The Pennsylvania-based company’s adjusted earnings rose sharply to $1.14 per share from $0.93 per share last year. Revenues increased by 3% annually 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 of last year.
“We had a solid start to fiscal 2023 with robust performance from our natural gas businesses and from the growth investments that we have made in recent years, despite the impact of high inflation. In comparison to the prior-year period, we had colder weather in the U.S. and this helped to offset the effects of significantly warmer weather in Europe,” said UGI’s CEO Roger Perreault.