.4% from the year-ago quarter’s figure of $1,934 million.
AmeriGas Propane: Revenues of $434 million were down 16.5% from the year-ago quarter. Retail gallons sold during the quarter declined 7% year over year. This was due to customer attrition, structural conservation and continued storage of drivers.
UGI International: Revenues totaled nearly $529 million, down 21.6% from the year-ago level. The year-over-year decline was due to the effect of energy conservation efforts across Europe, mainly due to high global energy prices and the war between Russia and Ukraine, as well as warmer weather.
Midstream & Marketing: Revenues of $261 million were down 56.1% year over year.
UGI Utilities: Sales of $210 million were down 4.5% 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 $30 million, narrower than the prior-year quarter’s loss of $76 million.
Guidance
UGI issued fiscal 2024 adjusted earnings guidance in the range of $2.70 to $3.00 per share. The Zacks Consensus Estimate for the same is pegged at $2.77 per share, lower than $2.85, the midpoint of the company’s guided range.
Atmos Energy (ATO - Free Report) reported fiscal fourth-quarter 2023 earnings of 80 cents per share, which surpassed the Zacks Consensus Estimate of 74 cents by 8.1%. The earnings showed an improvement of 56.9% from the prior-year quarter.
The Zacks Consensus Estimate for ATO’s 2024 earnings is pinned at $6.49 per share, implying a year-over-year improvement of 6.4%.
Spire Inc. (SR - Free Report) delivered a loss of 78 cents per share in fourth-quarter fiscal 2023, much wider than the Zacks Consensus Estimate of a loss of 66 cents.
The Zacks Consensus Estimate for SR’s fiscal 2024 earnings is pegged at $4.17 per share, implying a year-over-year improvement of 8%.
National Fuel Gas Company (NFG - Free Report) reported fourth-quarter fiscal 2023 adjusted operating earnings of 78 cents per share, which missed the Zacks Consensus Estimate of 83 cents by 6%.
NFG’s long-term earnings growth rate is 8.05%. The Zacks Consensus Estimate for NFG’s fiscal 2024 EPS of $5.58 implies year-over-year growth of 7.9%.
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UGI Corporation (UGI) Q4 Earnings Beat Estimates, Revenues Lag
UGI Corporation (UGI - Free Report) reported fourth-quarter fiscal 2023 earnings per share of 3 cents against the Zacks Consensus Estimate of a loss of 6 cents. In the year-ago quarter, the company reported break-even earnings per share.
UGI’s adjusted earnings improved year over year due to higher gas utility base rates, benefits from the weather normalization adjustment mechanism at the PA Gas Utility and incremental earnings from the prior year acquisitions of UGI Moraine East and Pennant.
Total Revenues
Revenues of $1,404 million missed the Zacks Consensus Estimate of $2,016 million by nearly 30.4%. The top line also declined by 27.4% from the year-ago quarter’s figure of $1,934 million.
UGI Corporation Price, Consensus and EPS Surprise
UGI Corporation price-consensus-eps-surprise-chart | UGI Corporation Quote
Segmental Results
AmeriGas Propane: Revenues of $434 million were down 16.5% from the year-ago quarter. Retail gallons sold during the quarter declined 7% year over year. This was due to customer attrition, structural conservation and continued storage of drivers.
UGI International: Revenues totaled nearly $529 million, down 21.6% from the year-ago level. The year-over-year decline was due to the effect of energy conservation efforts across Europe, mainly due to high global energy prices and the war between Russia and Ukraine, as well as warmer weather.
Midstream & Marketing: Revenues of $261 million were down 56.1% year over year.
UGI Utilities: Sales of $210 million were down 4.5% 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 $30 million, narrower than the prior-year quarter’s loss of $76 million.
Guidance
UGI issued fiscal 2024 adjusted earnings guidance in the range of $2.70 to $3.00 per share. The Zacks Consensus Estimate for the same is pegged at $2.77 per share, lower than $2.85, the midpoint of the company’s guided range.
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 Releases
Atmos Energy (ATO - Free Report) reported fiscal fourth-quarter 2023 earnings of 80 cents per share, which surpassed the Zacks Consensus Estimate of 74 cents by 8.1%. The earnings showed an improvement of 56.9% from the prior-year quarter.
The Zacks Consensus Estimate for ATO’s 2024 earnings is pinned at $6.49 per share, implying a year-over-year improvement of 6.4%.
Spire Inc. (SR - Free Report) delivered a loss of 78 cents per share in fourth-quarter fiscal 2023, much wider than the Zacks Consensus Estimate of a loss of 66 cents.
The Zacks Consensus Estimate for SR’s fiscal 2024 earnings is pegged at $4.17 per share, implying a year-over-year improvement of 8%.
National Fuel Gas Company (NFG - Free Report) reported fourth-quarter fiscal 2023 adjusted operating earnings of 78 cents per share, which missed the Zacks Consensus Estimate of 83 cents by 6%.
NFG’s long-term earnings growth rate is 8.05%. The Zacks Consensus Estimate for NFG’s fiscal 2024 EPS of $5.58 implies year-over-year growth of 7.9%.