- UGI Corp. (UGI -9.4%) plunges as much as 10% after reporting a wide Q1 earnings miss, citing prolonged warmer than normal weather at UGI International and slightly warmer than normal weather at UGI Utilities.
- UBS analyst Shneur Gershuni calls UGI’s earnings miss "sizeable" and cuts his FY 2019 EPS estimate by ~6% to $2.68.
- On its earnings conference call, UGI’s management would not comment on specific options regarding its structure review with AmeriGas Partners (APU -2%); UGI, via subsidiaries, is the sole general partner and owns 26% of APU.
- APU fared better in the quarter, reporting a 4.2% Y/Y increase in revenues to $820M and adjusted EBITDA of $210.7M vs. $194.1M in the prior-year period, as retail volumes sold rose by 5M gallons due to colder weather in its area of operations.