VALLEY FORGE, PA — UGI Corporation (NYSE: UGI) has released its financial results for the fiscal quarter ending June 30, 2024. The company reported a GAAP diluted EPS of $(0.23) and an adjusted diluted EPS of $0.06. This marks an improvement from the previous year’s third quarter, which saw a GAAP diluted EPS of $(3.76) and an adjusted diluted EPS of $0.00.
For the year-to-date, UGI achieved a GAAP diluted EPS of $2.52 and an adjusted diluted EPS of $3.22. These figures represent a significant turnaround from the prior year’s GAAP diluted EPS of $(7.78) and adjusted diluted EPS of $2.81. The company also reported earnings before interest expense and income taxes (EBIT) of $1,185 million, compared to $1,076 million in the same period last year.
A standout factor in these results is the $38 million year-over-year reduction in operating and administrative expenses, which impacted all segments positively. On a year-to-date basis, UGI refinanced over $1 billion of debt across the entity and completed approximately $460 million of debt reduction at AmeriGas Propane.
In addition to financial performance, UGI released its sixth annual Environmental, Social, and Governance (ESG) Report titled “The Journey: Managing Climate Risks and Opportunities.” The report outlines the company’s progress on various aspects of its ESG initiatives.
Mario Longhi, Interim President and CEO of UGI, commented on the results: “UGI reported solid fiscal third quarter results, demonstrating steady progress in executing on the key strategic priorities. We delivered one of the strongest year-to-date financial performances in the company’s 140+ year history led by record earnings from our resilient and growth-oriented natural gas businesses and improved financial results from UGI International. Actions taken to achieve sustainable cost savings across the enterprise have also provided a meaningful contribution to our financial performance. Lastly, we continue to execute on our objective to stabilize and optimize the AmeriGas business, including taking cost reduction actions and eliminating inefficiencies. I want to thank our dedicated employees who work hard every day to deliver these results.”
The company remains optimistic about its fiscal year 2024, maintaining its adjusted diluted EPS guidance range of $2.70 to $3.00 per share.
Looking Forward
UGI’s focus continues to be on sustainable value creation for its shareholders. This includes pursuing portfolio optimization and growth, stabilizing and optimizing AmeriGas Propane, creating efficiencies, and improving the balance sheet.
“We are confident in UGI’s ability to create sustainable value for its shareholders through diligent focus and execution of certain key strategic priorities that we shared last quarter: pursuing portfolio optimization and growth, continuing our efforts to stabilize and optimize AmeriGas Propane, creating efficiencies and an optimal cost structure, and driving balance sheet improvement,” Longhi added.
With its solid third-quarter performance and strategic initiatives, UGI Corporation is well-positioned to navigate the evolving energy landscape and deliver continued value to its shareholders and customers.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.