UGI Corporation (NYSE: UGI) has announced its financial results for the fiscal year ending September 30, 2024, along with guidance for fiscal year 2025.
Key Highlights:
- GAAP net income reached $269 million, with adjusted net income at $658 million, compared to a GAAP net loss of $(1,502) million and adjusted net income of $613 million in the previous year.
- GAAP diluted earnings per share (EPS) were $1.25, and adjusted diluted EPS were $3.06, compared to GAAP diluted (loss) EPS of $(7.16) and adjusted diluted EPS of $2.84 in the prior year.
- Earnings before interest expense and income tax (EBIT) for reportable segments grew to $1,178 million, a slight increase from $1,158 million in the prior year.
- Operating and administrative expenses were reduced by $75 million across all segments.
- UGI deployed approximately $900 million in capital, with 80% allocated to regulated utilities, primarily for infrastructure replacement and improvement, and the Midstream and Marketing segment.
- The company paid dividends for the 140th consecutive year, achieving a 10-year compound annual growth rate of 6%.
- UGI provided fiscal 2025 adjusted diluted EPS guidance in the range of $2.75 – $3.05.
Leadership Comments:
“Fiscal 2024 was a pivotal year for UGI as we embarked on a multi-year journey to unlock greater value for shareholders,” said Mario Longhi, Board Chair of UGI Corporation. “Strong execution against our strategy led to record EBIT from our natural gas businesses, sustainable reductions in operating and administrative expenses, disciplined capital deployment, improved liquidity, and greater financial flexibility within our balance sheet. We have laid a solid foundation, and with Bob’s leadership, I am confident in UGI’s ability to create further value for our customers, employees, and shareholders.”
Robert Flexon, President and CEO of UGI Corporation, added, “Looking ahead, fiscal 2025 will be an important year as we continue to reset the business and better position UGI to advance on its value creation strategy. We must leverage our highly attractive asset base and build on operational capabilities and strengths to drive meaningful improvement in the company’s financial profile. I am excited to work with the team to create a culture that embodies high performance, operational excellence, superior customer service, and a relentless desire for sustainable growth.”
2025 Outlook:
UGI has provided a fiscal year 2025 adjusted EPS guidance range of $2.75 – $3.05 per diluted share, assuming normal weather conditions and the current tax regime.
