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UGI (UGI) Q4 FY2023 earnings: revenue $1.4 billion, down 27.4% on the year

UGI Corp. (UGI) reported revenue of $1.4 billion for Q4 FY2023, the quarter ended 30 September 2023, down 27.4% on the same quarter a year earlier. Net income was $131 million, down 46.3% on the year, and diluted earnings per share $0.61. The figures are the company's own, from the 10-K it filed with the SEC on 29 November 2023.

Revenue$1.4 billiondown 27.4%
Net income$131 milliondown 46.3%
Diluted EPS$0.61
QuarterQ4 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ4 FY2023Quarter beforeA year earlierChange on the year
Revenue1,404n/an/an/a
Cost of revenue579n/an/an/a
Gross profit825n/an/an/a
Gross margin58.8%n/an/a
Selling, general and administrative519n/an/an/a
Operating income237n/an/an/a
Operating margin16.9%n/an/a
Interest expense98.0n/an/an/a
Pre-tax income157n/an/an/a
Income tax26.0n/an/an/a
Effective tax rate16.6%n/an/a
Net income131n/an/an/a
Net margin9.3%n/an/a
Diluted EPS$0.61n/an/an/a
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ4 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow250n/an/an/a
Capital expenditure304n/an/an/a
Free cash flow-54.0n/an/an/a
Free cash flow margin-3.8%n/an/a
Cash from investing-316n/an/an/a
Cash from financing76.0n/an/an/a
Depreciation and amortisation135n/an/an/a
Buybacks0.0n/an/an/a
Dividends paid78.0n/an/an/a
Diluted shares, weighted216mn/an/an/a
Shares outstanding at period end211mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ4 FY2023Quarter beforeA year earlierChange on the year
Shareholders' equity4,386n/an/an/a
Non-controlling interest8.0n/an/an/a
Debt6,600n/an/an/a
Operating lease liabilities340n/an/an/a
Finance lease liabilities45.0n/an/an/a
Other liabilities4,022n/an/an/a
Total liabilities and equity15,401n/an/an/a
Fixed assets8,547n/an/an/a
Goodwill3,027n/an/an/a
Intangible assets443n/an/an/a
Cash and equivalents241n/an/an/a
Receivables878n/an/an/a
Inventory433n/an/an/a
Other assets1,832n/an/an/a
Total assets15,401n/an/an/a

Quarterly results, the last 12 quarters

Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue1,4042,1212,4671,3801,2422,0302,6661,3941,1972,0832,6851,331
Cost of revenue5791,2021,0306396589231,3018375931,0121,187758
Gross profit8259191,4377415841,1071,3655576041,0711,498573
Gross margin59%43%58%54%47%55%51%40%50%51%56%43%
SG&A519530591501510497546481487520559491
Operating income23723271767.0-246487700-93.013.0454758-44.0
Operating margin17%11%29%5%-20%24%26%-7%1%22%28%-3%
Interest expense98.010010096.098.0102102101106111111109
Pre-tax income157120629-55.0-354417594-228-87.0351660-161
Tax rate17%22%21%n/an/a10%19%n/an/a15%21%n/a
Net income13194.0496-48.0-273375479-163-13.0297520-133
Net margin9%4%20%-3%-22%18%18%-12%-1%14%19%-10%
Diluted EPS$0.61$0.44$2.30-$0.23-$1.27$1.74$2.19-$0.76-$0.06$1.34$2.33-$0.62
Operating cash flow25011952239015116468428990.066.0664242
Capital expenditure304156169205266211146222258221170226
Free cash flow-54.0-37.0353185-115-47.053867.0-168-15549416.0
Buybacks0.00.00.00.00.00.017.00.016.012.011.00.0
Dividends paid78.079.078.081.080.081.080.080.081.081.080.080.0
Shares outstanding211m210m210m215m215m215m214m215m215m215m214m214m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 30 September 2023, filed 29 November 2023, accession 0000884614-23-000104: the filing on EDGAR. All of UGI Corp.'s filings: EDGAR company page.

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