Strategic Options Boost UGI; Victoria's Secret Misses Estimates
- August 30th, 2023
- 421 views
Shares of UGI Corp. (NYSE: UGI) surged over 5% in after-hours trading as the company said that it has started a process to evaluate potential strategic alternatives to maximize shareholder value, focusing on the LPG businesses.
With advisors Goldman Sachs & Co. LLC and J.P. Morgan Securities, LLC, UGI aims to optimize operations, enhance its balance sheet, and align capital priorities. According to UGI, the timeline remains open, and outcomes are uncertain.
$UGI was trading at $25.25 in the extended session, up $2.13 (+9.21%).
In other news, Victoria's Secret & Co. (NYSE: VSCO) posted second-quarter 2023 earnings of $0.24 per share, falling short of the consensus EPS estimate of $0.26. The company's quarterly sales reached $1.43 billion, slightly below analysts' projected revenue of $1.44 billion.
For Q3 2023, Victoria's Secret anticipates an adjusted loss ranging from $(1.00) to $(0.70) per share, compared to the consensus estimate loss of $(0.14) per share.
$VSCO was trading at $17.48 in after-hours, down $00.46 (-2.56%).
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