We completed the strategic review of the LPG businesses, primarily focused on AmeriGas... the Board decided that in the current market, the company should focus on a restructuring and operational improvement plan for AmeriGas.
— Filho Longhi
03Detailed Report
UGI
Company UGI
Period
Q2 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 25, 2026
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Executive Summary
UGI Corporation delivered a robust QQ2 2024 performance driven by its natural gas portfolio, supported by favorable regulated utility dynamics and solid cost control. Reported GAAP metrics show revenue of $2.468B with gross profit of $1.274B and operating income of $683M, while adjusted earnings per share (EPS) for the quarter stood at $1.97, catalyzed by a 32% year-over-year increase in adjusted net income from the natural gas businesses. Management highlighted an ongoing program to improve the earnings quality across the portfolio, including significant cost reductions (approximately $27M YoY), and reiterated guidance for fiscal 2024 adjusted EPS in the $2.70–$3.00 range. The quarter also reflected ongoing strategic actions, notably the LPG business review (AmeriGas) and a multi-year plan to stabilize AmeriGas, optimize capital deployment, and strengthen the balance sheet.
Key Performance Indicators
Revenue
Decreasing
2.47B
QoQ: 16.36% | YoY: -20.54%
Gross Profit
Increasing
1.27B
51.62% margin
QoQ: 38.63% | YoY: 32.99%
Operating Income
Increasing
683.00M
QoQ: 8 637.50% | YoY: 167.84%
Net Income
Increasing
496.00M
QoQ: 427.66% | YoY: 350.91%
EPS
Increasing
2.36
QoQ: 424.44% | YoY: 353.85%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: $2.468B (YoY -20.54%; QoQ +16.36%). Gross Profit: $1.274B (YoY +32.99%; QoQ +38.63%). Operating Income: $683M (YoY +167.84%; QoQ +8,637.50%). Net Income: $496M (YoY +350.91%; QoQ +427.66%). EPS (GAAP basic): $2.36; EPS (Diluted): $2.30 (YoY EPS change metrics: +353.85% YoY; +424.44% QoQ). EBITDA: $903M. Cash Flow: Operating cash flow $522M; Free cash flow $353M. Balance sheet highlights: cash and equivalents $308M; total debt $7,117M; net debt $6,809M; cash at period-end $308M. Liquidity and leverage: current ratio 1.214, debt-to-capitalization 0.596, interest coverage 6.83x; payout ratio 15.7%; dividend yield 1.55%. Management reiterated a disciplined capital allocation framework and a long-term objective of 4%–6% EPS growth through 2027 with approximately $3.9B of capex, largely in natural gas utilities.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
2.47B
-20.54%
16.36%
Gross Profit
1.27B
32.99%
38.63%
Operating Income
683.00M
167.84%
8 637.50%
Net Income
496.00M
350.91%
427.66%
EPS
2.36
353.85%
424.44%
Key Financial Ratios
Gross Profit Margin
Good
51.60%
Gross profit margin is healthy and competitive within industry standards
Operating Profit Margin
Excellent
27.70%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Excellent
20.10%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Fair
3.17%
Return on assets is acceptable but below top-tier companies
Return on Equity
Fair
10.30%
Return on equity is acceptable but below top-tier companies
Current Ratio
Adequate
1.21
Current ratio meets minimum requirements but limited cushion
Debt to Equity
High Risk
1.48
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Value
2.54x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Fair Value
1.05x
Price-to-book ratio reasonable for profitable companies
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