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UGI Q4 Earnings Beat Estimates and Revenues Rise Y/Y

UGI Corporation UGI posted break-even results in fourth-quarter fiscal 2022, which surpassed the Zacks Consensus Estimate of a loss per share of 6 cents. The bottom line improved from the year-ago loss of 34 cents per share.

Total Revenues

Revenues of $1,934 million for the fiscal fourth quarter of 2022 improved by 34.9% from the year-ago quarter’s figure of $1,438 million.

Revenues of $10.1 billion for fiscal 2022 improved by 35.7% from the year-ago figure of $7.4 billion.

UGI Corporation Price, Consensus and EPS Surprise

UGI Corporation Price, Consensus and EPS Surprise
UGI Corporation Price, Consensus and EPS Surprise

UGI Corporation price-consensus-eps-surprise-chart | UGI Corporation Quote

Segmental Results

AmeriGas Propane: Revenues of $2.94 billion for fiscal 2022 were up 13% year over year. Retail gallons sold during the year dropped 8% year over year due to staffing shortages in key delivery-related positions and increased price sensitivity in the higher commodity cost environment.

UGI International: Revenues totaled nearly $3.7 billion in fiscal 2022, up 39% from the year-ago period. During the year, LPG retail volume improved 1% year over year despite 5% warmer weather than the prior year largely due to the recovery of certain COVID-impacted bulk and autogas volumes and favorable crop-drying campaigns.

Midstream & Marketing: Revenues of $2.3 billion for fiscal 2022 are up 65% year over year.

UGI Utilities: Revenues of $1.62 billion were up 50% from the year-ago period.

Corporate & Other: This segment incurred a loss of $469 million in fiscal 2022, wider than the loss of $303 million in the comparable quarter of last year.

Highlights of the Release

As of Sep 30, 2022, UGI reported a strong balance sheet, with available liquidity of approximately $1.7 billion.

Total interest expenses of $329 million in fiscal 2022 were up 6.2% from the year-ago period’s $310 million.

Capital expenditures in fiscal 2022 were $835 million compared with $674 million in the year-ago period. Systematic capital expenditure continues to strengthen UGI’s infrastructure, improving the resilience of the entire operation.

Guidance

UGI provided fiscal 2023 earnings guidance in the range of $2.85-$3.15 per share. The Zacks Consensus Estimate for fiscal 2023 earnings of $2.84 per share is lower than $3, the midpoint of the guided range.

UGI's guidance for fiscal 2023 takes into consideration normal weather, the current tax regime and the divestiture of the energy marketing business located in France in the first quarter of fiscal 2023.

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

Sempra Energy’s SRE third-quarter 2022 adjusted earnings per share (EPS) came in at $1.97, which beat the Zacks Consensus Estimate of $1.79 by 10.1%.

The long-term (three  to five-year) earnings growth of SRE is currently pegged at 5.71%. The Zacks Consensus Estimate for SRE’s 2022 earnings implies year-over-year growth of 3.9%.

DTE Energy Company DTE reported third-quarter 2022 operating EPS of $1.60, which surpassed the Zacks Consensus Estimate of $1.58 by 1.3%.

The long-term earnings growth of DTE is currently pegged at 6%. The Zacks Consensus Estimate for DTE’s 2022 earnings implies year-over-year growth of 0.5%.

ONE Gas Inc. OGS reported third-quarter 2022 operating earnings per share of 44 cents, which surpassed the Zacks Consensus Estimate of 41 cents by 7.3%.

The long-term earnings growth of OGS is currently pegged at 5%. The Zacks Consensus Estimate for OGS’ 2022 earnings implies year-over-year growth of 5.7%.


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