Q3 2024 UGI Corp Earnings Call Transcript
Key Points
- UGI Corp (UGI) reported a solid fiscal third-quarter performance with adjusted earnings per share of $0.06, compared to $0.00 in the prior year.
- The company executed several critical financing transactions, enhancing overall liquidity and addressing upcoming maturities, resulting in available liquidity of $1.9 billion.
- UGI Corp (UGI) achieved a 50% reduction in Scope 1 emissions, positioning the company well to meet its 55% reduction target by the end of fiscal 2025.
- The Utility segment saw an increase in earnings due to higher gas and electric base rates, contributing to a strong year-to-date financial performance.
- UGI International delivered a 43% increase in adjusted earnings per share and generated approximately $140 million in free cash flow, showcasing strong international performance.
- UGI Corp (UGI) recorded a $45 million non-cash impairment related to the Hunlock Creek asset, impacting financial results.
- AmeriGas experienced a 13% reduction in retail volumes due to warmer weather and continued customer loss, leading to a $35 million reduction in total margin.
- The company anticipates a material impact of $0.01 to $0.02 on fiscal 2024 earnings due to damage at the Norgal jetty in France, with potential further impact in fiscal 2025.
- UGI Corp (UGI) is facing challenges with lower LPG volumes and reduced gains from asset sales at AmeriGas, which may affect future earnings.
- The company is still at the top end of its leverage target range, indicating ongoing balance sheet challenges despite recent improvements.
Good day and thank you for standing by. Welcome to the UGI Corporation Q3 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Tameka Morris, Senior Director of Investor Relations. Please go ahead.
Good morning everyone. Thank you for joining our fiscal 2024 third-quarter earnings call. With me today are Mario Longhi, Interim President and CEO; Sean O'Brien, CFO; and Bob Beard, COO. On today's call we will provide a business update and discuss our financial results before concluding with a question-and-answer session.
Before we begin let me remind you that our comments today include certain forward-looking statements, which management believes to be reasonable as of today's date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict. Please read our earnings release and our most recent annual report for an
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