10-K - UGI CORP /PA/ (0000884614) (Filer)

Tue, Nov 26, 10:29 PM (50 days ago)

UGI Corporation (UGI) reported a mixed financial performance for the fiscal year ending September 30, 2024. The company recorded revenues of $7,210 million, down from $8,928 million in the previous year, largely due to lower energy marketing activities and warmer weather affecting demand. Net income attributable to UGI was $269 million, a recovery from a net loss of $1,502 million in fiscal 2023, which included significant goodwill impairment charges. Adjusted net income rose to $658 million, reflecting improved contributions from its Utilities and Midstream & Marketing segments, despite a loss from AmeriGas Propane due to decreased retail volumes and margins. UGI's operating expenses decreased slightly, but the company incurred a goodwill impairment charge of $195 million related to AmeriGas Propane. The company’s strategic focus includes optimizing its operating model and enhancing financial flexibility, particularly in its regulated utilities. The company faces risks from fluctuating commodity prices, regulatory challenges, and competition from alternative energy sources, which could impact future performance. As of September 30, 2024, UGI's total debt stood at approximately $7 billion, with ongoing efforts to manage liquidity and capital expenditures effectively.