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UGI Q3 Earnings Surpass Estimates, Revenues Decline Y/Y
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UGI Corporation (UGI - Free Report) reported fiscal third-quarter 2024 operating earnings of 6 cents per share, which surpassed the Zacks Consensus Estimate of a loss of 5 cents per share by 220%. The bottom line also increased from break-even earnings in the year-ago quarter.
Total Revenues
Revenues of $1.38 billion missed the consensus estimate of $1.67 billion by 17.3%. The top line also declined 16.9% from the year-ago quarter’s figure of $1.66 billion.
AmeriGas Propane: Revenues of $445 million were down 13.4% from the year-ago quarter. Retail gallons sold during the quarter decreased 12.9% year over year due to warmer weather and continued customer attrition.
UGI International: Revenues totaled approximately $455 million, down 25.5% from the year-ago level. Retail volume decreased 3.8% year over year.
Midstream & Marketing: Revenues of $253 million were down 9.3% year over year.
UGI Utilities: Sales of $257 million were down 7.6% from the year-ago period.
Corporate & Other: This segment incurred a loss of $30 million, wider than the prior-year quarter’s loss of $23 million.
Highlights of the Release
The company reported strong third-quarter results, led by record earnings from resilient and growth-oriented natural gas businesses and improved financial results from UGI International.
The Operating and administrative expenses were down by $38 million year-over-year.
Total interest expenses were $96 million, flat with the year-ago quarter’s figure.
The company has refinanced more than $1 billion of debt so far this year and reduced about $460 million of debt at AmeriGas Propane.
Guidance
UGI anticipates fiscal 2024 adjusted earnings to be in the range of $2.70-$3.00 per share. The Zacks Consensus Estimate is pegged at $2.92 per share, which is higher than $2.85, the midpoint of the company’s guided range.
Spire Inc. (SR - Free Report) reported third-quarter fiscal 2024 loss of 14 cents per share, which beat the Zacks Consensus Estimate of a loss of 18 cents per share by 0.4%.
SR’s long-term (three-to-five years) earnings growth rate is 5%. The consensus estimate for fiscal 2024 earnings per share (EPS) is pegged at $4.26, implying an improvement of 5.2% from the year-earlier level.
National Fuel Gas Company (NFG - Free Report) reported fiscal third-quarter EPS of 99 cents, which beat the Zacks Consensus Estimate of 92 cents by 7.6%. The company’s bottom line decreased 2% from $1.01 in the prior-year quarter.
The consensus estimate for NFG’s 2024 EPS is pegged at $5.13, which implies a decrease of 0.8% from the year-earlier level.
ONE Gas, Inc. (OGS - Free Report) reported second-quarter EPS of 48 cents, which missed the Zacks Consensus Estimate of 49 cents by 2%. The company’s bottom line decreased 17.2% from 58 cents in the prior-year quarter.
The consensus estimate for OGS’ 2024 EPS is pegged at $3.85, implying a decrease of 7% from the year-earlier level.
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UGI Q3 Earnings Surpass Estimates, Revenues Decline Y/Y
UGI Corporation (UGI - Free Report) reported fiscal third-quarter 2024 operating earnings of 6 cents per share, which surpassed the Zacks Consensus Estimate of a loss of 5 cents per share by 220%. The bottom line also increased from break-even earnings in the year-ago quarter.
Total Revenues
Revenues of $1.38 billion missed the consensus estimate of $1.67 billion by 17.3%. The top line also declined 16.9% from the year-ago quarter’s figure of $1.66 billion.
UGI Corporation Price, Consensus and EPS Surprise
UGI Corporation price-consensus-eps-surprise-chart | UGI Corporation Quote
Segmental Results
AmeriGas Propane: Revenues of $445 million were down 13.4% from the year-ago quarter. Retail gallons sold during the quarter decreased 12.9% year over year due to warmer weather and continued customer attrition.
UGI International: Revenues totaled approximately $455 million, down 25.5% from the year-ago level. Retail volume decreased 3.8% year over year.
Midstream & Marketing: Revenues of $253 million were down 9.3% year over year.
UGI Utilities: Sales of $257 million were down 7.6% from the year-ago period.
Corporate & Other: This segment incurred a loss of $30 million, wider than the prior-year quarter’s loss of $23 million.
Highlights of the Release
The company reported strong third-quarter results, led by record earnings from resilient and growth-oriented natural gas businesses and improved financial results from UGI International.
The Operating and administrative expenses were down by $38 million year-over-year.
Total interest expenses were $96 million, flat with the year-ago quarter’s figure.
The company has refinanced more than $1 billion of debt so far this year and reduced about $460 million of debt at AmeriGas Propane.
Guidance
UGI anticipates fiscal 2024 adjusted earnings to be in the range of $2.70-$3.00 per share. The Zacks Consensus Estimate is pegged at $2.92 per share, which is higher 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.
Upcoming Releases
Spire Inc. (SR - Free Report) reported third-quarter fiscal 2024 loss of 14 cents per share, which beat the Zacks Consensus Estimate of a loss of 18 cents per share by 0.4%.
SR’s long-term (three-to-five years) earnings growth rate is 5%. The consensus estimate for fiscal 2024 earnings per share (EPS) is pegged at $4.26, implying an improvement of 5.2% from the year-earlier level.
National Fuel Gas Company (NFG - Free Report) reported fiscal third-quarter EPS of 99 cents, which beat the Zacks Consensus Estimate of 92 cents by 7.6%. The company’s bottom line decreased 2% from $1.01 in the prior-year quarter.
The consensus estimate for NFG’s 2024 EPS is pegged at $5.13, which implies a decrease of 0.8% from the year-earlier level.
ONE Gas, Inc. (OGS - Free Report) reported second-quarter EPS of 48 cents, which missed the Zacks Consensus Estimate of 49 cents by 2%. The company’s bottom line decreased 17.2% from 58 cents in the prior-year quarter.
The consensus estimate for OGS’ 2024 EPS is pegged at $3.85, implying a decrease of 7% from the year-earlier level.