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UGI Corporation (NYSE: UGI ) on Wednesday announced its financial results for the first quarter of 2023, reporting an increase in net profit.
The Pennsylvania-based company’s adjusted earnings rose sharply to $1.14 per share from $0.93 per share last year. Revenue increased 3% year over year to $2.76 billion.
On a reported basis, UGI posted a net loss of $954 million or $4.54 per share for the first quarter, compared to a loss of $97 million of $0.46 per share in the corresponding period last year.
“We have a solid start to fiscal 2023 with a strong performance from the natural gas business and from the growth investments we have made in recent years, despite the impact of high inflation. Compared to the previous year period, we have cooler weather in U.S. and this helps offset the effects of warmer weather in Europe,” said UGI CEO Roger Perreault.
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