UGI Corporation reports Q2 EPS 0c, consensus 2c

Reports Q2 revenue $1.66B, consensus $1.81B. “This quarter, we continued to execute on our strategy, while taking actions to enhance our financial flexibility,” said CEO Roger Perreault. “We reduced total debt at AmeriGas and, subsequent to the quarter, entered into definitive agreements to divest a substantial portion of the non-core European energy marketing businesses. Adjusted earnings was lower than the prior-year as higher gas rates and increased customer growth in our regulated utilities, higher margin from natural gas gathering and marketing activities, and increased LPG unit margins, were offset by greater operating and administrative expenses across all of our reportable segments. Based on the results of the first nine months of fiscal 2023 and expectations for Q4, we anticipate FY23 adjusted diluted EPS to be at the low end of our guidance range of $2.75 to $2.90. As we continue to navigate the challenging environment, our team is focused on identifying sustainable cost savings, improving the earnings quality of our business and strengthening the balance sheet. We believe that these actions will better position us for future earnings growth and deliver long-term shareholder value.”