UGI Corp. Q2 Profit Declines; Updates FY View

(RTTNews) - UGI Corp. (UGI) reported that its net income attributable to the company for the second quarter dropped to $225.5 million or $1.07 per share from $245.4 million or $1.38 per share last year.

UGI closed Wednesday regular trading at $27.83, down $1.69 or 5.72 percent.

Adjusted earnings per share was $1.56 compared to $1.43 per share in the prior year.

Total revenues for the quarter declined to $2.23 billion from $2.61 billion last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.52 per share and revenues of $2.5 billion. Analysts' estimates typically exclude special items.

Looking ahead, the company Updated fiscal year 2020 adjusted EPS guidance to a range of $2.45 - $2.55 per share prior to the COVID-19 impact, and anticipate that the pandemic could negatively impact earnings by an additional $0.20 - $0.30 per share. Analysts currently estimate earnings of $2.45 per share.

The company also decreased capital expenditures guidance to $730 million for fiscal 2020 as a result of delays related to COVID-19.