UGI Reports Second Quarter Results and Increases Fiscal 2025 Guidance
"Looking ahead, our natural gas businesses continue to be our primary growth engine, with strategic infrastructure investments predominantly in the regulated utilities businesses, driving rate base expansion. At AmeriGas, the redesign of our business processes and operational practices are underway, as we prioritize enhanced service quality that leads to higher levels of customer retention. Internationally, our disciplined approach is generating strong cash flows that support our corporate priorities. Through focused capital allocation, infrastructure modernization, and strategic portfolio optimization, we are well positioned to create incremental value for our stakeholders."
"We delivered strong second quarter results with adjusted diluted EPS rising 12% year-over-year," said Bob Flexon, President and Chief Executive Officer. "Solid operational execution enabled us to effectively meet the higher demand from colder weather while maintaining cost efficiency. Our year-to-date results demonstrate the company's ability to meet evolving market conditions while maintaining our commitment to operational excellence and improving UGI's financial profile.
Available liquidity of approximately $1.9 billion as of March 31, 2025.
Year-to-date reportable segments earnings before interest expense and income taxes 1 ("EBIT") of $1,112 million compared to $1,073 million in the prior-year period.
Year-to-date GAAP diluted EPS of $3.93 and adjusted diluted EPS of $3.58 compared to GAAP diluted EPS of $2.74 and adjusted diluted EPS of $3.16 in the prior-year period.
Q2 GAAP diluted EPS of $2.19 and adjusted diluted EPS of $2.21 compared to GAAP diluted EPS of $2.30 and adjusted diluted EPS of $1.97 in the prior-year period.
VALLEY FORGE, Pa., May 07, 2025 --( BUSINESS WIRE )--UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended March 31, 2025.
Story Continues
ABOUT UGI
UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the US and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing, and energy marketing services.
Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.
USE OF NON-GAAP MEASURES
Management uses "adjusted net income attributable to UGI Corporation" and "adjusted diluted earnings per share," both of which are non-GAAP financial measures, when evaluating UGI's overall performance. Management believes that these non-GAAP measures provide meaningful information to investors about UGI's performance because they eliminate the impacts of (1) gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions and (2) other significant discrete items that can affect the comparison of period-over-period results. Volatility in net income attributable to UGI can occur as a result of gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions but included in earnings in accordance with U.S. generally accepted accounting principles ("GAAP").
Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures.
The tables on the last page of this press release reconcile net income attributable to UGI Corporation, the most directly comparable GAAP measure, to adjusted net income attributable to UGI Corporation, and diluted earnings per share, the most comparable GAAP measure, to adjusted diluted earnings per share, to reflect the adjustments referred to above.
1 Reportable segments' EBIT represents an aggregate of our reportable operating segment level EBIT, as determined in accordance with GAAP.
2 Because we are unable to predict certain potentially material items affecting diluted earnings per share on a GAAP basis, principally mark-to-market gains and losses on commodity and certain foreign currency derivative instruments, we cannot reconcile fiscal year 2025 adjusted diluted earnings per share, a non-GAAP measure, to diluted earnings per share, the most directly comparable GAAP measure, in reliance on the "unreasonable efforts" exception set forth in SEC rules.
USE OF FORWARD-LOOKING STATEMENTS
This press release contains statements, estimates and projections that are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended). Such statements use forward-looking words such as "believe," "plan," "anticipate," "continue," "estimate," "expect," "may," or other similar words and terms of similar meaning, although not all forward-looking statements contain such words. These statements discuss plans, strategies, events or developments that we expect or anticipate will or may occur in the future. Management believes that these are reasonable as of today's date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management's control; accordingly, there is no assurance that results will be realized. You should read UGI's Annual Report on Form 10-K for a more extensive list of factors that could affect results. We undertake no obligation (and expressly disclaim any obligation) to update publicly any forward-looking statement, whether as a result of new information or future events, except as required by the federal securities laws.
SEGMENT RESULTS ($ in millions, except where otherwise indicated)
Utilities
For the fiscal quarter ended March 31,
2025
2024
(Decrease) Increase
Revenues
$
773
$
646
$
127
20
%
Total margin (a)
$
385
$
363
$
22
6
%
Operating and administrative expenses
$
103
$
97
$
6
6
%
Operating income
$
240
$
225
$
15
7
%
Earnings before interest expense and income taxes
$
241
$
226
$
15
7
%
Gas Utility system throughput - billions of cubic feet
Core market
53
45
8
18
%
Total
128
121
7
6
%
Gas Utility degree days—% colder (warmer) than normal (b)
0.3
%
(16.4
)%
Capital expenditures
$
100
$
91
$
9
10
%
Gas Utility service territory experienced temperatures that were 15% colder than the prior-year period.
Core market volumes increased 18% largely due to colder than prior-year weather.
Total margin increased $22 million primarily resulting from higher core market volumes and continued growth in core market customers, partially offset by the effects of the weather normalization adjustments.
Operating and administrative expenses increased $6 million primarily reflecting, among other things, higher maintenance expenses and higher uncollectible accounts expenses.
Operating income increased $15 million due to the higher total margin ($22 million), partially offset by higher operating and administrative expenses ($6 million) and increased depreciation expense ($3 million) from continued distribution system capital expenditure activity.
Midstream & Marketing
For the fiscal quarter ended March 31,
2025
2024
(Decrease) Increase
Revenues
$
587
$
483
$
104
22
%
Total margin (a)
$
202
$
200
$
2
1
%
Operating and administrative expenses
$
31
$
29
$
2
7
%
Operating income
$
151
$
151
$
—
—
%
Earnings before interest expense and income taxes
$
154
$
153
$
1
1
%
Heating degree days - % colder (warmer) than normal (b)
2.5
%
(13.4
)%
Capital expenditures
$
27
$
33
$
(6
)
(18
)%
Temperatures were 15% colder than the prior-year period.
Total margin increased $2 million largely due to higher margins from capacity management ($5 million) and gas marketing activities ($3 million), partially offset by lower midstream margins ($5 million) which arose mainly from lower natural gas gathering and processing activities and the absence of power generation margin associated with the sale of Hunlock Creek in September 2024.
Operating income was consistent with the prior-year period as higher total margin ($2 million) was offset by increased operating and administrative expenses ($2 million).
UGI International
For the fiscal quarter ended March 31,
2025
2024
(Decrease) Increase
Revenues
$
650
$
673
$
(23
)
(3
)%
Total margin (a)
$
302
$
305
$
(3
)
(1
)%
Operating and administrative expenses (a)
$
142
$
155
$
(13
)
(8
)%
Operating income
$
139
$
124
$
15
12
%
Earnings before interest expense and income taxes
$
143
$
131
$
12
9
%
LPG retail gallons sold (millions)
213
221
(8
)
(4
)%
Heating degree days - % (warmer) than normal (b)
(2.2
)%
(13.2
)%
Capital expenditures
$
17
$
19
$
(2
)
(11
)%
UGI International base-currency results are translated into U.S. dollars based upon exchange rates experienced during the reporting periods. Differences in these translation rates affect the comparison of line item amounts presented in the table above. The functional currency of a significant portion of our UGI International results is the euro and, to a much lesser extent, the British pound sterling. During the 2025 and 2024 three-month periods, the average unweighted euro-to-dollar translation rates were approximately $1.05 and $1.09, respectively, and the average unweighted British pound sterling-to-dollar translation rates were approximately $1.26 and $1.27, respectively.
Temperatures were 2% warmer than normal and 10% colder than the prior-year period.
Retail volumes were 4% lower than the prior-year period largely due to continued structural conservation and the absence of certain customers who previously converted from natural gas to LPG, substantially offset by the effects of colder weather.
Total margin decreased $3 million primarily due to lower LPG volumes and the translation effects of the weaker foreign currencies (~$9 million), substantially offset by higher LPG unit margins.
Operating and administrative expenses decreased $13 million reflecting lower personnel-related, maintenance and distribution expenses and the translation effects of the weaker foreign currencies (~$6 million).
Operating income increased $15 million reflecting lower operating and administrative expenses ($13 million) and higher other operating income, partially offset by lower total margin ($3 million).
Earnings before interest expense and income taxes increased $12 million due to the higher operating income, partially offset by lower realized gains on foreign currency exchange contracts ($3 million).
AmeriGas Propane
For the fiscal quarter ended March 31,
2025
2024
(Decrease) Increase
Revenues
$
848
$
795
$
53
7
%
Total margin (a)
$
446
$
433
$
13
3
%
Operating and administrative expenses
$
257
$
258
$
(1
)
—
%
Operating income / earnings before interest expense and income taxes
$
154
$
138
$
16
12
%
Retail gallons sold (millions)
269
261
8
3
%
Heating degree days - % colder (warmer) than normal (b)
2.8
%
(8.6
)%
Capital expenditures
$
16
$
24
$
(8
)
(33
)%
Temperatures were 3% colder than normal and 11% colder than the prior-year period.
Retail gallons increased 3% due to the impact of the colder weather, partially offset by the effect of net customer attrition.
Total margin increased $13 million due to higher LPG volumes and increased LPG unit margins ($7 million), partially offset by lower fee income ($4 million) primarily attributable to lower fuel recovery fee and tank rental income.
Operating income increased $16 million largely reflecting increased total margin ($13 million) and higher gain from asset sales ($4 million).
(a)
Total margin represents total revenue less total cost of sales. In the case of Utilities, total margin is also reduced by certain revenue-related taxes.
(b)
Deviation from average heating degree days is determined on a 10-year period utilizing volume-weighted weather data.
REPORT OF EARNINGS – UGI CORPORATION
(Millions of dollars, except per share)
(Unaudited)
Three Months Ended
March 31,
Six Months Ended
March 31,
Twelve Months Ended
March 31,
2025
2024
2025
2024
2025
2024
Revenues:
Utilities
$
773
$
646
$
1,258
$
1,139
$
1,717
$
1,627
Midstream & Marketing
587
483
954
877
1,446
1,417
UGI International
650
673
1,288
1,398
2,169
2,538
AmeriGas Propane
848
795
1,475
1,424
2,322
2,372
Corporate & Other (a)
(192
)
(130
)
(279
)
(250
)
(336
)
(303
)
Total revenues
$
2,666
$
2,467
$
4,696
$
4,588
$
7,318
$
7,651
Earnings before interest expense and income taxes:
Utilities
241
226
$
382
$
361
$
421
$
393
Midstream & Marketing
154
153
249
255
307
334
UGI International
143
131
253
248
328
288
AmeriGas Propane
154
138
228
209
161
229
Total reportable segments
692
648
1,112
1,073
1,217
1,244
Corporate & Other (a)
4
81
103
(124
)
(217
)
(779
)
Total earnings before interest expense and income taxes
696
729
1,215
949
1,000
465
Interest expense:
Utilities
(25
)
(24
)
(51
)
(47
)
(97
)
(87
)
Midstream & Marketing
(12
)
(9
)
(24
)
(20
)
(45
)
(43
)
UGI International
(11
)
(11
)
(21
)
(22
)
(43
)
(43
)
AmeriGas Propane
(37
)
(40
)
(70
)
(81
)
(145
)
(162
)
Corporate & Other, net (a)
(17
)
(16
)
(38
)
(30
)
(68
)
(59
)
Total interest expense
(102
)
(100
)
(204
)
(200
)
(398
)
(394
)
Income before income taxes
594
629
1,011
749
602
71
Income tax expense
(115
)
(133
)
(157
)
(159
)
(69
)
(139
)
Net income (loss) attributable to UGI Corporation
$
479
$
496
$
854
$
590
$
533
$
(68
)
Earnings (loss) per share attributable to UGI shareholders:
Basic
$
2.23
$
2.36
$
3.97
$
2.81
$
2.49
$
(0.32
)
Diluted
$
2.19
$
2.30
$
3.93
$
2.74
$
2.46
$
(0.32
)
Weighted Average common shares outstanding (thousands):
Basic
214,976
209,826
214,965
209,789
213,897
210,347
Diluted
218,944
215,245
217,331
215,393
216,319
210,347
Supplemental information:
Net income (loss) attributable to UGI Corporation:
Utilities
$
166
$
155
$
255
$
241
$
251
$
236
Midstream & Marketing
150
120
239
212
265
262
UGI International
93
91
193
174
281
209
AmeriGas Propane
25
37
(21
)
53
(97
)
2
Total reportable segments
434
403
666
680
700
709
Corporate & Other (a)
45
93
188
(90
)
(167
)
(777
)
Total net income (loss) attributable to UGI Corporation
$
479
$
496
$
854
$
590
$
533
$
(68
)
(a)
Corporate & Other includes specific items attributable to our reportable segments that are not included in profit measures used by our Chief Operating Decision Maker in assessing our reportable segments' performance or allocating resources. These specific items are shown in the section titled "Non-GAAP Financial Measures - Adjusted Net Income (Loss) Attributable to UGI and Adjusted Diluted Earnings Per Share" below. Corporate & Other also includes the elimination of certain intercompany transactions.
Non-GAAP Financial Measures - Adjusted Net Income Attributable to UGI and Adjusted Diluted Earnings Per Share.
The following tables reconcile net income attributable to UGI Corporation, the most directly comparable GAAP measure, to adjusted net income attributable to UGI Corporation, and reconcile diluted earnings per share, the most comparable GAAP measure, to adjusted diluted earnings per share, to reflect the adjustments referred to previously:
Three Months Ended
March 31,
Six Months Ended
March 31,
Twelve Months Ended
March 31,
2025
2024
2025
2024
2025
2024
Adjusted net income attributable to UGI Corporation (millions):
Net income (loss) attributable to UGI Corporation
$
479
$
496
$
854
$
590
$
533
$
(68
)
Net gains on commodity derivative instruments not associated with current-period transactions (net of tax of $15, $19, $29, $1, $45 and $11, respectively)
(5
)
(110
)
(69
)
(33
)
(96
)
(42
)
Unrealized losses (gains) on foreign currency derivative instruments (net of tax of $(3), $0, $3, $(6), $0 and $(3), respectively)
10
(1
)
(6
)
13
3
4
Loss associated with impairment of AmeriGas Propane goodwill (net of tax of $0, $0, $0, $0, $(3), and $4, respectively)
—
—
—
—
192
660
Loss on extinguishment of debt (net of tax of $0, $0, $0, $0, $(3) and $(2), respectively)
—
—
—
—
6
7
Impairment of equity method investments and assets (net of tax of $0, $(2), $0, $(2), $(1) and $(2), respectively)
—
5
—
5
25
5
Business transformation expenses (net of tax of $0, $0, $0, $0, $0, and $(2), respectively)
—
—
—
—
—
4
Costs associated with exit of the UGI International energy marketing business (net of tax of $0, $(1), $0, $(14), $(1) and $(17), respectively)
—
1
—
66
3
77
AmeriGas operations enhancement for growth project (net of tax of $0, $(1), $0, $(3), $(3) and $(6), respectively)
—
5
—
10
9
18
Restructuring costs (net of tax of $0, $(9), $0, $(10), $(10) and $(10), respectively)
—
27
—
30
26
30
Net gain on sale of UGI headquarters building (net of tax of $0, $0, $0, $0, $0 and $4, respectively)
—
—
—
—
—
(10
)
Loss on disposal of UGID (net of tax of $0, $0, $0, $0, $(11), and $0, respectively)
—
—
—
—
55
—
Total adjustments (1)
5
(73
)
(75
)
91
223
753
Adjusted net income attributable to UGI Corporation
$
484
$
423
$
779
$
681
$
756
$
685
Adjusted diluted earnings per share:
UGI Corporation earnings (loss) per share — diluted (2)
$
2.19
$
2.30
$
3.93
$
2.74
$
2.46
$
(0.32
)
Net gains on commodity derivative instruments not associated with current-period transactions
(0.03
)
(0.50
)
(0.32
)
(0.16
)
(0.44
)
(0.29
)
Unrealized losses (gains) on foreign currency derivative instruments
0.05
—
(0.03
)
0.06
0.01
0.02
Loss associated with impairment of AmeriGas Propane goodwill
—
—
—
—
0.89
3.14
Loss on extinguishment of debt
—
—
—
—
0.03
0.03
Impairment of equity method investments and assets
—
0.02
—
0.02
0.12
0.02
Business transformation expenses
—
—
—
—
—
0.02
Costs associated with the exit of the UGI International energy marketing business
—
—
—
0.31
0.01
0.37
AmeriGas operations enhancement for growth project
—
0.02
—
0.05
0.04
0.09
Restructuring costs
—
0.13
—
0.14
0.12
0.14
Net gain on sale of UGI headquarters building
—
—
—
—
—
(0.05
)
Loss on disposal of UGID
—
—
—
—
0.25
—
Total adjustments (2)
0.02
(0.33
)
(0.35
)
0.42
1.03
3.49
Adjusted diluted earnings per share (2)
$
2.21
$
1.97
$
3.58
$
3.16
$
3.49
$
3.17
(1)
Income taxes associated with pre-tax adjustments determined using statutory business unit tax rates.
(2)
The loss per share for the twelve months ended March 31, 2024, was determined excluding the effect of 5.76 million dilutive shares as the impact of such shares would have been antidilutive to the net loss for the period. Adjusted earnings per share for the twelve months ended March 31, 2024, was determined based upon fully diluted shares of 216.11 million.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250507091250/en/
Contacts
INVESTOR RELATIONS
Tel: +1 610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498
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Birkenstock CEO Says Well-Positioned To Navigate Tariffs, Reaffirms Outlook
Birkenstock Holding (NYSE:BIRK) shares are trading lower on Wednesday. The company reported third-quarter adjusted earnings per share of 70 cents, beating the analyst consensus estimate of 67 cents. Quarterly sales of $720.12 million missed the Street view of $739.49 million.'Reported revenue growth was 12%. On a constant currency basis, we grew revenue by 16%, with double-digit growth in all regions. Underlying demand remains strong and we are on track to meet our target of constant currency growth at the high end of the 15-17% range we provided at the beginning of the year,' said CEO Oliver Reichert. In Euros, revenue totaled 635 million euros, an increase of 12% on a reported basis and 16% in constant currency. Revenue grew double digits across all segments, rising 10% in the Americas, 13% in EMEA, and 21% in APAC on a reported basis. In constant currency, growth was 16% in the Americas, 13% in EMEA, and 24% in APAC. View more earnings on BIRK Gross profit margin was 60.5%, up 100 basis points from 59.5% a year ago. The increase was driven by price adjustments and improved manufacturing capacity absorption, partially offset by unfavorable currency translation and channel mix. The firm reported adjusted EBITDA of 218 million euros, up 17% year-over-year. Adjusted EBITDA margin totaled 34.4%, up 140 basis points from 33.0% a year ago. 'We believe we are well-positioned to manage the impact of the current 15% US/EU tariff agreement through a combination of pricing adjustment, cost discipline and inventory management to protect the long-term health and profitability of the Birkenstock brand,' the CEO added. The company exited the quarter with cash and equivalents worth 261.834 million euros. During the company's conference call, Birkenstock CEO reportedly said the July 1 price increases in the U.S. were met with no pushback or order cancellations from retailers, signaling strong retailer acceptance despite higher prices. Outlook Birkenstock Holding reaffirmed its fiscal year 2025 sales guidance at $2.254 billion. In fiscal year 2025, the company expects an adjusted EBITDA margin of 31.3% to 31.8%, despite a significantly weaker US dollar. Price Action: BIRK shares are trading lower by 3.40% to $48.52 at last check Thursday. Read Next:Photo by Josh Forden via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Birkenstock CEO Says Well-Positioned To Navigate Tariffs, Reaffirms Outlook originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
