UGI (UGI) Q2 FY2024 earnings: revenue $2.5 billion, down 20.6% on the year

UGI Corp. (UGI) reported revenue of $2.5 billion for Q2 FY2024, the quarter ended 31 March 2024, down 20.6% on the same quarter a year earlier. Net income was $496 million, up 350.9% on the year, and diluted earnings per share $2.30. The figures are the company's own, from the 10-Q it filed with the SEC on 2 May 2024.

Revenue$2.5 billiondown 20.6%

Net income$496 millionup 350.9%

Diluted EPS$2.30

QuarterQ2 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	2,467	2,121	n/a	n/a
Cost of revenue	1,030	1,202	n/a	n/a
Gross profit	1,437	919	n/a	n/a
Gross margin	58.2%	43.3%	n/a
Selling, general and administrative	591	530	n/a	n/a
Operating income	717	232	n/a	n/a
Operating margin	29.1%	10.9%	n/a
Interest expense	100	100	n/a	n/a
Pre-tax income	629	120	n/a	n/a
Income tax	133	26.0	n/a	n/a
Effective tax rate	21.1%	21.7%	n/a
Net income	496	94.0	n/a	n/a
Net margin	20.1%	4.4%	n/a
Diluted EPS	$2.30	$0.44	n/a	n/a

$ million except per share.

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

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	522	119	n/a	n/a
Capital expenditure	169	156	n/a	n/a
Free cash flow	353	-37.0	n/a	n/a
Free cash flow margin	14.3%	-1.7%	n/a
Cash from investing	-188	-165	n/a	n/a
Cash from financing	-324	3.0	n/a	n/a
Depreciation and amortisation	138	137	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	78.0	79.0	n/a	n/a
Dividend per share	$0.38	$0.38	n/a	n/a
Diluted shares, weighted	215m	216m	n/a	n/a
Shares outstanding at period end	210m	210m	n/a	n/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

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	4,822	4,423	n/a	n/a
Non-controlling interest	9.0	9.0	n/a	n/a
Debt	6,730	6,769	n/a	n/a
Other liabilities	4,063	4,515	n/a	n/a
Total liabilities and equity	15,624	15,716	n/a	n/a
Fixed assets	8,608	8,601	n/a	n/a
Goodwill	3,048	3,070	n/a	n/a
Intangible assets	415	430	n/a	n/a
Cash and equivalents	263	204	n/a	n/a
Receivables	1,192	1,188	n/a	n/a
Inventory	375	441	n/a	n/a
Other assets	1,723	1,782	n/a	n/a
Total assets	15,624	15,716	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,404	2,121	2,467	1,380	1,242	2,030	2,666	1,394	1,197	2,083	2,685	1,331
Cost of revenue	579	1,202	1,030	639	658	923	1,301	837	593	1,012	1,187	758
Gross profit	825	919	1,437	741	584	1,107	1,365	557	604	1,071	1,498	573
Gross margin	59%	43%	58%	54%	47%	55%	51%	40%	50%	51%	56%	43%
SG&A	519	530	591	501	510	497	546	481	487	520	559	491
Operating income	237	232	717	67.0	-246	487	700	-93.0	13.0	454	758	-44.0
Operating margin	17%	11%	29%	5%	-20%	24%	26%	-7%	1%	22%	28%	-3%
Interest expense	98.0	100	100	96.0	98.0	102	102	101	106	111	111	109
Pre-tax income	157	120	629	-55.0	-354	417	594	-228	-87.0	351	660	-161
Tax rate	17%	22%	21%	n/a	n/a	10%	19%	n/a	n/a	15%	21%	n/a
Net income	131	94.0	496	-48.0	-273	375	479	-163	-13.0	297	520	-133
Net margin	9%	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 flow	250	119	522	390	151	164	684	289	90.0	66.0	664	242
Capital expenditure	304	156	169	205	266	211	146	222	258	221	170	226
Free cash flow	-54.0	-37.0	353	185	-115	-47.0	538	67.0	-168	-155	494	16.0
Buybacks	0.0	0.0	0.0	0.0	0.0	0.0	17.0	0.0	16.0	12.0	11.0	0.0
Dividends paid	78.0	79.0	78.0	81.0	80.0	81.0	80.0	80.0	81.0	81.0	80.0	80.0
Shares outstanding	211m	210m	210m	215m	215m	215m	214m	215m	215m	215m	214m	214m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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-Q for the period ended 31 March 2024, filed 2 May 2024, accession 0000884614-24-000055: the filing on EDGAR. All of UGI Corp.'s filings: EDGAR company page.

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