UGI Reports Record Fiscal 2016 Earnings
Fiscal Year Highlights
-
GAAP net income of $364.7 million, or $2.08 per diluted share,
compared to $281.0 million, or $1.60 per diluted share in the prior
year
-
Adjusted net income of $360.0 million, or $2.05 per diluted share,
compared to $353.8 million, or $2.01 per diluted share in the prior
year
-
Reiterating fiscal 2017 adjusted diluted EPS guidance of $2.30 to $2.45
UGI Corporation (NYSE: UGI) today reported GAAP net income of $364.7
million, or $2.08 per diluted share, for the year ended September 30,
2016, compared to $281.0 million, or $1.60 per diluted share, for the
year ended September 30, 2015. Adjusted net income was $360.0 million,
or $2.05 per diluted share, compared to $353.8 million, or $2.01 per
diluted share, for the years ended September 30, 2016 and 2015,
respectively. Adjusted net income excludes the impact of unrealized
gains and losses on commodity derivative instruments, Finagaz
integration and acquisition expenses, and losses from early
extinguishments of debt. A reconciliation of adjusted net income to GAAP
net income is set forth at the end of this release.
John L. Walsh, president and chief executive officer of UGI, said, "This
was a year of strong execution as we were able to deliver record
earnings despite significantly warmer weather. This performance
demonstrates the contributions of our highly accretive investments as
well as our focus on unit margin management and operational efficiency.
"All of our businesses made significant progress on their initiatives,
including these milestones:
-
UGI Utilities executed a record amount of capital investment this past
year, added over 16,000 heating customers and filed a base rate case
for UGI Gas which went into effect last month.
-
Midstream & Marketing began construction of the Sunbury pipeline as
well as its new LNG liquefaction plant, and awaits the final
environmental impact statement for the PennEast pipeline.
-
UGI International is on track with its integration of Finagaz, as well
as the integrations of smaller-scale acquisitions at Flaga and
AvantiGas.
-
AmeriGas delivered solid unit margins despite weather that was
significantly warmer than the prior year, and made progress on its
acquisition, national account, and cylinder growth platforms."
The company announced earnings guidance for fiscal 2017 last month. For
the year ending September 30, 2017, it expects to report adjusted
diluted earnings per share of $2.30 to $2.45, assuming normal weather
and excluding mark-to-market gains and losses on commodity derivative
instruments and Finagaz integration expenses. Because we are unable to
predict certain potentially material items affecting diluted earnings
per share on a GAAP basis, principally mark-to-market gains and losses
on commodity derivative instruments and Finagaz integration expenses, we
cannot reconcile 2017 adjusted diluted earnings per share, a non-GAAP
measure, to diluted earnings per share, the most directly comparable
GAAP measure, in reliance on the “unreasonable efforts” exception set
forth in SEC rules.
|
Segment Performance (millions, except where otherwise indicated)
|
|
AmeriGas Propane1:
|
|
For the year ended September 30,
|
|
2016
|
|
2015
|
|
Increase (Decrease)
|
Revenues
|
|
$
|
2,311.8
|
|
|
$
|
2,885.3
|
|
|
$
|
(573.5
|
)
|
|
(19.9
|
)%
|
Total margin (a)
|
|
$
|
1,447.0
|
|
|
$
|
1,545.3
|
|
|
$
|
(98.3
|
)
|
|
(6.4
|
)%
|
Partnership operating and administrative expenses
|
|
$
|
928.8
|
|
|
$
|
953.3
|
|
|
$
|
(24.5
|
)
|
|
(2.6
|
)%
|
Operating income
|
|
$
|
356.3
|
|
|
$
|
427.6
|
|
|
$
|
(71.3
|
)
|
|
(16.7
|
)%
|
Loss on extinguishments of debt
|
|
$
|
48.9
|
|
|
$
|
—
|
|
|
$
|
48.9
|
|
|
N.M.
|
Partnership Adjusted EBITDA
|
|
$
|
543.0
|
|
|
$
|
619.2
|
|
|
$
|
(76.2
|
)
|
|
(12.3
|
)%
|
Retail gallons sold
|
|
|
1,065.5
|
|
|
|
1,184.3
|
|
|
|
(118.8
|
)
|
|
(10.0
|
)%
|
Degree days - % (warmer) than normal
|
|
|
(15.0
|
)%
|
|
|
(2.9
|
)%
|
|
|
|
|
Capital expenditures
|
|
$
|
101.7
|
|
|
$
|
102.0
|
|
|
$
|
(0.3
|
)
|
|
(0.3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Retail gallons sold decreased primarily due to temperatures that were
15% warmer than normal and 12.5% warmer than the prior year.
-
Total margin decreased primarily reflecting lower retail total margin
due to the decrease in retail gallons sold and, to a much lesser
extent, lower margin from ancillary sales and services.
-
Partnership operating and administrative expenses decreased primarily
reflecting lower vehicle fuel, employee compensation and benefits, and
uncollectible accounts expenses, partially offset by higher uninsured
litigation expenses.
-
Partnership Adjusted EBITDA decreased principally reflecting 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 year ended September 30,
|
|
2016
|
|
2015
|
|
Increase (Decrease)
|
Revenues
|
|
$
|
1,868.8
|
|
|
$
|
1,808.5
|
|
|
$
|
60.3
|
|
|
3.3
|
%
|
Total margin (a)
|
|
$
|
965.0
|
|
|
$
|
688.5
|
|
|
$
|
276.5
|
|
|
40.2
|
%
|
Operating and administrative expenses
|
|
$
|
639.7
|
|
|
$
|
493.7
|
|
|
$
|
146.0
|
|
|
29.6
|
%
|
Operating income
|
|
$
|
206.6
|
|
|
$
|
112.8
|
|
|
$
|
93.8
|
|
|
83.2
|
%
|
Income before income taxes
|
|
$
|
182.0
|
|
|
$
|
76.4
|
|
|
$
|
105.6
|
|
|
138.2
|
%
|
Finagaz integration and acquisition expenses
|
|
$
|
27.9
|
|
|
$
|
22.6
|
|
|
$
|
5.3
|
|
|
23.5
|
%
|
Costs associated with extinguishment of debt
|
|
$
|
—
|
|
|
$
|
10.3
|
|
|
$
|
(10.3
|
)
|
|
N.M.
|
Adjusted income before income taxes
|
|
$
|
209.9
|
|
|
$
|
109.3
|
|
|
$
|
100.6
|
|
|
92.0
|
%
|
Retail gallons sold
|
|
|
820.5
|
|
|
|
697.0
|
|
|
|
123.5
|
|
|
17.7
|
%
|
Degree days - % (warmer) than normal
|
|
|
|
|
|
|
|
|
UGI France
|
|
|
(13.9
|
)%
|
|
|
(11.0
|
)%
|
|
|
|
|
Capital expenditures
|
|
$
|
99.9
|
|
|
$
|
87.5
|
|
|
$
|
12.4
|
|
|
14.2
|
%
|
|
|
|
|
|
|
|
|
|
-
Results for fiscal 2016 include the full-year results of Finagaz,
which was acquired on May 29, 2015. The Finagaz acquisition nearly
doubled our retail distribution business in France and is a
significant contributor to the variances in the table above.
-
Total retail gallons sold were higher, principally reflecting
incremental retail gallons attributable to Finagaz and, to a lesser
extent, retail gallons associated with small-scale acquisitions at
Flaga and AvantiGas. These increases were partially offset by Flaga
exiting its lower-margin autogas business in Poland.
-
Total margin increased primarily reflecting incremental margin from
Finagaz and, to a lesser extent, higher average unit margins in our
legacy UGI France and Flaga businesses and the impact of the
small-scale acquisitions at Flaga and AvantiGas.
-
Operating expenses increased primarily reflecting incremental expenses
associated with Finagaz.
-
The increase in operating income primarily reflects the higher total
margin, partially offset by increased operating, administrative, and
depreciation expenses.
|
Midstream & Marketing:
|
|
For the year ended September 30,
|
|
2016
|
|
2015
|
|
Increase (Decrease)
|
Revenues
|
|
$
|
866.6
|
|
|
$
|
1,163.6
|
|
|
$
|
(297.0
|
)
|
|
(25.5
|
)%
|
Total margin (a)
|
|
$
|
264.4
|
|
|
$
|
309.0
|
|
|
$
|
(44.6
|
)
|
|
(14.4
|
)%
|
Operating and administrative expenses
|
|
$
|
90.9
|
|
|
$
|
98.6
|
|
|
$
|
(7.7
|
)
|
|
(7.8
|
)%
|
Operating income
|
|
$
|
146.7
|
|
|
$
|
182.6
|
|
|
$
|
(35.9
|
)
|
|
(19.7
|
)%
|
Income before income taxes
|
|
$
|
144.6
|
|
|
$
|
180.5
|
|
|
$
|
(35.9
|
)
|
|
(19.9
|
)%
|
Degree days - % (warmer) colder than normal
|
|
|
(17.8
|
)%
|
|
|
4.5
|
%
|
|
|
|
|
Capital expenditures
|
|
$
|
140.4
|
|
|
$
|
88.0
|
|
|
$
|
52.4
|
|
|
59.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Results reflect temperatures that were 17.8% warmer than normal and
20.5% warmer than the prior year.
-
Total margin decreased principally reflecting lower capacity
management ($41.7 million), natural gas and retail power ($14.9
million), electric generation ($9.4 million), and HVAC total margin.
These decreases were partially offset by higher natural gas gathering
($15.6 million) and peaking ($11.8 million) margin.
-
The lower capacity management margin reflects lower prices for
pipeline capacity as the current year experienced lower locational
basis differentials in capacity values between Marcellus and
non-Marcellus delivery points.
-
Natural gas gathering margins increased reflecting the expansion of
natural gas gathering assets.
-
Peaking margins increased reflecting increased demand for peaking
services.
-
Operating and administrative expenses were slightly lower principally
reflecting lower operating expenses associated with our HVAC business
on lower activity.
|
UGI Utilities:
|
|
For the year ended September 30,
|
|
2016
|
|
2015
|
|
Increase (Decrease)
|
Revenues
|
|
$
|
768.5
|
|
|
$
|
1,041.6
|
|
|
$
|
(273.1
|
)
|
|
(26.2
|
)%
|
Total margin (a)
|
|
$
|
473.9
|
|
|
$
|
525.2
|
|
|
$
|
(51.3
|
)
|
|
(9.8
|
)%
|
Operating and administrative expenses
|
|
$
|
192.7
|
|
|
$
|
218.3
|
|
|
$
|
(25.6
|
)
|
|
(11.7
|
)%
|
Operating income
|
|
$
|
200.9
|
|
|
$
|
241.7
|
|
|
$
|
(40.8
|
)
|
|
(16.9
|
)%
|
Income before income taxes
|
|
$
|
163.3
|
|
|
$
|
200.6
|
|
|
$
|
(37.3
|
)
|
|
(18.6
|
)%
|
System throughput - billions of cubic feet ("bcf")
|
|
|
|
|
|
|
|
|
Core market
|
|
|
66.2
|
|
|
|
81.3
|
|
|
|
(15.1
|
)
|
|
(18.6
|
)%
|
Total
|
|
|
212.4
|
|
|
|
213.5
|
|
|
|
(1.1
|
)
|
|
(0.5
|
)%
|
Gas Utility Degree days - % (warmer) colder than normal
|
|
|
(13.6
|
)%
|
|
|
6.4
|
%
|
|
|
|
|
Capital expenditures
|
|
$
|
262.5
|
|
|
$
|
197.7
|
|
|
$
|
64.8
|
|
|
32.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Gas Utility core market throughput decreased reflecting temperatures
that were 13.6% warmer than normal and 17.8% warmer than the prior
year.
-
Total margin decreased primarily reflecting lower throughput from Gas
Utility core market customers and lower Electric Utility margin.
-
Operating and administrative expenses decreased primarily reflecting
lower information technology project costs, and, to a lesser extent,
lower uncollectible accounts, system maintenance expenses, and
employee benefits.
-
Operating income decreased due to lower total margin, higher
depreciation, and lower other operating income which includes higher
environmental expense, lower margin from off-system sales, lower
revenue from construction services, and higher interest on PGC
overcollections.
|
|
|
(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 also reduced by
revenue-related taxes of $4.8 million and $5.6 million, in 2016 and
2015, respectively.
|
|
|
|
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 earnings and other current
activities at 9:00 AM ET on Thursday, November 10, 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 November 10 through 11:59 PM ET on November 16. The
replay may be accessed at (855) 859-2056, and internationally at
1-404-537-3406, conference ID 13777143.
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 September 30,
|
|
Twelve Months Ended September 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Revenues:
|
|
|
|
|
|
|
|
|
AmeriGas Propane
|
|
$
|
393.5
|
|
|
$
|
418.2
|
|
|
$
|
2,311.8
|
|
|
$
|
2,885.3
|
|
UGI International
|
|
|
316.4
|
|
|
|
379.1
|
|
|
|
1,868.8
|
|
|
|
1,808.5
|
|
UGI Utilities
|
|
|
108.2
|
|
|
|
110.2
|
|
|
|
768.5
|
|
|
|
1,041.6
|
|
Midstream & Marketing
|
|
|
174.3
|
|
|
|
188.8
|
|
|
|
866.6
|
|
|
|
1,163.6
|
|
Corporate & Other (a)
|
|
|
(16.2
|
)
|
|
|
(13.5
|
)
|
|
|
(130.0
|
)
|
|
|
(207.9
|
)
|
Total revenues
|
|
$
|
976.2
|
|
|
$
|
1,082.8
|
|
|
$
|
5,685.7
|
|
|
$
|
6,691.1
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
|
AmeriGas Propane
|
|
$
|
(42.0
|
)
|
|
$
|
(9.8
|
)
|
|
$
|
356.3
|
|
|
$
|
427.6
|
|
UGI International
|
|
|
(23.5
|
)
|
|
|
(5.1
|
)
|
|
|
206.6
|
|
|
|
112.8
|
|
UGI Utilities
|
|
|
8.3
|
|
|
|
3.2
|
|
|
|
200.9
|
|
|
|
241.7
|
|
Midstream & Marketing
|
|
|
14.7
|
|
|
|
18.4
|
|
|
|
146.7
|
|
|
|
182.6
|
|
Corporate & Other (a)
|
|
|
(46.1
|
)
|
|
|
(13.3
|
)
|
|
|
77.5
|
|
|
|
(129.8
|
)
|
Total operating (loss) income
|
|
|
(88.6
|
)
|
|
|
(6.6
|
)
|
|
|
988.0
|
|
|
|
834.9
|
|
Loss from equity investees
|
|
|
(0.1
|
)
|
|
|
(0.1
|
)
|
|
|
(0.2
|
)
|
|
|
(1.2
|
)
|
Loss on extinguishments of debt
|
|
|
(11.8
|
)
|
|
|
—
|
|
|
|
(48.9
|
)
|
|
|
—
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
AmeriGas Propane
|
|
|
(41.4
|
)
|
|
|
(40.4
|
)
|
|
|
(164.1
|
)
|
|
|
(162.8
|
)
|
UGI International (b)
|
|
|
(5.6
|
)
|
|
|
(6.2
|
)
|
|
|
(24.4
|
)
|
|
|
(35.2
|
)
|
UGI Utilities
|
|
|
(9.7
|
)
|
|
|
(9.9
|
)
|
|
|
(37.6
|
)
|
|
|
(41.1
|
)
|
Midstream & Marketing
|
|
|
(0.4
|
)
|
|
|
(0.5
|
)
|
|
|
(2.1
|
)
|
|
|
(2.1
|
)
|
Corporate & Other, net (a)
|
|
|
(0.2
|
)
|
|
|
(0.2
|
)
|
|
|
(0.7
|
)
|
|
|
(0.7
|
)
|
Total interest expense
|
|
|
(57.3
|
)
|
|
|
(57.2
|
)
|
|
|
(228.9
|
)
|
|
|
(241.9
|
)
|
(Loss) income before income taxes
|
|
|
(157.8
|
)
|
|
|
(63.9
|
)
|
|
|
710.0
|
|
|
|
591.8
|
|
Income tax benefit (expense)
|
|
|
42.1
|
|
|
|
11.4
|
|
|
|
(221.2
|
)
|
|
|
(177.8
|
)
|
Net (loss) income including noncontrolling interests
|
|
|
(115.7
|
)
|
|
|
(52.5
|
)
|
|
|
488.8
|
|
|
|
414.0
|
|
Add net loss (deduct net income) attributable to noncontrolling
interests, principally in AmeriGas Partners, L.P.
|
|
|
71.9
|
|
|
|
43.3
|
|
|
|
(124.1
|
)
|
|
|
(133.0
|
)
|
Net (loss) income attributable to UGI Corporation
|
|
$
|
(43.8
|
)
|
|
$
|
(9.2
|
)
|
|
$
|
364.7
|
|
|
$
|
281.0
|
|
Earnings per share attributable to UGI shareholders:
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.25
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
2.11
|
|
|
$
|
1.62
|
|
Diluted
|
|
$
|
(0.25
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
2.08
|
|
|
$
|
1.60
|
|
Weighted Average common shares outstanding (thousands):
|
|
|
|
|
|
|
|
|
Basic
|
|
|
173,737
|
|
|
|
173,265
|
|
|
|
173,154
|
|
|
|
173,115
|
|
Diluted
|
|
|
173,737
|
|
|
|
173,265
|
|
|
|
175,572
|
|
|
|
175,667
|
|
Supplemental information:
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to UGI Corporation:
|
|
|
|
|
|
|
AmeriGas Propane
|
|
$
|
(10.2
|
)
|
|
$
|
(1.0
|
)
|
|
$
|
43.2
|
|
|
$
|
61.0
|
|
UGI International
|
|
|
(20.7
|
)
|
|
|
(7.1
|
)
|
|
|
111.6
|
|
|
|
52.7
|
|
UGI Utilities
|
|
|
(1.8
|
)
|
|
|
(4.6
|
)
|
|
|
97.4
|
|
|
|
121.1
|
|
Midstream & Marketing
|
|
|
9.9
|
|
|
|
11.0
|
|
|
|
87.1
|
|
|
|
107.5
|
|
Corporate & Other (a)
|
|
|
(21.0
|
)
|
|
|
(7.5
|
)
|
|
|
25.4
|
|
|
|
(61.3
|
)
|
Total net (loss) income attributable to UGI Corporation
|
|
$
|
(43.8
|
)
|
|
$
|
(9.2
|
)
|
|
$
|
364.7
|
|
|
$
|
281.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. Effective October 1, 2015, we began
including Electric Utility and HVAC, which were previously included
in Corporate & Other, in UGI Utilities and Midstream & Marketing,
respectively. Prior period amounts have been restated to reflect
these current-year changes in our segment presentation.
|
(b) UGI International interest expense for the twelve months ended
September 30, 2015 includes costs of $10.3 million associated with
extinguishment of debt.
|
|
UGI CORPORATION
|
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
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, losses associated with extinguishments of debt and
Finagaz integration 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 September 30,
|
|
Twelve Months Ended September 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Adjusted net income attributable to UGI Corporation:
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to UGI Corporation
|
|
$
|
(43.8
|
)
|
|
$
|
(9.2
|
)
|
|
$
|
364.7
|
|
|
$
|
281.0
|
Net losses (gains) on commodity derivative instruments not
associated with current period transactions (net of tax of $(18.9),
$(3.2), $13.5 and $(30.9), respectively) (1) (2)
|
|
|
25.7
|
|
|
|
7.1
|
|
|
|
(29.9
|
)
|
|
|
53.3
|
Integration and acquisition expenses associated with Finagaz (net of
tax of $(4.7), $(2.4), $(10.6) and $(7.7), respectively) (2)
|
|
|
7.7
|
|
|
|
4.0
|
|
|
|
17.3
|
|
|
|
14.9
|
Loss on extinguishments of debt (net of tax of $(1.1), $0.0, $(5.0)
and $(5.7), respectively) (2) (3)
|
|
|
1.8
|
|
|
|
—
|
|
|
|
7.9
|
|
|
|
4.6
|
Adjusted net (loss) income attributable to UGI Corporation
|
|
$
|
(8.6
|
)
|
|
$
|
1.9
|
|
|
$
|
360.0
|
|
|
$
|
353.8
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Twelve Months Ended September 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Adjusted diluted earnings per share:
|
|
|
|
|
|
|
|
|
UGI Corporation earnings per share - diluted
|
|
$
|
(0.25
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
2.08
|
|
|
$
|
1.60
|
Net losses (gains) on commodity derivative instruments not
associated with current period transactions (1)
|
|
|
0.15
|
|
|
|
0.04
|
|
|
|
(0.17
|
)
|
|
|
0.30
|
Integration and acquisition expenses associated with Finagaz
|
|
|
0.04
|
|
|
|
0.02
|
|
|
|
0.10
|
|
|
|
0.08
|
Loss on extinguishments of debt
|
|
|
0.01
|
|
|
|
—
|
|
|
|
0.04
|
|
|
|
0.03
|
Adjusted diluted earnings per share
|
|
$
|
(0.05
|
)
|
|
$
|
0.01
|
|
|
$
|
2.05
|
|
|
$
|
2.01
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Includes impact of rounding.
|
(2)
|
|
Income taxes associated with pre-tax adjustments determined using
statutory business unit tax rates.
|
(3)
|
|
Costs associated with extinguishment of debt for the twelve months
ended September 30, 2015 is included in interest expense on the
Report of Earnings.
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20161109006377/en/ Copyright Business Wire 2016
Source: Business Wire
(November 9, 2016 - 6:00 PM EST)
News by QuoteMedia
www.quotemedia.com
|