UGI Corporation (UGI)
Pretax margin
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | -394,000 | -1,837,000 | -1,722,000 | -895,000 | 206,000 | 1,386,000 | 1,841,000 | 2,078,000 | 1,434,000 | 1,989,000 | 1,245,000 | 1,113,000 | 791,000 | 667,000 | 613,200 | 512,000 | 549,600 | 349,000 | 457,600 | 524,800 |
| Revenue (ttm) | US$ in thousands | 8,290,000 | 8,928,000 | 9,458,000 | 9,832,000 | 10,192,000 | 10,106,000 | 9,610,000 | 9,073,000 | 8,188,000 | 7,447,000 | 7,133,000 | 6,836,000 | 6,484,000 | 6,559,000 | 6,585,000 | 6,750,000 | 7,127,000 | 7,320,000 | 7,443,100 | 7,520,000 |
| Pretax margin | -4.75% | -20.58% | -18.21% | -9.10% | 2.02% | 13.71% | 19.16% | 22.90% | 17.51% | 26.71% | 17.45% | 16.28% | 12.20% | 10.17% | 9.31% | 7.59% | 7.71% | 4.77% | 6.15% | 6.98% |
December 31, 2023 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $-394,000K ÷ $8,290,000K
= -4.75%
The pretax margin of UGI Corp. has fluctuated significantly over the past eight quarters, ranging from a low of -20.58% in Q4 2023 to a high of 22.93% in Q2 2022. The trend in pretax margin appears to be volatile, with negative margins recorded in more recent quarters (-4.75% in Q1 2024 and -18.22% in Q3 2023).
The negative pretax margins indicate that the company's operating expenses and other costs are significantly impacting its profitability before accounting for taxes. This suggests potential inefficiencies in cost management or operational challenges that may be affecting the company's bottom line performance.
On the positive side, the company did show improvement in pretax margin in Q2 2022 and Q3 2022, with margins above 19%, indicating a period of stronger profitability. However, the subsequent quarters saw a decline in pretax margin, highlighting the need for sustained efforts to improve operational efficiency and control costs to enhance overall profitability.
Peer comparison
Dec 31, 2023