On this page of StockholderLetter.com we present the latest annual shareholder letter from UGI CORP /PA/ — ticker symbol UGI. Reading current and past UGI letters to shareholders can bring important insights into the investment thesis.
2024 Annual Report
CORPORATE PROFILE International distributor and marketer of energy products and services, including natural gas, LPG, electricity and renewable energy solutions, with robust infrastructure in key markets. MISSION To provide best-in-class energy solutions by striving for the highest safety standards, operational excellence, and outstanding customer satisfaction. Essential to the achievement of our vision, we consistently deliver strong, reliable financial results while providing an environment where all our people can thrive, develop their potential, and positively impact the communities we serve. Safety Accountability Reliability CORE VALUES Respect Integrity Excellence UGI Corporation 2024 Annual Report Sustainability 2
OUR BUSINESSES Natural Gas Second largest regulated gas utility in Pennsylvania1 Largest regulated gas utility in West Virginia1 A ractive historical rate base CAGR and ROE Strategic midstream assets and energy marketing business Significant fee-based income Global LPG LPG distributor in 16 countries throughout Europe Largest LPG distributor in France, Austria, Belgium, Denmark, and Luxembourg Largest retail LPG distributor in the US based on the volume of propane gallons distributed annually Broad geographic footprint with ~1,360 distribution locations serving customers in all 50 states 1. Based on total customers FY ADJUSTED DILUTED EPS BUSINESS CONTRIBUTION FY CAPITAL EXPENDITURES 20 Natural Gas Global LPG G LP Glob al 33% $897M Na 67% u t ra l G as 0% 8 Includes investments in equity method investees. 17 ~9,750 2.5+M Countries Employees Customers ~19,000 ~4.6 bcf/day $4.2B Miles of Gas Mains UGI Corporation 2024 Annual Report Natural Gas Pipeline Capacity Rate Base 3
YEARS OF CONSECUTIVELY PAYING DIVIDENDS 10 Year CAGR: 6% Dividends Per Share 1 ($) $0.87 $0.91 $0.95 $1.00 $1.04 2014 2015 2016 2017 2018 $1.30 $1.32 $1.38 $1.44 $1.50 $1.50 2019 2020 2021 2022 2023 2024 1. Adjusted for stock splits. Dividend figures represent annualized dividends based on the last dividend issued in that fiscal year. UGI Corporation 2024 Annual Report 4
A MESSAGE TO OUR SHAREHOLDERS Fiscal 2024 was a pivotal year for UGI as we embarked on a multi-year journey to drive be er business performance in order to enhance our financial profile. We took decisive actions to enhance our leadership team, create greater operational efficiencies and strengthen our balance sheet. Amongst that backdrop, the company realized the highest adjusted diluted earnings per share in its history, which is reflective of the resiliency of our business, our highly a ractive asset base, and the hard work of our dedicated employees. Solid financial performance. Three of our business segments delivered their strongest earnings before interest expense and taxes driven by higher margins and greater operational efficiencies, which helped to offset the impact of lower financial results at AmeriGas Propane where there is continued focus on stabilizing operations and improving customer service. We recognize that improvement in these areas is critical to unlocking greater value for our shareholders. Also, crucial to our success as an organization is disciplined capital allocation that aligns with our business strategy. In Fiscal 2024, approximately 80% of the capital deployed was invested in the natural gas businesses, primarily in infrastructure replacement and be erment at our regulated utilities. At the Midstream business, we began construction of two facilities that will expand our LNG storage, vaporization, and liquefaction capacity, and strengthen our position for increasing natural gas demand. Today, the runway and depth of opportunities to grow our natural gas businesses is unparalleled in our history and so we are focused on balance sheet management so that we can capitalize on these opportunities. Creating value for our shareholders remains top of mind. This year, we proudly continued UGI s strong track record of returning value to shareholders through dividend payments. Over our 142-year history, we have paid dividends for 140 consecutive years and provided a 10-year dividend compound annual growth rate of 6%. ADJUSTED DILUTED EPS 6% $2.28 2019 $2.67 2020 $2.96 $2.90 $2.84 2021 2022 2023 $3.06 2024 Adjusted diluted earnings per share (EPS) is a non-GAAP measure. For reconciliation, see UGI Corporation's Annual Reports on Form 10-K. FY ENERGY DELIVERED 556 bcf Natural Gas Delivered UGI Corporation 2024 Annual Report 980 gwh Electricity Delivered 1.7B LPG Gallons Sold 5
 • shareholder letter icon 12/19/2024 Letter Continued (Full PDF)
 • stockholder letter icon 12/15/2023 UGI Stockholder Letter
 • stockholder letter icon More "Gas Utilities" Category Stockholder Letters
 • Benford's Law Stocks icon UGI Benford's Law Stock Score = 97


UGI Shareholder/Stockholder Letter Transcript:

2024 Annual Report

CORPORATE PROFILE
International distributor and marketer of energy products and services,
including natural gas, LPG, electricity and renewable energy solutions,
with robust infrastructure in key markets.
MISSION
To provide best-in-class energy solutions by striving for the highest safety
standards, operational excellence, and outstanding customer satisfaction.
Essential to the achievement of our vision, we consistently deliver strong,
reliable financial results while providing an environment where all our
people can thrive, develop their potential, and positively impact the
communities we serve.
Safety
Accountability
Reliability
CORE
VALUES
Respect
Integrity
Excellence
UGI Corporation 2024 Annual Report
Sustainability
2

OUR BUSINESSES
Natural Gas
    Second largest regulated gas utility in Pennsylvania1
    Largest regulated gas utility in West Virginia1
    A ractive historical rate base CAGR and ROE
    Strategic midstream assets and energy marketing business
    Significant fee-based income
Global LPG
    LPG distributor in 16 countries throughout Europe
    Largest LPG distributor in France, Austria, Belgium,
Denmark, and Luxembourg
    Largest retail LPG distributor in the US based on
the volume of propane gallons distributed annually
    Broad geographic footprint with ~1,360 distribution
locations serving customers in all 50 states
1. Based on total customers
FY   ADJUSTED DILUTED EPS 
BUSINESS CONTRIBUTION
FY   CAPITAL
EXPENDITURES
20
Natural
Gas

Global
LPG
G
LP
Glob
al
33%
$897M
Na
67%
u
t
ra l
G as
0%
8
Includes investments in
equity method investees.
17
~9,750
2.5+M
Countries
Employees
Customers
~19,000
~4.6 bcf/day
$4.2B
Miles of Gas Mains
UGI Corporation 2024 Annual Report
Natural Gas Pipeline Capacity
Rate Base
3

    YEARS OF CONSECUTIVELY PAYING DIVIDENDS
10 Year CAGR: 6%
Dividends Per Share 1 ($)
$0.87
$0.91
$0.95
$1.00
$1.04
2014
2015
2016
2017
2018
$1.30
$1.32
$1.38
$1.44
$1.50
$1.50
2019
2020
2021
2022
2023
2024
1. Adjusted for stock splits. Dividend figures represent annualized dividends based on the last dividend issued in that fiscal year.
UGI Corporation 2024 Annual Report
4

A MESSAGE TO OUR SHAREHOLDERS 
Fiscal 2024 was a pivotal year for UGI as we
embarked on a multi-year journey to drive be er
business performance in order to enhance our
financial profile. We took decisive actions to enhance
our leadership team, create greater operational
efficiencies and strengthen our balance sheet.
Amongst that backdrop, the company realized the
highest adjusted diluted earnings per share in its
history, which is reflective of the resiliency of our
business, our highly a ractive asset base, and the
hard work of our dedicated employees.
Solid financial performance. Three of our business
segments delivered their strongest earnings before
interest expense and taxes driven by higher margins
and greater operational efficiencies, which helped to
offset the impact of lower financial results at
AmeriGas Propane where there is continued focus
on stabilizing operations and improving customer
service. We recognize that improvement in these
areas is critical to unlocking greater value for our
shareholders.
Also, crucial to our success as an organization is
disciplined capital allocation that aligns with our
business strategy. In Fiscal 2024, approximately 80%
of the capital deployed was invested in the natural
gas businesses, primarily in infrastructure replacement
and be erment at our regulated utilities. At the
Midstream business, we began construction of two
facilities that will expand our LNG storage,
vaporization, and liquefaction capacity, and strengthen
our position for increasing natural gas demand.
Today, the runway and depth of opportunities to
grow our natural gas businesses is unparalleled in
our history and so we are focused on balance sheet
management so that we can capitalize on these
opportunities.
Creating value for our shareholders remains top of
mind. This year, we proudly continued UGI   s strong
track record of returning value to shareholders
through dividend payments. Over our 142-year
history, we have paid dividends for 140 consecutive
years and provided a 10-year dividend compound
annual growth rate of 6%.
ADJUSTED DILUTED EPS
6%
$2.28
2019
$2.67
2020
$2.96
$2.90
$2.84
2021
2022
2023
$3.06
2024
Adjusted diluted earnings per share (EPS) is a non-GAAP measure.
For reconciliation, see UGI Corporation's Annual Reports on Form 10-K.
FY   ENERGY DELIVERED
556 bcf
Natural Gas Delivered
UGI Corporation 2024 Annual Report
980 gwh
Electricity Delivered
1.7B
LPG Gallons Sold
5



shareholder letter icon 12/19/2024 Letter Continued (Full PDF)
 

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