UGI Corporation (NYSE: UGI) today reported financial results for
the fiscal quarter ended March 31, 2023.
HEADLINES
- 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 taxes1 ("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.
“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."
KEY DRIVERS OF SECOND QUARTER RESULTS
- 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
EARNINGS CALL AND WEBCAST
UGI Corporation will hold a live Internet Audio Webcast of its
conference call to discuss the quarterly earnings and other current
activities at 9:00 AM ET on Thursday, May 4, 2023. Interested
parties may listen to the audio webcast both live and in replay on
the Internet at
https://www.ugicorp.com/investors/financial-reports/presentations
or by visiting the company website https://www.ugicorp.com and
clicking on Investors and then Presentations. A replay of the
webcast will be available after the event through to 11:59 PM ET
May 3, 2024.
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 at 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.
Tables on the last page 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' 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.
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 and
Quarterly Reports on Form 10-Q 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.
Among them are adverse weather conditions (including increasingly
uncertain weather patterns due to climate change) resulting in
reduced demand, the seasonal nature of our business, and
disruptions in our operations and supply chain; cost volatility and
availability of energy products, including propane and other LPG,
natural gas, and electricity, as well as the availability of LPG
cylinders, and the capacity to transport product to our customers;
changes in domestic and foreign laws and regulations, including
safety, health, tax, transportation, consumer protection, data
privacy, accounting, and environmental matters, such as regulatory
responses to climate change; the inability to timely recover costs
through utility rate proceedings; increased customer conservation
measures due to high energy prices and improvements in energy
efficiency and technology resulting in reduced demand; adverse
labor relations and our ability to address existing or potential
workforce shortages; the impact of pending and future legal or
regulatory proceedings, inquiries or investigations; competitive
pressures from the same and alternative energy sources; failure to
acquire new customers or retain current customers, thereby reducing
or limiting any increase in revenues; liability for environmental
claims; customer, counterparty, supplier, or vendor defaults;
liability for uninsured claims and for claims in excess of
insurance coverage, including those for personal injury and
property damage arising from explosions, acts of war, terrorism,
natural disasters, pandemics and other catastrophic events that may
result from operating hazards and risks incidental to generating
and distributing electricity and transporting, storing and
distributing natural gas and LPG in all forms; transmission or
distribution system service interruptions; political, regulatory
and economic conditions in the United States, Europe and other
foreign countries, including uncertainties related to the war
between Russia and Ukraine, the European energy crisis, and foreign
currency exchange rate fluctuations (particularly the euro); credit
and capital market conditions, including reduced access to capital
markets and interest rate fluctuations; changes in commodity market
prices resulting in significantly higher cash collateral
requirements; impacts of our indebtedness and the restrictive
covenants in our debt agreements; reduced distributions from
subsidiaries impacting the ability to pay dividends or service
debt; changes in Marcellus and Utica Shale gas production; the
availability, timing and success of our acquisitions, commercial
initiatives and investments to grow our businesses; our ability to
successfully integrate acquired businesses and achieve anticipated
synergies; the interruption, disruption, failure, malfunction, or
breach of our information technology systems, and those of our
third-party vendors or service providers, including due to
cyber-attack; the inability to complete pending or future energy
infrastructure projects; our ability to achieve the operational
benefits and cost efficiencies expected from the completion of
pending and future business transformation initiatives, including
the impact of customer service disruptions resulting in potential
customer loss due to the transformation activities; our ability to
attract, develop, retain and engage key employees; uncertainties
related to a global pandemic, including the duration and/or impact
of the COVID-19 pandemic; the impact of proposed or future tax
legislation; the impact of declines in the stock market or bond
market, and a low interest rate environment, on our pension
liability; our ability to protect our intellectual property; and
our ability to overcome supply chain issues that may result in
delays or shortages in, as well as increased costs of, equipment,
materials or other resources that are critical to our business
operations.
SEGMENT RESULTS ($ in millions, except where otherwise
indicated)
AmeriGas Propane
For the fiscal quarter ended March 31,
2023
2022
(Decrease) Increase
Revenues
$
867
$
1,048
$
(181
)
(17
)%
Total margin (a)
$
437
$
503
$
(66
)
(13
)%
Operating and administrative expenses
$
263
$
240
$
23
10
%
Operating income/earnings before interest
expense and income taxes
$
138
$
227
$
(89
)
(39
)%
Retail gallons sold (millions)
279
329
(50
)
(15
)%
Heating degree days - % (warmer) colder
than normal (b)
(4.8
)%
2.9
%
Capital expenditures
$
28
$
36
$
(8
)
(22
)%
- Temperatures were 5% warmer than normal and 7% warmer than the
prior-year period.
- Retail gallons sold decreased 15% due to warmer than prior-year
weather, continued shortage of drivers, which also limited growth,
as well as continuation of customer attrition, along with
structural conservation.
- Total margin decreased $66 million largely reflecting the
impact of lower retail volumes.
- Operating and administrative expenses increased $23 million
reflecting, among other things, higher employee compensation and
benefits, overtime and employee-related costs associated with
distribution activity, and vehicle expenses.
UGI International
For the fiscal quarter ended March 31,
2023
2022
(Decrease) Increase
Revenues
$
948
$
1,224
$
(276
)
(23
)%
Total margin (a)
$
315
$
294
$
21
7
%
Operating and administrative expenses
(a)
$
171
$
162
$
9
6
%
Operating income
$
120
$
111
$
9
8
%
Earnings before interest expense and
income taxes
$
128
$
120
$
8
7
%
LPG retail gallons sold (millions)
222
247
(25
)
(10
)%
Heating degree days - % warmer than normal
(b)
(7.0
)%
(5.7
)%
Capital expenditures
$
30
$
23
$
7
30
%
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 2023 and 2022 three-month
periods, the average unweighted euro-to-dollar translation rates
were approximately $1.07 and $1.12, respectively, and the average
unweighted British pound sterling-to-dollar translation rates were
approximately $1.22 and $1.34, respectively.
- Temperatures were 7% warmer than normal and 2% warmer than the
prior-year period.
- Retail volume decreased 10% primarily due to the effect of
energy conservation efforts across Europe largely in part to high
global energy prices and the war between Russia and Ukraine, as
well as warmer weather.
- Total margin increased $21 million reflecting higher LPG unit
margins and increased total margin from energy marketing
operations, partially offset by lower retail volume and the
translation effects of the weaker foreign currencies ($14
million).
- Operating and administrative expenses increased $9 million
reflecting the impact of the global inflationary cost environment
on the underlying distribution and personnel-related costs,
partially offset by the translation effects of the weaker foreign
currencies ($8 million).
- Operating income increased $9 million due to higher total
margin, partially offset by higher operating and administrative
expenses.
Midstream & Marketing
For the fiscal quarter ended March 31,
2023
2022
(Decrease) Increase
Revenues
$
638
$
671
$
(33
)
(5
)%
Total margin (a)
$
159
$
131
$
28
21
%
Operating and administrative expenses
$
35
$
30
$
5
17
%
Operating income
$
103
$
85
$
18
21
%
Earnings before interest expense and
income taxes
$
105
$
90
$
15
17
%
Heating degree days - % warmer than normal
(b)
(18.0
)%
(2.8
)%
Capital expenditures
$
23
$
10
$
13
130
%
- Temperatures were 18% warmer than normal and 17% warmer than
the prior-year period.
- Total margin increased $28 million primarily reflecting higher
natural gas marketing activities ($11 million), including peaking
and capacity management activities, and increased margins from
prior-year acquisitions of UGI Moraine East and Pennant ($16
million).
- Operating income increased $18 million reflecting higher total
margin, partially offset by higher operating and administrative
expense ($5 million) and depreciation and amortization expenses ($4
million).
- Earnings before interest expense and income taxes increased $15
million due to the higher operating income ($18 million), partially
offset by lower income from equity method investments following the
acquisition of the remaining interest in Pennant.
Utilities
For the fiscal quarter ended March 31,
2023
2022
Increase
Revenues
$
774
$
707
$
67
9
%
Total margin (a)
$
338
$
317
$
21
7
%
Operating and administrative expenses
$
97
$
91
$
6
7
%
Operating income
$
203
$
191
$
12
6
%
Earnings before interest expense and
income taxes
$
205
$
194
$
11
6
%
Gas Utility system throughput - billions
of cubic feet
Core market
44
52
(8
)
(15
)%
Total
125
123
2
2
%
Gas Utility heating degree days - % warmer
than normal (b)
(19.7
)%
(3.4
)%
Capital expenditures
$
133
$
101
$
32
32
%
- Gas Utility service territory experienced temperatures that
were 20% warmer than normal and 17% warmer than the prior-year
period.
- Core market volumes decreased due to warmer weather, partially
offset by customer growth.
- Total margin increased $21 million primarily due to the
increase in our PA Gas Utility base rates that went into effect at
the end of October 2022 ($19 million), and higher Distribution
System Improvement Charge (DSIC) and Infrastructure Replacement and
Expansion Program (IREP) benefits. Total margin was impacted by
benefits from the weather normalization rider in our PA Gas Utility
which largely offset the effects of warmer weather.
- Operating and administrative expenses increased $6 million
largely due to an increase in uncollectible accounts expense,
contract labor costs, among other things.
- Operating income increased $12 million due to the higher total
margin, partially offset by higher operating and administrative
expenses and higher depreciation expense from continued
distribution system capital expenditure activity.
(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,
2023
2022
2023
2022
2023
2022
Revenues:
AmeriGas Propane
$
867
$
1,048
$
1,633
$
1,826
$
2,750
$
2,834
UGI International
948
1,224
1,825
2,273
3,238
3,390
Midstream & Marketing
638
671
1,307
1,206
2,427
1,787
Utilities
774
707
1,366
1,126
1,860
1,463
Corporate & Other (a)
(121
)
(184
)
(266
)
(292
)
(443
)
(401
)
Total revenues
$
3,106
$
3,466
$
5,865
$
6,139
$
9,832
$
9,073
Earnings (loss) before interest expense
and income taxes:
AmeriGas Propane
$
138
$
227
$
248
$
313
$
242
$
318
UGI International
128
120
194
202
246
234
Midstream & Marketing
105
90
212
172
309
203
Utilities
205
194
333
292
377
314
Total reportable segments
576
631
987
979
1,174
1,069
Corporate & Other (a)
(319
)
717
(1,961
)
308
(1,719
)
1,328
Total earnings (loss) before interest
expense and income taxes
257
1,348
(974
)
1,287
(545
)
2,397
Interest expense:
AmeriGas Propane
(39
)
(38
)
(82
)
(79
)
(163
)
(158
)
UGI International
(9
)
(8
)
(16
)
(15
)
(29
)
(29
)
Midstream & Marketing
(11
)
(10
)
(22
)
(20
)
(43
)
(41
)
Utilities
(21
)
(16
)
(42
)
(32
)
(75
)
(60
)
Corporate & Other, net (a)
(13
)
(10
)
(23
)
(17
)
(41
)
(29
)
Total interest expense
(93
)
(82
)
(185
)
(163
)
(351
)
(317
)
Income (loss) before income taxes
164
1,266
(1,159
)
1,124
(896
)
2,080
Income tax (benefit) expense (b)
(54
)
(332
)
315
(286
)
288
(567
)
Net income (loss) including noncontrolling
interests
110
934
(844
)
838
(608
)
1,513
(Deduct net income) add net loss
attributable to noncontrolling interests
—
(1
)
—
(2
)
1
(2
)
Net income (loss) attributable to UGI
Corporation
$
110
$
933
$
(844
)
$
836
$
(607
)
$
1,511
Earnings (loss) per share attributable to
UGI shareholders:
Basic
$
0.52
$
4.44
$
(4.02
)
$
3.98
$
(2.89
)
$
7.21
Diluted
$
0.51
$
4.32
$
(4.02
)
$
3.87
$
(2.89
)
$
7.02
Weighted Average common shares outstanding
(thousands):
Basic
209,857
210,163
209,902
209,919
209,962
209,598
Diluted
216,120
215,928
209,902
215,936
209,962
215,216
Supplemental information:
Net income (loss) attributable to UGI
Corporation:
AmeriGas Propane
$
73
$
138
$
122
$
172
$
62
$
116
UGI International
92
89
137
146
166
176
Midstream & Marketing
66
58
143
109
197
117
Utilities
143
134
224
197
233
193
Total reportable segments
374
419
626
624
658
602
Corporate & Other (a)
(264
)
514
(1,470
)
212
(1,265
)
909
Total net income (loss) attributable to
UGI Corporation
$
110
$
933
$
(844
)
$
836
$
(607
)
$
1,511
(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
Attributable to UGI and Adjusted Diluted Earnings Per Share" below.
Corporate & Other also includes the elimination of certain
intercompany transactions.
(b)
Income tax expense for the twelve
months ended March 31, 2023 includes a $20 million income tax
benefit from adjustments as a result of the changes in the
Pennsylvania corporate income tax rates for future years, signed
into law in July 2022.
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,
2023
2022
2023
2022
2023
2022
Adjusted net income attributable to UGI
Corporation (millions):
Net income (loss) attributable to UGI
Corporation
$
110
$
933
$
(844
)
$
836
$
(607
)
$
1,511
Net losses (gains) on commodity derivative
instruments not associated with current-period transactions (net of
tax of $(66), $204, $(429), $93, $(382) and $429, respectively)
235
(535
)
1,234
(243
)
1,019
(1,107
)
Unrealized losses (gains) on foreign
currency derivative instruments (net of tax of $(3), $(1), $(14),
$1, $(1) and $4, respectively)
7
—
36
(4
)
4
(14
)
Loss on extinguishment of debt (net of tax
of $0, $0, $0, $(3), $0 and $(3), respectively)
—
—
—
8
—
8
Acquisition and integration expenses
associated with the Mountaineer Acquisition (net of tax of $0, $0,
$0, $0, $(1) and $(3), respectively)
—
—
—
1
—
9
Business transformation expenses (net of
tax of $0, $0, $(1), $(1), $(2), and $(19), respectively)
2
2
3
3
7
50
Loss on disposal of U.K. energy marketing
business (net of tax of $0, $0, $(64), $0, $(64) and $0,
respectively)
—
—
151
—
151
—
Impact of change in tax law
—
—
—
—
(19
)
—
Impairment of customer relationship
intangible (net of tax of $0, $0, $0, $0, $0 and $(5),
respectively)
—
—
—
—
—
15
AmeriGas operations enhancement for growth
project (net of tax of $(1), 0, $(3), $0, $(3) and $0,
respectively)
5
—
10
—
10
—
Impairment of certain equity method
investments and assets (net of tax of $0, $0, $0, $0, $(14) and $0,
respectively)
—
—
—
—
26
93
Restructuring costs (net of tax of $0,
$(5), $0, $(5), $(5) and $(5), respectively)
—
13
—
13
11
13
Impairment of assets (net of tax of $4,
$0, $0, $0, $0 and $0, respectively)
4
—
19
—
19
—
Total adjustments (1)
253
(520
)
1,453
(222
)
1,228
(933
)
Adjusted net income attributable to UGI
Corporation
$
363
$
413
$
609
$
614
$
621
$
578
Adjusted diluted earnings per
share:
UGI Corporation earnings (loss) per share
— diluted (2)
$
0.51
$
4.32
$
(4.02
)
$
3.87
$
(2.89
)
$
7.02
Net losses (gains) on commodity derivative
instruments not associated with current-period transactions
1.09
(2.48
)
5.80
(1.11
)
4.78
(5.13
)
Unrealized losses (gains) on foreign
currency derivative instruments
0.03
—
0.17
(0.02
)
0.02
(0.07
)
Loss on extinguishment of debt
—
—
—
0.03
—
0.04
Acquisition and integration expenses
associated with the Mountaineer Acquisition
—
—
—
—
—
0.04
Business transformation expenses
0.01
0.01
0.01
0.01
0.03
0.23
Loss on disposal of U.K. energy marketing
business
—
—
0.72
—
0.72
—
Impact of change in tax law
—
—
—
—
(0.09
)
—
Impairment of customer relationship
intangible
—
—
—
—
—
0.07
AmeriGas operations enhancement for growth
project
0.02
—
0.05
—
0.05
—
Impairment of certain equity method
investments and assets
—
—
—
—
0.12
0.43
Restructuring costs
—
0.06
—
0.06
0.05
0.06
Impairment of assets
0.02
—
0.09
—
0.09
—
Total adjustments (2)
1.17
(2.41
)
6.84
(1.03
)
5.77
(4.33
)
Adjusted diluted earnings per share
(2)
$
1.68
$
1.91
$
2.82
$
2.84
$
2.88
$
2.69
(1)
Income taxes associated with
pre-tax adjustments determined using statutory business unit tax
rates.
(2)
The loss per share for the six
and twelve months ended March 31, 2023, was determined excluding
the effect of 6.35 million dilutive shares and 5.99 million
dilutive shares, respectively, as the impact of such shares would
have been antidilutive to the net loss for the period. Adjusted
earnings per share for the six and twelve months ended March 31,
2023, was determined based upon fully diluted shares of 216.25
million and 215.95 million, respectively.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230503005933/en/
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