UGI Reports Second Quarter Results and Updates Fiscal 2023 Guidance

UGI Corporation

VALLEY FORGE, PA — UGI Corporation (NYSE: UGI) recently reported financial results for the fiscal quarter ended March 31, 2023.


  • Q2 GAAP diluted earnings per share (“EPS”) of $0.51 and adjusted diluted EPS of $1.68 compared to GAAP diluted EPS of $4.32 and adjusted diluted EPS of $1.91 in the prior-year period.
  • Year-to-date GAAP diluted EPS of $(4.02) and adjusted diluted EPS of $2.82 compared to GAAP diluted EPS of $3.87 and adjusted diluted EPS of $2.84 in the prior-year period.
  • Q2 reportable segments earnings before interest expense and income taxes(“EBIT”) of $576 million compared to $631 million in the prior-year period.
  • Available liquidity of approximately $1.9 billion as of March 31, 2023.
  • Entered into a joint venture with Archaea Energy to develop a renewable natural gas project in Pennsylvania, bringing our total renewables investment to over $500 million to date.
  • Announced the 36th consecutive year of annual dividend increases.
  • Updated fiscal 2023 adjusted diluted EPS guidance to a range of $2.75 – $2.902 per share.

Roger Perreault, President and Chief Executive Officer of UGI Corporation said, “Our fiscal second quarter was impacted by warm weather across all of our reportable segments as well as severe weather events in the West. Despite these pressures, our natural gas businesses delivered solid results, largely due to the weather normalization rider at our Pennsylvania (PA) Gas Utility and the fee-based contract structures in place at our Midstream & Marketing business. In the global LPG businesses, margin was impacted by driver shortages and other volume shortfall at AmeriGas, significant energy conservation in Europe, and weather challenges. These headwinds were partially offset by year-over-year benefits in the non-core European energy marketing operations, where we continue to execute on our exit strategy.

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“Given the fiscal second quarter results and our year-to-date performance, we expect adjusted diluted EPS for fiscal 2023 to be within a revised guidance range of $2.75 to $2.902. Our teams have implemented several expense control and margin management actions which are expected to provide incremental benefits for the remainder of the fiscal year.

“In addition to the disciplined execution of our strategy, we remain committed to transforming AmeriGas operationally and positioning it for growth. At UGI, we are confident that our diversified business model, strategy, and balance sheet strength provide a solid foundation to support continued earnings and dividend growth. I want to thank our global team for their dedication as they serve our customers and the communities around us.”


  • AmeriGas: Total margin down $66 million, due to lower retail volume largely resulting from warmer than prior- year weather, particularly in key regions, continued driver shortages, which also limited growth, as well as continuation of customer attrition
  • UGI International: Total margin up $21 million, reflecting lower retail LPG volume resulting from the mild winter weather and energy conservation efforts driven by the European geopolitical situation, offset by higher margin from the non-core European energy marketing operations and increased LPG margin
  • Midstream & Marketing: EBIT up $15 million, primarily reflecting increased margins from natural gas marketing activities as well as incremental earnings from the UGI Appalachia acquisitions of UGI Moraine East (formerly Stonehenge) and Pennant
  • Utilities: EBIT up $11 million, primarily due to higher gas rates in our PA Gas Utility as well as benefits from the weather normalization rider that largely offset the significantly warmer weather
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1 Reportable segments’ earnings before interest expense and income taxes 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 2023 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.

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