UGI Corporation (NYSE: UGI) today reported financial results for the
fiscal quarter ended December 31, 2017.
HIGHLIGHTS
-
GAAP EPS of $2.07 and adjusted EPS of $1.01 per diluted share compared
to GAAP EPS of $1.30 and adjusted EPS of $0.91 per diluted share in
the prior year
-
Weather slightly warmer than normal in all service territories; colder
than the prior year in AmeriGas, UGI Utilities, and Midstream &
Marketing service territories; warmer than the prior year in UGI
International service territory
-
Received certificate of public necessity and convenience from FERC for
PennEast pipeline on January 19, 2018
-
Completed construction of Steelton LNG storage and vaporization
facility in December
"This was a strong start to fiscal 2018 as we experienced colder weather
than the prior year in most of our service territories and realized
benefits from our growth initiatives, as well as the U.S. tax reform
legislation," said John L. Walsh, president and chief executive officer
of UGI Corporation. "Subsequent to the end of the quarter, our electric
utility filed its first rate case in 22 years, and we were pleased to
receive the FERC certificate for the PennEast pipeline."
Given the significance of the second fiscal quarter to full year
results, UGI intends to provide an update regarding its adjusted EPS
guidance upon completion of the second fiscal quarter ending March 31,
2018. Our original guidance did not include the impact of French and
U.S. tax legislation.
U.S. AND FRANCE TAX LEGISLATION
-
Both the United States and France enacted tax legislation that
generated one-time benefits to EPS of $1.04, on a combined basis, in
the current quarter that were excluded from adjusted EPS.
-
For the full year, on a combined basis, these tax law changes are
expected to have a net benefit to EPS of $0.15 to $0.25, $0.09 of
which was recorded in the first quarter.
|
|
|
Summary of Q1 Tax
Legislation Impacts
|
|
One-time
Benefit
|
|
First Fiscal
Quarter
|
|
|
|
U.S. Tax Cuts and Jobs Act
|
|
$0.94
|
|
$0.12
|
|
|
|
French Finance Bill
|
|
$0.10
|
|
$(0.03)
|
|
|
|
Net Impact
|
|
$1.04
|
|
$0.09
|
|
|
|
|
|
|
|
|
|
|
|
Included in adjusted EPS
|
|
No
|
|
Yes
|
KEY DRIVERS OF RESULTS
-
AmeriGas: Cylinder Exchange and National accounts volumes up
mid single digits with slightly higher bulk unit margins; weather
colder than prior year but largely due to the last week of the quarter
-
UGI International: Impact of weather that was 7% warmer than
the prior year was offset by contributions from the acquisition of
DVEP as well as Total's LPG distribution business in Italy
(UniverGas), and Finagaz synergies
-
Midstream & Marketing: Margin growth from Sunbury pipeline,
peaking demand and electric generation
-
UGI Utilities: Added ~3,800 residential and commercial heating
customers; margin benefit of PNG rate case; weather 6% colder than
prior year
EARNINGS CALL and WEBCAST
UGI Corporation will hold a live Internet Audio Webcast of its
conference call to discuss first quarter earnings and other current
activities at 9:00 AM ET on Thursday, February 1, 2018. 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 1 through 11:59 PM ET on February 8. The replay
may be accessed at (855) 859-2056, and internationally at
1-404-537-3406, conference ID 2603134.
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 primarily in the Mid-Atlantic region as
well as parts of Europe. 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.
Comprehensive information about UGI Corporation is available on the
Internet at http://www.ugicorp.com.
USE OF NON-GAAP MEASURES
Management uses "adjusted diluted earnings per share," which is derived
from "adjusted net income attributable to UGI Corporation," both of
which are non-GAAP financial measures, when evaluating UGI's overall
performance. For the periods presented, adjusted net income attributable
to UGI Corporation is net income attributable to UGI Corporation after
excluding net after-tax gains and losses on commodity and certain
foreign currency derivative instruments not associated with
current-period transactions (principally comprising changes in
unrealized gains and losses on such derivative instruments), losses
associated with extinguishments of debt, Finagaz integration expenses,
and the impact on net deferred tax liabilities from a change in the
French tax rate and U.S. tax reform legislation. Volatility in net
income at UGI can occur as a result of gains and losses on commodity and
certain foreign currency derivative instruments not associated with
current-period transactions but included in earnings in accordance with
U.S. generally accepted accounting principles ("GAAP").
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 and certain foreign currency derivative
instruments not associated with current-period transactions and (2)
other significant discrete items that can affect the comparison of
period-over-period results.
Tables on page 6 reconcile net income attributable to UGI Corporation,
the most directly comparable GAAP measure, to adjusted net income
attributable to UGI Corporation, and diluted earnings per share, the
most comparable GAAP measure, to adjusted diluted earnings per share, to
reflect the adjustments referred to above.
USE OF FORWARD-LOOKING STATEMENTS
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, continued analysis of recent tax legislation,
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 availability, timing and success of
our acquisitions, commercial initiatives and investments to grow our
business, our ability to successfully integrate acquired businesses and
achieve anticipated synergies, and the interruption, disruption,
failure, malfunction, or breach of our information technology systems,
including due to cyber-attack. UGI undertakes no obligation to release
revisions to its forward-looking statements to reflect events or
circumstances occurring after today.
SEGMENT RESULTS ($ millions, except where otherwise indicated)
AmeriGas Propane1
|
|
|
|
|
|
|
|
|
For the fiscal quarter ended December 31,
|
|
2017
|
|
2016
|
|
Increase (Decrease)
|
|
Revenues
|
|
$
|
787.3
|
|
|
$
|
677.2
|
|
|
$
|
110.1
|
|
|
16.3
|
%
|
|
Total margin (a)
|
|
$
|
421.2
|
|
|
$
|
416.5
|
|
|
$
|
4.7
|
|
|
1.1
|
%
|
|
Partnership operating and administrative expenses
|
|
$
|
230.3
|
|
|
$
|
226.8
|
|
|
$
|
3.5
|
|
|
1.5
|
%
|
|
Operating income
|
|
$
|
147.9
|
|
|
$
|
141.9
|
|
|
$
|
6.0
|
|
|
4.2
|
%
|
|
Partnership Adjusted EBITDA
|
|
$
|
194.1
|
|
|
$
|
185.1
|
|
|
$
|
9.0
|
|
|
4.9
|
%
|
|
Retail gallons sold (millions)
|
|
305.0
|
|
|
305.7
|
|
|
(0.7
|
)
|
|
(0.2
|
)%
|
|
Heating degree days - % (warmer) than normal (b)
|
|
(1.4
|
)%
|
|
(10.3
|
)%
|
|
|
|
|
|
Capital expenditures
|
|
$
|
23.6
|
|
|
$
|
26.4
|
|
|
$
|
(2.8
|
)
|
|
(10.6
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Retail gallons sold were approximately equal to the prior year.
Temperatures were 9.9% colder than the prior year, however they were
significantly impacted by the last week of the quarter which was
nearly 60% colder than the prior year. Excluding that week,
temperatures were 6.6% warmer than normal and 3.8% colder than the
prior year.
-
Total margin increased primarily reflecting slightly higher retail
unit margins and higher non-propane margin.
-
Partnership operating and administrative expenses were slightly higher
than the prior year primarily reflecting higher vehicle and outside
services expenses.
-
Partnership Adjusted EBITDA increased principally reflecting the
higher total margin and higher other operating income due to the
absence of a prior-year correction of previously recorded gains on
sale of assets, partially offset by higher operating 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,
|
|
2017
|
|
2016
|
|
Increase (Decrease)
|
|
Revenues
|
|
$
|
784.2
|
|
|
$
|
539.1
|
|
|
$
|
245.1
|
|
|
45.5
|
%
|
|
Total margin (a)
|
|
$
|
299.4
|
|
|
$
|
281.1
|
|
|
$
|
18.3
|
|
|
6.5
|
%
|
|
Operating and administrative expenses
|
|
$
|
173.9
|
|
|
$
|
165.6
|
|
|
$
|
8.3
|
|
|
5.0
|
%
|
|
Operating income
|
|
$
|
93.1
|
|
|
$
|
88.9
|
|
|
$
|
4.2
|
|
|
4.7
|
%
|
|
Income before income taxes
|
|
$
|
82.6
|
|
|
$
|
84.0
|
|
|
$
|
(1.4
|
)
|
|
(1.7
|
)%
|
|
Finagaz integration expenses
|
|
$
|
1.9
|
|
|
$
|
8.1
|
|
|
$
|
(6.2
|
)
|
|
(76.5
|
)%
|
|
Adjusted income before income taxes
|
|
$
|
84.5
|
|
|
$
|
92.1
|
|
|
$
|
(7.6
|
)
|
|
(8.3
|
)%
|
|
LPG retail gallons sold (millions)
|
|
263.6
|
|
|
254.2
|
|
|
9.4
|
|
|
3.7
|
%
|
|
Heating degree days - % (warmer) colder than normal (b)
|
|
(0.9
|
)%
|
|
6.6
|
%
|
|
|
|
|
|
Capital expenditures
|
|
$
|
21.7
|
|
|
$
|
21.5
|
|
|
$
|
0.2
|
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base-currency results are translated into U.S. dollars based upon
exchange rates experienced during the reporting periods. During the
first quarter, the euro and British pound sterling were approximately 9%
and 6% stronger, respectively, versus the U.S. dollar, compared with the
prior-year period. The effects of the stronger currencies did not
materially impact UGI International net income due to gains and losses
on foreign currency exchange contracts.
-
Total margin increased primarily reflecting the volume associated with
acquired operations and the translation effects of a stronger Euro and
British Pound Sterling, partially offset by lower volume at our legacy
business due to weather that was 7% warmer than the prior year and
slightly lower unit margins.
-
Operating expenses increased primarily due to the effects of currency
translation and approximately $10 million of incremental expenses
associated with acquired operations, partially offset by Finagaz
synergies and lower integration costs.
-
Operating income increased primarily reflecting the higher total
margin, partially offset by the higher operating and administrative
expenses and higher depreciation and amortization expense.
-
Adjusted income before income taxes was lower primarily due to warmer
weather and slightly lower unit margins, partially offset by the
benefit of acquired operations and Finagaz synergies.
SEGMENT RESULTS ($ millions, except where otherwise indicated)
Midstream & Marketing
|
|
|
|
|
|
|
|
|
For the fiscal quarter ended December 31,
|
|
2017
|
|
2016
|
|
Increase (Decrease)
|
|
Revenues
|
|
$
|
328.0
|
|
|
$
|
269.8
|
|
|
$
|
58.2
|
|
|
21.6
|
%
|
|
Total margin (a)
|
|
$
|
89.0
|
|
|
$
|
78.0
|
|
|
$
|
11.0
|
|
|
14.1
|
%
|
|
Operating and administrative expenses
|
|
$
|
26.7
|
|
|
$
|
23.0
|
|
|
$
|
3.7
|
|
|
16.1
|
%
|
|
Operating income
|
|
$
|
52.3
|
|
|
$
|
49.7
|
|
|
$
|
2.6
|
|
|
5.2
|
%
|
|
Income before income taxes
|
|
$
|
52.6
|
|
|
$
|
49.1
|
|
|
$
|
3.5
|
|
|
7.1
|
%
|
|
Heating degree days - % (warmer) than normal(b)
|
|
(1.1
|
)%
|
|
(6.8
|
)%
|
|
|
|
|
|
Capital expenditures
|
|
$
|
11.3
|
|
|
$
|
61.5
|
|
|
$
|
(50.2
|
)
|
|
(81.6
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Temperatures across Midstream & Marketing's service territory were
1.1% warmer than normal and 6.2% colder than the prior year.
-
Total margin increased, driven primarily by higher natural gas
gathering margin related to the Sunbury pipeline, higher peaking
margin due to additional contracts and the impact of colder weather,
and higher electric generation margin due to higher volume and unit
margins, primarily at our Hunlock generation facility.
-
Operating income and income before taxes increased primarily
reflecting higher total margin, partially offset by higher operating
and administrative expenses and higher depreciation expense.
-
Capital expenditures in the prior year include construction costs
associated with the Sunbury pipeline.
UGI Utilities
|
|
|
|
|
|
|
|
|
For the fiscal quarter ended December 31,
|
|
2017
|
|
2016
|
|
Increase
|
|
Revenues
|
|
$
|
323.1
|
|
|
$
|
261.4
|
|
|
$
|
61.7
|
|
|
23.6
|
%
|
|
Total margin (a)
|
|
$
|
170.0
|
|
|
$
|
150.6
|
|
|
$
|
19.4
|
|
|
12.9
|
%
|
|
Operating and administrative expenses
|
|
$
|
54.7
|
|
|
$
|
52.3
|
|
|
$
|
2.4
|
|
|
4.6
|
%
|
|
Operating income
|
|
$
|
96.3
|
|
|
$
|
82.2
|
|
|
$
|
14.1
|
|
|
17.2
|
%
|
|
Income before income taxes
|
|
$
|
85.4
|
|
|
$
|
72.2
|
|
|
$
|
13.2
|
|
|
18.3
|
%
|
|
Gas Utility system throughput - billions of cubic feet
|
|
|
|
|
|
|
|
|
|
Core market
|
|
25.5
|
|
|
23.0
|
|
|
2.5
|
|
|
10.9
|
%
|
|
Total
|
|
69.2
|
|
|
66.2
|
|
|
3.0
|
|
|
4.5
|
%
|
|
Gas Utility heating degree days - % (warmer) than normal (b)
|
|
(1.9
|
)%
|
|
(6.3
|
)%
|
|
|
|
|
|
Capital expenditures
|
|
$
|
71.7
|
|
|
$
|
64.1
|
|
|
$
|
7.6
|
|
|
11.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Gas Utility service territory experienced temperatures that were
approximately 1.9% warmer than normal and 6.0% colder than the prior
year.
-
Core market volumes increased due colder weather and customer growth.
-
Total margin increased primarily reflecting higher margin from Gas
Utility core market customers due to higher core market throughput and
the higher PNG base rates, and higher large-firm delivery service
margin.
-
Operating and administrative expenses increased over the prior year
primarily due to higher distribution, uncollectible accounts, and IT
expenses, partially offset by a favorable payroll tax adjustment
related to a prior year.
-
Operating income and income before income taxes increased reflecting
the higher total margin, partially offset by the higher operating and
administrative expenses and depreciation expenses.
|
|
|
|
|
(a)
|
|
Total margin represents total revenue less total cost of sales and
excludes pre-tax gains and losses on commodity derivative
instruments not associated with current period transactions. In the
case of UGI Utilities, total margin is reduced by revenue-related
taxes.
|
|
(b)
|
|
Average temperatures based upon heating degree days for all of our
business segments presented are now based upon recent 15-year
periods as we believe more recent temperatures are a better
indication of normal weather. Prior period weather statistics have
been restated for AmeriGas Propane, Midstream & Marketing, and UGI
International, as appropriate, to conform to these new periods.
|
|
|
|
|
|
|
|
|
|
|
|
REPORT OF EARNINGS – UGI CORPORATION
|
|
(Millions of dollars, except per share)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
AmeriGas Propane
|
|
$
|
787.3
|
|
|
$
|
677.2
|
|
|
$
|
2,563.6
|
|
|
$
|
2,344.9
|
|
|
UGI International
|
|
784.2
|
|
|
539.1
|
|
|
2,122.6
|
|
|
1,829.7
|
|
|
Midstream & Marketing
|
|
328.0
|
|
|
269.8
|
|
|
1,179.4
|
|
|
909.5
|
|
|
UGI Utilities
|
|
323.1
|
|
|
261.4
|
|
|
949.3
|
|
|
831.9
|
|
|
Corporate & Other (a)
|
|
(97.4
|
)
|
|
(68.0
|
)
|
|
(248.5
|
)
|
|
(157.4
|
)
|
|
Total revenues
|
|
$
|
2,125.2
|
|
|
$
|
1,679.5
|
|
|
$
|
6,566.4
|
|
|
$
|
5,758.6
|
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
|
|
AmeriGas Propane
|
|
$
|
147.9
|
|
|
$
|
141.9
|
|
|
$
|
361.3
|
|
|
$
|
368.6
|
|
|
UGI International
|
|
93.1
|
|
|
88.9
|
|
|
199.9
|
|
|
210.4
|
|
|
Midstream & Marketing
|
|
52.3
|
|
|
49.7
|
|
|
141.8
|
|
|
153.5
|
|
|
UGI Utilities
|
|
96.3
|
|
|
82.2
|
|
|
242.4
|
|
|
234.8
|
|
|
Corporate & Other (a)
|
|
2.2
|
|
|
103.5
|
|
|
(15.6
|
)
|
|
181.4
|
|
|
Total operating income
|
|
391.8
|
|
|
466.2
|
|
|
929.8
|
|
|
1,148.7
|
|
|
Income (loss) from equity investees
|
|
1.0
|
|
|
(0.2
|
)
|
|
5.5
|
|
|
(0.3
|
)
|
|
Loss on extinguishments of debt
|
|
—
|
|
|
(33.2
|
)
|
|
(26.5
|
)
|
|
(82.1
|
)
|
|
(Losses) gains on foreign currency contracts, net
|
|
(4.8
|
)
|
|
1.3
|
|
|
(30.0
|
)
|
|
1.3
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
AmeriGas Propane
|
|
(40.6
|
)
|
|
(40.0
|
)
|
|
(160.8
|
)
|
|
(163.1
|
)
|
|
UGI International
|
|
(5.6
|
)
|
|
(4.8
|
)
|
|
(21.4
|
)
|
|
(22.7
|
)
|
|
Midstream & Marketing
|
|
(0.9
|
)
|
|
(0.6
|
)
|
|
(2.4
|
)
|
|
(1.9
|
)
|
|
UGI Utilities
|
|
(10.9
|
)
|
|
(10.0
|
)
|
|
(41.1
|
)
|
|
(38.1
|
)
|
|
Corporate & Other, net (a)
|
|
(0.2
|
)
|
|
—
|
|
|
(0.6
|
)
|
|
(0.6
|
)
|
|
Total interest expense
|
|
(58.2
|
)
|
|
(55.4
|
)
|
|
(226.3
|
)
|
|
(226.4
|
)
|
|
Income before income taxes
|
|
329.8
|
|
|
378.7
|
|
|
652.5
|
|
|
841.2
|
|
|
Income tax benefit (expense) (b)
|
|
104.4
|
|
|
(87.8
|
)
|
|
14.6
|
|
|
(229.4
|
)
|
|
Net income including noncontrolling interests
|
|
434.2
|
|
|
290.9
|
|
|
667.1
|
|
|
611.8
|
|
|
Deduct net income attributable to noncontrolling interests,
principally in AmeriGas Partners, L.P.
|
|
(68.3
|
)
|
|
(60.2
|
)
|
|
(95.3
|
)
|
|
(131.0
|
)
|
|
Net income attributable to UGI Corporation
|
|
$
|
365.9
|
|
|
$
|
230.7
|
|
|
$
|
571.8
|
|
|
$
|
480.8
|
|
|
Earnings per share attributable to UGI shareholders:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
2.11
|
|
|
$
|
1.33
|
|
|
$
|
3.29
|
|
|
$
|
2.77
|
|
|
Diluted
|
|
$
|
2.07
|
|
|
$
|
1.30
|
|
|
$
|
3.23
|
|
|
$
|
2.72
|
|
|
Weighted Average common shares outstanding (thousands):
|
|
|
|
|
|
|
|
|
|
Basic
|
|
173,670
|
|
|
173,512
|
|
|
173,701
|
|
|
173,325
|
|
|
Diluted
|
|
176,948
|
|
|
176,984
|
|
|
177,138
|
|
|
176,840
|
|
|
Supplemental information:
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to UGI Corporation:
|
|
|
|
|
|
|
|
|
|
AmeriGas Propane
|
|
$
|
141.6
|
|
|
$
|
16.6
|
|
|
$
|
169.6
|
|
|
$
|
41.2
|
|
|
UGI International
|
|
61.1
|
|
|
88.3
|
|
|
131.4
|
|
|
153.5
|
|
|
Midstream & Marketing
|
|
112.0
|
|
|
29.9
|
|
|
169.0
|
|
|
92.4
|
|
|
UGI Utilities
|
|
68.3
|
|
|
44.3
|
|
|
140.0
|
|
|
118.3
|
|
|
Corporate & Other (a)
|
|
(17.1
|
)
|
|
51.6
|
|
|
(38.2
|
)
|
|
75.4
|
|
|
Total net income attributable to UGI Corporation
|
|
$
|
365.9
|
|
|
$
|
230.7
|
|
|
$
|
571.8
|
|
|
$
|
480.8
|
|
|
|
|
|
|
(a)
|
|
Corporate & Other includes, among other things, net gains and
(losses) on commodity and certain foreign currency derivative
instruments not associated with current-period transactions and the
elimination of certain intercompany transactions.
|
|
(b)
|
|
Income tax benefit for the three and twelve months ended December
31, 2017 includes one-time beneficial impact from adjustments to
tax-related amounts resulting from the Tax Cuts and Jobs Act
("TCJA") enacted on December 22, 2017 of $166.0 million and one-time
beneficial impact of a $17.3 million adjustment to net deferred
income tax liabilities in France as a result of the 2018 French
Finance Bill approved December 21, 2017. Income tax expense for the
three and twelve months ended December 31, 2016 includes the
beneficial impact of a $27.4 million adjustment to net deferred
income tax liabilities associated with a change in the French tax
rate and an income tax settlement refund of $6.7 million, plus
interest, in France.
|
|
|
|
REPORT OF EARNINGS
|
|
Millions of dollars, except per share
|
|
(Unaudited)
|
|
|
Non-GAAP Financial Measures - Adjusted Net
Income Attributable to UGI and Adjusted Diluted Earnings Per Share
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 previously:
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Adjusted net income attributable to UGI Corporation:
|
|
|
|
|
|
|
|
|
|
Net income attributable to UGI Corporation
|
|
$
|
365.9
|
|
|
$
|
230.7
|
|
|
$
|
571.8
|
|
|
$
|
480.8
|
|
|
Net gains on commodity derivative instruments not associated with
current-period transactions (net of tax of $2.1, $33.3, $0.7, and
$45.3, respectively) (1)(2)
|
|
(4.6
|
)
|
|
(52.2
|
)
|
|
(3.6
|
)
|
|
(78.5
|
)
|
|
Unrealized losses (gains) on foreign currency derivative instruments
(net of tax of $(0.0), $0.4, $(10.3), and $0.4, respectively) (2)
|
|
0.1
|
|
|
(0.8
|
)
|
|
14.8
|
|
|
(0.8
|
)
|
|
Loss on extinguishments of debt (net of tax of $(0.0), $(3.4),
$(2.7), and $(8.4), respectively) (2)
|
|
—
|
|
|
5.3
|
|
|
4.3
|
|
|
13.2
|
|
|
Integration expenses associated with Finagaz (net of tax of $(0.7),
$(2.8), $(11.6), and $(12.5), respectively) (2)
|
|
1.2
|
|
|
5.3
|
|
|
22.1
|
|
|
21.2
|
|
|
Impact from change in French tax rate
|
|
(17.3
|
)
|
|
(27.4
|
)
|
|
(18.9
|
)
|
|
(27.4
|
)
|
|
Impact from TCJA
|
|
(166.0
|
)
|
|
—
|
|
|
(166.0
|
)
|
|
—
|
|
|
Adjusted net income attributable to UGI Corporation
|
|
$
|
179.3
|
|
|
$
|
160.9
|
|
|
$
|
424.5
|
|
|
$
|
408.5
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
UGI Corporation earnings per share — diluted
|
|
$
|
2.07
|
|
|
$
|
1.30
|
|
|
$
|
3.23
|
|
|
$
|
2.72
|
|
|
Net gains on commodity derivative instruments not associated with
current-period transactions (1)
|
|
(0.03
|
)
|
|
(0.29
|
)
|
|
(0.02
|
)
|
|
(0.44
|
)
|
|
Unrealized losses (gains) on foreign currency derivative instruments
|
|
—
|
|
|
(0.01
|
)
|
|
0.08
|
|
|
(0.01
|
)
|
|
Loss on extinguishments of debt
|
|
—
|
|
|
0.03
|
|
|
0.02
|
|
|
0.07
|
|
|
Integration expenses associated with Finagaz (1)
|
|
0.01
|
|
|
0.03
|
|
|
0.13
|
|
|
0.12
|
|
|
Impact from change in French tax rate (1)
|
|
(0.10
|
)
|
|
(0.15
|
)
|
|
(0.10
|
)
|
|
(0.15
|
)
|
|
Impact from TCJA
|
|
(0.94
|
)
|
|
—
|
|
|
(0.94
|
)
|
|
—
|
|
|
Adjusted diluted earnings per share
|
|
$
|
1.01
|
|
|
$
|
0.91
|
|
|
$
|
2.40
|
|
|
$
|
2.31
|
|
|
|
|
|
|
(1)
|
|
Includes the impact of rounding.
|
|
(2)
|
|
Income taxes associated with pre-tax adjustments determined using
statutory business unit tax rates.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20180131006249/en/
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