UGI Corporation (UGI) reports earnings

UGI Corporation (UGI+0.37%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.

The filing includes financial statements for the year, showing a decrease in revenues to $7.21 billion from $8.93 billion in the previous year. This decrease is attributed to lower sales volumes and pricing in its propane and natural gas segments.

Operating income for the year was $770 million, compared to an operating loss of $1.44 billion in the previous year, primarily due to lower impairment charges and improved margins in certain segments.

The company reported a net income of $269 million for the year, compared to a net loss of $1.5 billion in the previous year. This improvement was driven by reduced losses on derivative instruments and lower impairment charges.

UGI Corporation's Utilities segment reported an increase in adjusted net income to $237 million, up from $219 million in the previous year, due to higher base rates and customer growth.

The Midstream & Marketing segment's adjusted net income increased to $238 million from $193 million, benefiting from higher capacity management activities and lower tax expenses.

UGI International's adjusted net income rose to $262 million from $172 million, mainly due to improved margins in the LPG business and lower operating expenses.

The AmeriGas Propane segment reported an adjusted net loss of $23 million, compared to an income of $71 million in the previous year, due to lower sales volumes and margins.

UGI Corporation's total debt at the end of the fiscal year was approximately $7.14 billion, with the company maintaining compliance with all debt covenants.

The company continues to focus on optimizing its operations and capital structure to drive reliable earnings growth and enhance shareholder value.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the UGI Corporation annual 10-K report dated November 26, 2024. To report an error, please email earnings@qz.com.