Fiscal 2016 First Quarter Highlights
-
Adjusted net income of $112.4 million or $0.64 per diluted share
compared to $118.7 million or $0.68 per diluted share in the prior
year, despite significantly warmer weather
-
GAAP net income of $114.6 million or $0.65 per diluted share compared
to $34.1 million or $0.19 per diluted share in the prior year
-
Finagaz acquisition progressing as planned
-
On January 19, 2016, UGI Gas filed its first rate case in 21 years
UGI Corporation (NYSE: UGI) today reported adjusted net income
attributable to UGI of $112.4 million, or $0.64 per diluted share, for
the fiscal quarter ended December 31, 2015, compared to $118.7 million,
or $0.68 per diluted share, for the fiscal quarter ended December 31,
2014. Adjusted net income attributable to UGI excludes the impact of
gains and losses on commodity derivative instruments and acquisition and
transition expenses associated with the Finagaz acquisition. On a GAAP
basis, net income attributable to UGI was $114.6 million, or $0.65 per
diluted share, for the first fiscal quarter, compared to $34.1 million,
or $0.19 per diluted share, for the prior-year period.
John L. Walsh, president and chief executive officer of UGI, said, “We
were pleased with the performance of our businesses in the first
quarter, given the major weather challenges we faced. All of our
businesses experienced weather that was significantly warmer than normal
and, in most instances, significantly warmer than the prior-year period.
Weather, as measured by heating degree days, was approximately 25%
warmer than normal for the Utility, 20% warmer for AmeriGas, and 22%
warmer for UGI France. Despite the challenge of warm weather, our
business was able to deliver adjusted net income that was only slightly
lower than the prior year, as we benefitted from earnings associated
with the Finagaz acquisition, higher income from natural gas gathering
and peaking services, and a continued focus on cost containment.”
Walsh continued, “We are pleased with the progress that our businesses
have made on their strategic initiatives. The integration of Finagaz is
progressing as planned and in some areas is ahead of schedule. AmeriGas
continued to make progress on its strategy of growing through
acquisition and completed three acquisitions in the quarter. Our
Midstream & Marketing business continues to make progress on its new LNG
liquefaction facility, as well as the Sunbury and PennEast pipeline
projects. Lastly, subsequent to the quarter close, our UGI Gas filed a
$58.6 million rate case with the Pennsylvania Public Utility Commission,
its first rate case in 21 years. Given the significance of the second
fiscal quarter to full year results, we intend to update our adjusted
EPS guidance upon completion of the second fiscal quarter ending March
31, 2016.”
Segment Performance (Millions, except where otherwise indicated)
|
AmeriGas Propane1:
|
|
|
|
|
|
|
|
|
For the fiscal quarter ended December 31,
|
|
2015
|
|
2014
|
|
(Decrease)
|
Revenues
|
|
$
|
644.1
|
|
|
$
|
888.8
|
|
|
$
|
(244.7
|
)
|
|
(27.5
|
)%
|
Total margin (a)
|
|
$
|
400.9
|
|
|
$
|
426.4
|
|
|
$
|
(25.5
|
)
|
|
(6.0
|
)%
|
Operating and administrative expenses
|
|
$
|
231.1
|
|
|
$
|
247.4
|
|
|
$
|
(16.3
|
)
|
|
(6.6
|
)%
|
Partnership Adjusted EBITDA
|
|
$
|
177.7
|
|
|
$
|
188.5
|
|
|
$
|
(10.8
|
)
|
|
(5.7
|
)%
|
Operating income
|
|
$
|
129.6
|
|
|
$
|
139.7
|
|
|
$
|
(10.1
|
)
|
|
(7.2
|
)%
|
|
|
|
|
|
|
|
|
|
Retail gallons sold
|
|
|
295.1
|
|
|
|
340.2
|
|
|
|
(45.1
|
)
|
|
(13.3
|
)%
|
Degree days - % (warmer) than normal
|
|
|
(19.9
|
)%
|
|
|
(3.7
|
)%
|
|
|
|
|
Capital expenditures
|
|
$
|
28.0
|
|
|
$
|
30.4
|
|
|
$
|
(2.4
|
)
|
|
(7.9
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Retail gallons sold decreased primarily due to temperatures that were
nearly 20% warmer than normal and 16.8% warmer than the prior year.
-
Revenues decreased primarily due to lower retail selling prices
reflecting lower propane product costs; average daily wholesale prices
at Mont Belvieu, Texas in the quarter were approximately 45% lower
than the prior-year period.
-
Total margin decreased as the lower retail volumes were partially
offset by higher retail unit margins.
-
The decrease in Partnership Adjusted EBITDA primarily reflects the
lower total margin partially offset by lower operating and
administrative expenses.
1 UGI, through subsidiaries, is the sole General Partner and
owns 26% of AmeriGas Partners, L.P.
|
|
|
|
|
|
|
|
|
UGI International:
|
|
|
|
|
|
|
|
|
For the fiscal quarter ended December 31,
|
|
2015
|
|
2014
|
|
Increase (Decrease)
|
Revenues
|
|
$
|
578.2
|
|
|
$
|
562.5
|
|
|
$
|
15.7
|
|
|
2.8
|
%
|
Total margin (a)
|
|
$
|
275.4
|
|
|
$
|
180.6
|
|
|
$
|
94.8
|
|
|
52.5
|
%
|
Operating and administrative expenses
|
|
$
|
159.6
|
|
|
$
|
111.2
|
|
|
$
|
48.4
|
|
|
43.5
|
%
|
Operating income
|
|
$
|
85.1
|
|
|
$
|
53.5
|
|
|
$
|
31.6
|
|
|
59.1
|
%
|
Income before income taxes
|
|
$
|
78.5
|
|
|
$
|
45.9
|
|
|
$
|
32.6
|
|
|
71.0
|
%
|
|
|
|
|
|
|
|
|
|
Finagaz acquisition and transition expenses
|
|
$
|
2.3
|
|
|
$
|
3.9
|
|
|
$
|
(1.6
|
)
|
|
(41.0
|
)%
|
Adjusted income before income taxes
|
|
$
|
80.8
|
|
|
$
|
49.8
|
|
|
$
|
31.0
|
|
|
62.2
|
%
|
|
|
|
|
|
|
|
|
|
Retail gallons sold
|
|
|
259.1
|
|
|
|
179.8
|
|
|
|
79.3
|
|
|
44.1
|
%
|
Degree days - % (warmer) than normal
|
|
|
|
|
|
|
|
|
UGI France
|
|
|
(22.3
|
)%
|
|
|
(20.2
|
)%
|
|
|
|
|
Flaga
|
|
|
(14.4
|
)%
|
|
|
(17.4
|
)%
|
|
|
|
|
Capital expenditures
|
|
$
|
21.0
|
|
|
$
|
18.5
|
|
|
$
|
2.5
|
|
|
13.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Results for the quarter include the impact of Finagaz, which was
acquired on May 29, 2015.
-
Total retail gallons sold were higher, principally reflecting the
incremental retail gallons attributable to Finagaz.
-
Revenues increased primarily reflecting $145 million of incremental
revenue from Finagaz, substantially offset by lower LPG prices at each
of our European businesses as well as the effects of a weaker Euro and
British Pound Sterling.
-
Total margin increased reflecting incremental margin from Finagaz and
slightly higher unit margins, partially offset by a weaker Euro and
British Pound Sterling.
-
The increase in operating income primarily reflects the higher total
margin, partially offset by increased operating, administrative, and
depreciation expenses related to the Finagaz acquisition.
|
|
|
|
|
|
|
|
|
UGI Utilities:
|
|
|
|
|
|
|
|
|
For the fiscal quarter ended December 31,
|
|
2015
|
|
2014
|
|
Increase (Decrease)
|
Revenues
|
|
$
|
198.0
|
|
|
$
|
287.3
|
|
|
$
|
(89.3
|
)
|
|
(31.1
|
)%
|
Total margin (a)
|
|
$
|
121.5
|
|
|
$
|
142.8
|
|
|
$
|
(21.3
|
)
|
|
(14.9
|
)%
|
Operating and administrative expenses
|
|
$
|
50.2
|
|
|
$
|
49.3
|
|
|
$
|
0.9
|
|
|
1.8
|
%
|
Operating income
|
|
$
|
48.3
|
|
|
$
|
75.6
|
|
|
$
|
(27.3
|
)
|
|
(36.1
|
)%
|
Income before income taxes
|
|
$
|
38.8
|
|
|
$
|
65.0
|
|
|
$
|
(26.2
|
)
|
|
(40.3
|
)%
|
|
|
|
|
|
|
|
|
|
Gas Utility System throughput - billions of cubic feet
|
|
|
|
|
|
|
|
|
Core market
|
|
|
17.4
|
|
|
|
23.2
|
|
|
|
(5.8
|
)
|
|
(25.0
|
)%
|
Total
|
|
|
49.9
|
|
|
|
56.8
|
|
|
|
(6.9
|
)
|
|
(12.1
|
)%
|
Gas Utility Degree days - % (warmer) than normal
|
|
|
(25.3
|
)%
|
|
|
(3.1
|
)%
|
|
|
|
|
Capital expenditures
|
|
$
|
61.5
|
|
|
$
|
55.0
|
|
|
|
6.5
|
|
|
11.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Our Gas Utility service territory experienced temperatures that were
approximately 25% warmer than normal.
-
System throughput in our Gas Utility decreased primarily reflecting
temperatures that were 22.9% warmer than the prior-year period.
-
Gas Utility revenues decreased $84.9 million, primarily reflecting
lower core market throughput, and lower average PGC rates.
-
Electric Utility revenues declined reflecting lower sales and default
service rates.
-
Total margin decreased primarily reflecting lower Gas Utility core
market throughput.
-
Operating income decreased reflecting lower total margin, higher
depreciation expense, and lower other income including a non-recurring
charge related to the settlement of litigation, and interest on PGC
over-collections.
|
|
|
|
|
|
|
|
|
Midstream & Marketing:
|
|
|
|
|
|
|
|
|
For the fiscal quarter ended December 31,
|
|
2015
|
|
2014
|
|
Increase (Decrease)
|
Revenues
|
|
$
|
227.1
|
|
$
|
326.3
|
|
$
|
(99.2
|
)
|
|
(30.4
|
)%
|
Total margin (a)
|
|
$
|
72.4
|
|
$
|
78.0
|
|
$
|
(5.6
|
)
|
|
(7.2
|
)%
|
Operating and administrative expenses
|
|
$
|
22.1
|
|
$
|
25.8
|
|
$
|
(3.7
|
)
|
|
(14.3
|
)%
|
Operating income
|
|
$
|
42.9
|
|
$
|
45.6
|
|
$
|
(2.7
|
)
|
|
(5.9
|
)%
|
Income before income taxes
|
|
$
|
42.1
|
|
$
|
45.0
|
|
$
|
(2.9
|
)
|
|
(6.4
|
)%
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
$
|
22.4
|
|
$
|
19.5
|
|
$
|
2.9
|
|
|
14.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Revenues decreased primarily reflecting lower natural gas revenues
and, to a much lesser extent, lower capacity management and retail
power revenues. These declines were partially offset by higher
peaking and natural gas gathering revenue.
-
The decrease in natural gas revenues reflects lower natural gas prices
and lower volume, the lower retail power revenue reflects lower sales
volume, and the decrease in capacity management revenue reflects lower
average prices for capacity due to lower volatility in capacity values.
-
Total margin decreased principally reflecting lower capacity
management total margin, lower natural gas and retail power total
margin, and slightly lower storage total margin, partially offset by
higher combined natural gas gathering and peaking total margin.
-
Operating and administrative expenses decreased primarily due to
higher expenses in the prior year associated with planned outages at
Hunlock Station and Conemaugh generating units.
-
Operating income decreased primarily reflecting lower total margin
partially offset by lower operating and administrative expenses.
(a) Total margin represents total revenues less total cost of sales.
About UGI
UGI is a distributor and marketer of energy products and services.
Through subsidiaries, UGI operates natural gas and electric utilities in
Pennsylvania, distributes propane both domestically and internationally,
manages midstream energy and electric generation assets in Pennsylvania,
and engages in energy marketing in the Mid-Atlantic region. UGI, through
subsidiaries, is the sole General Partner and owns 26% of AmeriGas
Partners, L.P. (NYSE:APU), the nation's largest retail propane
distributor.
UGI Corporation will hold a live Internet Audio Webcast of its
conference call to discuss fiscal 2016 first quarter earnings and other
current activities at 9:00 AM ET on Tuesday, February 2, 2016. Interested
parties may listen to the audio webcast both live and in replay on the
Internet at http://www.ugicorp.com/investor-relations/events-and-presentations/default.aspx
or at the company website http://www.ugicorp.com
under Investor Relations. A telephonic replay will be available from
12:00 PM ET on February 2 through 11:59 PM ET on February 9. The replay
may be accessed at (855) 859-2056, and internationally at
1-404-537-3406, conference ID 13051514.
Comprehensive information about UGI Corporation is available on the
Internet at http://www.ugicorp.com.
This press release contains certain forward-looking statements that
management believes to be reasonable as of today’s date only. Actual
results may differ significantly because of risks and uncertainties that
are difficult to predict and many of which are beyond management’s
control. You should read UGI’s Annual Report on Form 10-K for a more
extensive list of factors that could affect results. Among them are
adverse weather conditions, cost volatility and availability of all
energy products, including propane, natural gas, electricity and fuel
oil, increased customer conservation measures, the impact of pending and
future legal proceedings, domestic and international political,
regulatory and economic conditions in the United States and in foreign
countries, including the current conflicts in the Middle East, and
foreign currency exchange rate fluctuations (particularly the euro), the
timing of development of Marcellus Shale gas production, the timing and
success of our acquisitions, commercial initiatives and investments to
grow our business, and our ability to successfully integrate acquired
businesses and achieve anticipated synergies. UGI undertakes no
obligation to release revisions to its forward-looking statements to
reflect events or circumstances occurring after today.
|
|
|
UGI CORPORATION
|
REPORT OF EARNINGS
|
(Millions of dollars, except per share)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenues:
|
|
|
|
|
|
|
|
|
AmeriGas Propane
|
|
$
|
644.1
|
|
|
$
|
888.8
|
|
|
$
|
2,640.6
|
|
|
$
|
3,555.9
|
|
UGI International
|
|
|
578.2
|
|
|
|
562.5
|
|
|
|
1,824.2
|
|
|
|
2,166.3
|
|
UGI Utilities
|
|
|
198.0
|
|
|
|
287.3
|
|
|
|
952.3
|
|
|
|
1,075.3
|
|
Midstream & Marketing
|
|
|
227.1
|
|
|
|
326.3
|
|
|
|
1,070.4
|
|
|
|
1,465.6
|
|
Corporate & Other (a)
|
|
|
(40.8
|
)
|
|
|
(60.3
|
)
|
|
|
(194.4
|
)
|
|
|
(297.1
|
)
|
Total revenues
|
|
$
|
1,606.6
|
|
|
$
|
2,004.6
|
|
|
$
|
6,293.1
|
|
|
$
|
7,966.0
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
|
AmeriGas Propane
|
|
$
|
129.6
|
|
|
$
|
139.7
|
|
|
$
|
417.5
|
|
|
$
|
432.0
|
|
UGI International
|
|
|
85.1
|
|
|
|
53.5
|
|
|
|
144.4
|
|
|
|
114.1
|
|
UGI Utilities
|
|
|
48.3
|
|
|
|
75.6
|
|
|
|
214.4
|
|
|
|
236.2
|
|
Midstream & Marketing
|
|
|
42.9
|
|
|
|
45.6
|
|
|
|
179.9
|
|
|
|
206.4
|
|
Corporate & Other (a)
|
|
|
(0.4
|
)
|
|
|
(231.1
|
)
|
|
|
100.9
|
|
|
|
(263.5
|
)
|
Total operating income
|
|
|
305.5
|
|
|
|
83.3
|
|
|
|
1,057.1
|
|
|
|
725.2
|
|
|
|
|
|
|
|
|
|
|
Loss from equity investees
|
|
|
(0.1
|
)
|
|
|
(1.0
|
)
|
|
|
(0.3
|
)
|
|
|
(1.1
|
)
|
Interest expense:
|
|
|
|
|
|
|
|
|
AmeriGas Propane
|
|
|
(41.0
|
)
|
|
|
(41.0
|
)
|
|
|
(162.8
|
)
|
|
|
(165.0
|
)
|
UGI International (b)
|
|
|
(6.5
|
)
|
|
|
(6.6
|
)
|
|
|
(35.1
|
)
|
|
|
(28.9
|
)
|
UGI Utilities
|
|
|
(9.5
|
)
|
|
|
(10.6
|
)
|
|
|
(40.0
|
)
|
|
|
(40.3
|
)
|
Midstream & Marketing
|
|
|
(0.8
|
)
|
|
|
(0.6
|
)
|
|
|
(2.7
|
)
|
|
|
(2.9
|
)
|
Corporate & Other, net (a)
|
|
|
(0.1
|
)
|
|
|
(0.2
|
)
|
|
|
(0.2
|
)
|
|
|
(0.3
|
)
|
Total interest expense
|
|
|
(57.9
|
)
|
|
|
(59.0
|
)
|
|
|
(240.8
|
)
|
|
|
(237.4
|
)
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
247.5
|
|
|
|
23.3
|
|
|
|
816.0
|
|
|
|
486.7
|
|
Income tax expense
|
|
|
(79.6
|
)
|
|
|
(23.1
|
)
|
|
|
(234.3
|
)
|
|
|
(171.4
|
)
|
Net income including noncontrolling interests
|
|
|
167.9
|
|
|
|
0.2
|
|
|
|
581.7
|
|
|
|
315.3
|
|
(Deduct net income) add net loss attributable to noncontrolling
interests, principally in AmeriGas Partners, L.P.
|
|
|
(53.3
|
)
|
|
|
33.9
|
|
|
|
(220.2
|
)
|
|
|
(66.0
|
)
|
Net income attributable to UGI Corporation
|
|
$
|
114.6
|
|
|
$
|
34.1
|
|
|
$
|
361.5
|
|
|
$
|
249.3
|
|
|
|
|
|
|
|
|
|
|
Earnings per share attributable to UGI shareholders:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.66
|
|
|
$
|
0.20
|
|
|
$
|
2.09
|
|
|
$
|
1.44
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$
|
0.65
|
|
|
$
|
0.19
|
|
|
$
|
2.06
|
|
|
$
|
1.42
|
|
|
|
|
|
|
|
|
|
|
Weighted Average common shares outstanding (thousands):
|
|
|
Basic
|
|
|
172,862
|
|
|
|
172,945
|
|
|
|
173,101
|
|
|
|
172,912
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
175,218
|
|
|
|
175,786
|
|
|
|
175,553
|
|
|
|
175,668
|
|
|
|
|
|
|
|
|
|
|
Supplemental information:
|
|
|
|
|
|
|
|
|
Net income attributable to UGI Corporation:
|
|
|
|
|
|
|
|
|
AmeriGas Propane
|
|
$
|
18.6
|
|
|
$
|
18.9
|
|
|
$
|
60.7
|
|
|
$
|
56.4
|
|
UGI International
|
|
|
46.4
|
|
|
|
32.2
|
|
|
|
66.9
|
|
|
|
53.1
|
|
UGI Utilities
|
|
|
23.4
|
|
|
|
38.8
|
|
|
|
105.7
|
|
|
|
117.6
|
|
Midstream & Marketing
|
|
|
24.6
|
|
|
|
26.3
|
|
|
|
105.6
|
|
|
|
120.9
|
|
Corporate & Other (a)
|
|
|
1.6
|
|
|
|
(82.1
|
)
|
|
|
22.6
|
|
|
|
(98.7
|
)
|
Total net income attributable to UGI Corporation
|
|
$
|
114.6
|
|
|
$
|
34.1
|
|
|
$
|
361.5
|
|
|
$
|
249.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Corporate & Other includes, among other things, net gains and
(losses) on commodity derivative instruments not associated with
current-period transactions and the elimination of certain
intercompany transactions. Electric Utility and HVAC, which were
previously included in Corporate & Other, are now included in UGI
Utilities and Midstream & Marketing, respectively. Prior period
amounts have been restated to reflect the current-year changes in
our segment presentation.
|
|
(b) UGI International interest expense for the twelve months ended
December 31, 2015 includes loss on extinguishment of debt of $10.3
million.
|
|
|
Non-GAAP Financial Measures - Adjusted
Net Income Attributable to UGI and Adjusted Diluted Earnings Per
Share
|
|
Management uses "adjusted net income attributable to UGI" and
"adjusted diluted earnings per share," both of which are non-GAAP
financial measures, when evaluating UGI's overall performance. For
the periods presented, adjusted net income attributable to UGI is
net income attributable to UGI Corporation after excluding net
after-tax gains and losses on commodity derivative instruments not
associated with current period transactions, loss on extinguishment
of debt and Finagaz transition and acquisition expenses. Volatility
in net income at UGI can occur as a result of gains and losses on
commodity derivative instruments not associated with current period
transactions but included in earnings in accordance with U.S.
generally accepted accounting principles ("GAAP"). Effective October
1, 2014, UGI International determined that on a prospective basis it
would not elect cash flow hedge accounting for its commodity
derivative transactions and also de-designated its then-existing
commodity derivative instruments accounted for as cash flow hedges.
Also effective October 1, 2014, AmeriGas Propane de-designated its
remaining commodity derivative instruments accounted for as cash
flow hedges. Previously, AmeriGas Propane had discontinued cash flow
hedge accounting for all commodity derivative instruments entered
into beginning April 1, 2014.
|
|
Non-GAAP financial measures are not in accordance with, or an
alternative to, GAAP and should be considered in addition to, and
not as a substitute for, the comparable GAAP measures. Management
believes that these non-GAAP measures provide meaningful information
to investors about UGI’s performance because they eliminate the
impact of (1) gains and losses on commodity derivative instruments
not associated with current-period transactions and (2) other
discrete items that can affect the comparison of period-over-period
results.
|
|
The following table reconciles net income attributable to UGI
Corporation, the most directly comparable GAAP measure, to adjusted
net income attributable to UGI Corporation, and reconciles diluted
earnings per share, the most comparable GAAP measure, to adjusted
diluted earnings per share, to reflect the adjustments referred to
above:
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Adjusted net income attributable to UGI Corporation:
|
|
|
|
|
|
|
|
Net income attributable to UGI Corporation
|
|
$
|
114.6
|
|
|
$
|
34.1
|
|
$
|
361.5
|
|
|
$
|
249.3
|
Net after-tax (gains) losses on commodity derivative instruments
not associated with current period transactions
|
|
|
(3.6
|
)
|
|
|
81.9
|
|
|
(32.2
|
)
|
|
|
92.7
|
Net after-tax acquisition and integration expenses associated with
Finagaz
|
|
|
1.4
|
|
|
|
2.7
|
|
|
13.6
|
|
|
|
6.9
|
After-tax loss on Antargaz extinguishment of debt
|
|
|
0.0
|
|
|
|
0.0
|
|
|
4.6
|
|
|
|
0.0
|
Adjusted net income attributable to UGI Corporation
|
|
$
|
112.4
|
|
|
$
|
118.7
|
|
$
|
347.5
|
|
|
$
|
348.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Adjusted diluted earnings per share:
|
|
|
|
|
|
|
|
|
UGI Corporation earnings per share - diluted
|
|
$
|
0.65
|
|
|
$
|
0.19
|
|
$
|
2.06
|
|
|
$
|
1.42
|
Net after-tax (gains) losses on commodity derivative instruments
not associated with current period transactions (1)
|
|
|
(0.02
|
)
|
|
|
0.47
|
|
|
(0.19
|
)
|
|
|
0.53
|
Net after-tax acquisition and integration expenses associated with
Finagaz
|
|
|
0.01
|
|
|
|
0.02
|
|
|
0.08
|
|
|
|
0.04
|
After-tax loss on Antargaz extinguishment of debt
|
|
|
0.00
|
|
|
|
0.00
|
|
|
0.03
|
|
|
|
0.00
|
Adjusted diluted earnings per share
|
|
$
|
0.64
|
|
|
$
|
0.68
|
|
$
|
1.98
|
|
|
$
|
1.99
|
|
|
|
|
|
|
|
|
|
(1) Includes impact of rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160201006406/en/
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