UGI Corporation (NYSE: UGI) today reported financial results for the
fiscal year ended September 30, 2017.
HIGHLIGHTS
-
GAAP EPS of $2.46 per diluted share and adjusted EPS of $2.29 per
diluted share
-
Record results despite warmer-than-normal weather in all service
territories
-
Issued adjusted diluted EPS guidance of $2.45 - $2.65 for the fiscal
year ending September 30, 2018
"This year highlighted the strength and resilience of our business as we
delivered record earnings despite weather that was warmer than normal in
all of our businesses, and significantly warmer in our domestic
businesses," said John L. Walsh, president and chief executive officer
of UGI Corporation. "We are seeing the benefits of the investments we
have made over the past few years and continue to make significant
progress on our projects for the future. These initiatives are reducing
our dependence on weather, increasing the diversification of our
customer base, markets, and geographies, and building a business that is
positioned to perform exceedingly well over the long-term."
STRATEGIC ACCOMPLISHMENTS
-
UGI Utilities executed a record $318 million of capital investment,
implemented increased base rates at UGI Gas, settled a base rate case
for UGI PNG that went into effect last month, added over 14,000
residential heating and commercial customers, and installed a new
customer information management system that will unify all four
utilities and streamline operations.
-
Midstream & Marketing completed construction of the Sunbury pipeline
under budget and ahead of schedule, completed construction and placed
into service its Manning LNG liquefaction plant, began construction of
its Steelton LNG vaporization and storage facility, and received its
Final Environmental Impact Statement (FEIS) from the FERC for the
PennEast pipeline.
-
UGI International launched an energy marketing business in the U.K.,
acquired an energy marketing and services business in the Netherlands,
made substantial progress toward the full integration of the Finagaz
cylinder and bulk business, and, in October 2017, acquired an LPG
distribution business in northern and central Italy, marking its
entrance into the country.
-
AmeriGas completed five acquisitions, delivered record operating
results in its ACE and National Accounts programs, reduced its average
interest rate on long-term debt by more than 100 basis points through
refinancings, and increased its distribution for the 13th consecutive
year. UGI is excited about the growth opportunities of AmeriGas and
has provided a standby equity commitment to fund up to $225 million so
that AmeriGas can continue to pursue growth should it experience
another significantly warmer than normal winter.
-
UGI Corporation increased its dividend for the 30th consecutive year.
2018 OUTLOOK
UGI provided an adjusted diluted EPS guidance range of $2.45-$2.65 for
the twelve months ending September 30, 20181. This guidance
range assumes normal weather and excludes mark-to-market gains and
losses on commodity and certain foreign currency derivative instruments
and Finagaz integration expenses.
1 See “Note on Guidance and Use of Forward-Looking Statements”
EARNINGS CALL and WEBCAST
UGI Corporation will hold a live Internet Audio Webcast of its
conference call to discuss fiscal 2017 earnings and other current
activities at 9:00 AM ET on Thursday, November 9, 2017. 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 9 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 5917897.
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 net income attributable to UGI Corporation"
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 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. 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 below 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.
NOTE ON GUIDANCE and USE OF FORWARD-LOOKING STATEMENTS
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 and certain foreign
currency derivative instruments and Finagaz integration expenses, we
cannot reconcile 2018 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.
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
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 — Propane (millions, except where otherwise indicated)
AmeriGas Propane
For the year ended September 30,
|
|
2017
|
|
2016
|
|
Increase (Decrease)
|
Revenues
|
|
$
|
2,453.5
|
|
|
$
|
2,311.8
|
|
|
$
|
141.7
|
|
|
6.1
|
%
|
Total margin (a)
|
|
$
|
1,450.6
|
|
|
$
|
1,447.0
|
|
|
$
|
3.6
|
|
|
0.2
|
%
|
Partnership operating and administrative expenses
|
|
$
|
915.1
|
|
|
$
|
928.8
|
|
|
$
|
(13.7
|
)
|
|
(1.5
|
)%
|
Operating income
|
|
$
|
355.3
|
|
|
$
|
356.3
|
|
|
$
|
(1.0
|
)
|
|
(0.3
|
)%
|
Partnership Adjusted EBITDA
|
|
$
|
551.3
|
|
|
$
|
543.0
|
|
|
$
|
8.3
|
|
|
1.5
|
%
|
|
|
|
|
|
|
|
|
|
Retail gallons sold
|
|
1,046.9
|
|
|
1,065.5
|
|
|
(18.6
|
)
|
|
(1.7
|
)%
|
Heating degree days - % (warmer) than normal
|
|
(13.5
|
)%
|
|
(15.0
|
)%
|
|
|
|
|
Capital expenditures
|
|
$
|
98.1
|
|
|
$
|
101.7
|
|
|
$
|
(3.6
|
)
|
|
(3.5
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Retail gallons sold decreased slightly, primarily due to warm weather
in the critical heating months of January and February, a period that
was 9% warmer than the prior year.
-
Total margin increased primarily reflecting higher margin from
ancillary sales and services partially offset by lower retail total
margin due to lower volumes.
-
Partnership operating and administrative expenses decreased largely
due to lower uninsured litigation and general insurance expenses and
lower group medical insurance expenses, partially offset by higher
vehicle and bad debt expenses and a $7.5 million environmental accrual
related to a legacy acquisition.
-
Partnership Adjusted EBITDA increased principally reflecting lower
operating and administrative expenses excluding the environmental
accrual and slightly higher total margin, partially offset by lower
other operating income.
UGI International
For the year ended September 30,
|
|
2017
|
|
2016
|
|
Increase (Decrease)
|
Revenues
|
|
$
|
1,877.5
|
|
|
$
|
1,868.8
|
|
|
$
|
8.7
|
|
|
0.5
|
%
|
Total margin (a)
|
|
$
|
942.2
|
|
|
$
|
965.0
|
|
|
$
|
(22.8
|
)
|
|
(2.4
|
)%
|
Operating and administrative expenses
|
|
$
|
626.2
|
|
|
$
|
639.7
|
|
|
$
|
(13.5
|
)
|
|
(2.1
|
)%
|
Operating income
|
|
$
|
195.7
|
|
|
$
|
206.6
|
|
|
$
|
(10.9
|
)
|
|
(5.3
|
)%
|
Income before income taxes
|
|
$
|
175.0
|
|
|
$
|
182.0
|
|
|
$
|
(7.0
|
)
|
|
(3.8
|
)%
|
Finagaz integration expenses
|
|
$
|
39.9
|
|
|
$
|
27.9
|
|
|
$
|
12.0
|
|
|
43.0
|
%
|
Adjusted income before income taxes
|
|
$
|
214.9
|
|
|
$
|
209.9
|
|
|
$
|
5.0
|
|
|
2.4
|
%
|
|
|
|
|
|
|
|
|
|
Retail gallons sold
|
|
827.9
|
|
|
820.5
|
|
|
7.4
|
|
|
0.9
|
%
|
Heating degree days - % (warmer) than normal
|
|
(4.5
|
)%
|
|
(12.9
|
)%
|
|
|
|
|
Capital expenditures
|
|
$
|
90.3
|
|
|
$
|
99.9
|
|
|
$
|
(9.6
|
)
|
|
(9.6
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base-currency results are translated into U.S. dollars based upon
exchange rates experienced during the reporting periods. The functional
currency of a significant portion of our UGI International results is
the euro and, to a much lesser extent, the British pound sterling.
Although the British pound sterling and the euro during much of Fiscal
2017 were slightly weaker than during Fiscal 2016, the translation
effects of these currencies did not negatively impact UGI International
net income due to gains on foreign currency exchange contracts.
-
Total retail gallons sold increased slightly as the effects of weather
that was colder than the prior year were substantially offset by the
absence of volume associated with the lower-margin autogas business in
Poland that the company exited in 2016.
-
Total margin was lower primarily due to currency translation effects
of a weaker British pound sterling and euro and slightly lower bulk
and cylinder retail margins due to the absence of a significant margin
parachute experienced in the prior year.
-
Operating expenses decreased primarily reflecting operating synergies
from Finagaz integration activities and, to a much lesser extent,
currency translation effects.
-
The decrease in operating income primarily reflects the lower total
margin and higher depreciation and amortization expenses, partially
offset by the lower operating and administrative expenses.
SEGMENT RESULTS — Natural Gas (millions, except where otherwise
indicated)
Midstream & Marketing
For the year ended September 30,
|
|
2017
|
|
2016
|
|
Increase (Decrease)
|
Revenues
|
|
$
|
1,121.2
|
|
|
$
|
866.6
|
|
|
$
|
254.6
|
|
|
29.4
|
%
|
Total margin (a)
|
|
$
|
264.5
|
|
|
$
|
264.4
|
|
|
$
|
0.1
|
|
|
—
|
%
|
Operating and administrative expenses
|
|
$
|
95.6
|
|
|
$
|
90.9
|
|
|
$
|
4.7
|
|
|
5.2
|
%
|
Operating income
|
|
$
|
139.2
|
|
|
$
|
146.7
|
|
|
$
|
(7.5
|
)
|
|
(5.1
|
)%
|
Income before income taxes
|
|
$
|
141.4
|
|
|
$
|
144.6
|
|
|
$
|
(3.2
|
)
|
|
(2.2
|
)%
|
|
|
|
|
|
|
|
|
|
Heating degree days - % (warmer) colder than normal
|
|
(14.5
|
)%
|
|
(17.8
|
)%
|
|
|
|
|
Capital expenditures
|
|
$
|
117.5
|
|
|
$
|
140.4
|
|
|
$
|
(22.9
|
)
|
|
(16.3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Total margin was approximately equal to the prior year primarily
reflecting higher peaking, natural gas gathering and natural gas
marketing total margin offset by lower capacity management and
electricity generation total margin.
-
Operating and administrative expenses increased reflecting higher wage
and benefits expense, partially offset by lower operating and
maintenance expenses at our electricity generating facilities.
-
Operating income decreased reflecting the higher operating and
administrative expenses as well as higher depreciation expense
associated with the expansion of our pipeline and peaking assets.
-
The decrease in income before income taxes reflects lower operating
income partially offset by AFUDC income associated with our equity
investment in the PennEast pipeline.
UGI Utilities
For the year ended September 30,
|
|
2017
|
|
2016
|
|
Increase (Decrease)
|
Revenues
|
|
$
|
887.6
|
|
|
$
|
768.5
|
|
|
$
|
119.1
|
|
|
15.5
|
%
|
Total margin (a)
|
|
$
|
515.6
|
|
|
$
|
473.9
|
|
|
$
|
41.7
|
|
|
8.8
|
%
|
Operating and administrative expenses
|
|
$
|
212.4
|
|
|
$
|
192.7
|
|
|
$
|
19.7
|
|
|
10.2
|
%
|
Operating income
|
|
$
|
228.3
|
|
|
$
|
200.9
|
|
|
$
|
27.4
|
|
|
13.6
|
%
|
Income before income taxes
|
|
$
|
188.1
|
|
|
$
|
163.3
|
|
|
$
|
24.8
|
|
|
15.2
|
%
|
|
|
|
|
|
|
|
|
|
Gas Utility system throughput - billions of cubic feet
|
|
|
|
|
|
|
|
|
Core market
|
|
70.4
|
|
|
66.2
|
|
|
4.2
|
|
|
6.3
|
%
|
Total
|
|
243.1
|
|
|
212.4
|
|
|
30.7
|
|
|
14.5
|
%
|
Gas Utility Heating degree days - % (warmer) than normal
|
|
(11.1
|
)%
|
|
(13.6
|
)%
|
|
|
|
|
Capital expenditures
|
|
$
|
317.7
|
|
|
$
|
262.5
|
|
|
$
|
55.2
|
|
|
21.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
Gas Utility core market throughput increased reflecting temperatures
that were 2.6% colder than the prior year, but 11.1% warmer than
normal and growth in the number of customers.
-
Total margin increased primarily reflecting an increase in UGI Gas
base rates that went into effect on October 19, 2016, higher large
firm delivery service total margin, and the higher core market
throughput.
-
Operating and administrative expenses increased primarily reflecting
higher pension, employee benefits, and customer accounts expenses in
addition to the absence of IT system capitalization adjustments that
reduced expenses in the prior year.
-
Operating income increased primarily due to the increase in total
margin, as well as higher other income due to a $5.8 million
environmental insurance settlement, the absence of a charge in the
prior year related to environmental matters, and lower interest on
purchased gas cost overcollections.
|
|
|
(a)
|
|
Total margin represents total revenue less total cost of sales and
excludes pre-tax gains and losses on commodity derivative
instruments not associated with current period transactions. In the
case of UGI Utilities, total margin is also reduced by certain
revenue-related taxes.
|
|
|
|
REPORT OF EARNINGS - UGI CORPORATION
|
|
|
|
|
($ millions, except per share)
|
|
Three Months Ended
|
|
Twelve Months Ended
|
Unaudited
|
|
September 30,
|
|
September 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Revenues:
|
|
|
|
|
|
|
|
|
AmeriGas Propane
|
|
$
|
445.2
|
|
|
$
|
393.5
|
|
|
$
|
2,453.5
|
|
|
$
|
2,311.8
|
|
UGI International
|
|
366.4
|
|
|
316.4
|
|
|
1,877.5
|
|
|
1,868.8
|
|
Midstream & Marketing
|
|
204.9
|
|
|
174.3
|
|
|
1,121.2
|
|
|
866.6
|
|
UGI Utilities
|
|
119.6
|
|
|
108.2
|
|
|
887.6
|
|
|
768.5
|
|
Corporate & Other (a)
|
|
(22.2
|
)
|
|
(16.2
|
)
|
|
(219.1
|
)
|
|
(130.0
|
)
|
Total revenues
|
|
$
|
1,113.9
|
|
|
$
|
976.2
|
|
|
$
|
6,120.7
|
|
|
$
|
5,685.7
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
|
AmeriGas Propane
|
|
$
|
(18.5
|
)
|
|
$
|
(42.0
|
)
|
|
$
|
355.3
|
|
|
$
|
356.3
|
|
UGI International
|
|
(14.7
|
)
|
|
(23.5
|
)
|
|
195.7
|
|
|
206.6
|
|
Midstream & Marketing
|
|
4.6
|
|
|
14.7
|
|
|
139.2
|
|
|
146.7
|
|
UGI Utilities
|
|
2.0
|
|
|
8.3
|
|
|
228.3
|
|
|
200.9
|
|
Corporate & Other (a)
|
|
54.2
|
|
|
(46.1
|
)
|
|
85.7
|
|
|
77.5
|
|
Total operating income (loss)
|
|
27.6
|
|
|
(88.6
|
)
|
|
1,004.2
|
|
|
988.0
|
|
Income (loss) from equity investees
|
|
1.3
|
|
|
(0.1
|
)
|
|
4.3
|
|
|
(0.2
|
)
|
Loss on extinguishments of debt
|
|
—
|
|
|
(11.8
|
)
|
|
(59.7
|
)
|
|
(48.9
|
)
|
Losses on foreign currency contracts, net
|
|
(7.8
|
)
|
|
—
|
|
|
(23.9
|
)
|
|
—
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
AmeriGas Propane
|
|
(39.6
|
)
|
|
(41.4
|
)
|
|
(160.2
|
)
|
|
(164.1
|
)
|
UGI International
|
|
(5.4
|
)
|
|
(5.6
|
)
|
|
(20.6
|
)
|
|
(24.4
|
)
|
Midstream & Marketing
|
|
(0.5
|
)
|
|
(0.4
|
)
|
|
(2.1
|
)
|
|
(2.1
|
)
|
UGI Utilities
|
|
(9.7
|
)
|
|
(9.7
|
)
|
|
(40.2
|
)
|
|
(37.6
|
)
|
Corporate & Other, net (a)
|
|
(0.3
|
)
|
|
(0.2
|
)
|
|
(0.4
|
)
|
|
(0.7
|
)
|
Total interest expense
|
|
(55.5
|
)
|
|
(57.3
|
)
|
|
(223.5
|
)
|
|
(228.9
|
)
|
(Loss) income before income taxes
|
|
(34.4
|
)
|
|
(157.8
|
)
|
|
701.4
|
|
|
710.0
|
|
Income tax benefit (expense) (b)
|
|
17.7
|
|
|
42.1
|
|
|
(177.6
|
)
|
|
(221.2
|
)
|
Net (loss) income including noncontrolling interests
|
|
(16.7
|
)
|
|
(115.7
|
)
|
|
523.8
|
|
|
488.8
|
|
Add net loss (deduct net income) attributable to noncontrolling
interests, principally in AmeriGas Partners, L.P.
|
|
21.7
|
|
|
71.9
|
|
|
(87.2
|
)
|
|
(124.1
|
)
|
Net income (loss) attributable to UGI Corporation
|
|
$
|
5.0
|
|
|
$
|
(43.8
|
)
|
|
$
|
436.6
|
|
|
$
|
364.7
|
|
Earnings per share attributable to UGI shareholders:
|
|
|
|
|
|
|
Basic
|
|
$
|
0.03
|
|
|
$
|
(0.25
|
)
|
|
$
|
2.51
|
|
|
$
|
2.11
|
|
Diluted
|
|
$
|
0.03
|
|
|
$
|
(0.25
|
)
|
|
$
|
2.46
|
|
|
$
|
2.08
|
|
Weighted Average common shares outstanding (thousands):
|
|
|
|
|
|
|
|
|
Basic
|
|
173,769
|
|
|
173,737
|
|
|
173,662
|
|
|
173,154
|
|
Diluted
|
|
177,175
|
|
|
173,737
|
|
|
177,159
|
|
|
175,572
|
|
Supplemental information:
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to UGI Corporation:
|
|
|
|
|
|
|
AmeriGas Propane
|
|
$
|
(2.6
|
)
|
|
$
|
(10.2
|
)
|
|
$
|
44.6
|
|
|
$
|
43.2
|
|
UGI International
|
|
(7.0
|
)
|
|
(20.7
|
)
|
|
158.6
|
|
|
111.6
|
|
Midstream & Marketing
|
|
3.8
|
|
|
9.9
|
|
|
86.9
|
|
|
87.1
|
|
UGI Utilities
|
|
(4.1
|
)
|
|
(1.8
|
)
|
|
116.0
|
|
|
97.4
|
|
Corporate & Other (a)
|
|
14.9
|
|
|
(21.0
|
)
|
|
30.5
|
|
|
25.4
|
|
Total net income (loss) attributable to UGI Corporation
|
|
$
|
5.0
|
|
|
$
|
(43.8
|
)
|
|
$
|
436.6
|
|
|
$
|
364.7
|
|
|
|
|
(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 expense for the three months ended September 30, 2017
includes the beneficial impact of a $1.6 million adjustment to net
deferred income tax liabilities associated with a change in the
French income tax rate and a $7.6 million decrease in foreign tax
credit valuation allowance. Income tax expense for the twelve
months ended September 30, 2017 includes (1) the beneficial impact
of a $29.0 million adjustment to net deferred income tax
liabilities associated with a change in the French income tax
rate; (2) $10.3 million of excess tax benefits on share-based
payment awards; (3) a $7.6 million decrease in foreign tax credit
valuation allowance; and; (4) an income tax settlement refund of
$6.7 million, plus interest, in France.
|
|
|
|
GAAP / NON-GAAP EARNINGS RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended September 30, 2017
|
|
AmeriGas Propane
|
|
UGI International
|
|
Midstream & Marketing
|
|
UGI Utilities
|
|
Corporate & Other
|
|
Total
|
Adjusted net income attributable to UGI Corporation:
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income attributable to UGI Corporation
|
|
$
|
44.6
|
|
|
$
|
158.6
|
|
|
$
|
86.9
|
|
|
$
|
116.0
|
|
|
$
|
30.5
|
|
|
$
|
436.6
|
|
Net gains on commodity derivative instruments not associated with
current-period transactions (net of tax of $31.9) (a) (b)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51.2
|
)
|
|
(51.2
|
)
|
Unrealized losses on foreign currency derivative instruments (net of
tax of $(9.9)) (a)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13.9
|
|
|
13.9
|
|
Loss on extinguishments of debt (net of tax of $(6.1)) (a)
|
|
9.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9.6
|
|
Integration expenses associated with Finagaz (net of tax of $(13.7))
(a)
|
|
—
|
|
|
26.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26.2
|
|
Impact from change in French tax rate
|
|
—
|
|
|
(29.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29.0
|
)
|
Adjusted net income (loss) attributable to UGI Corporation
|
|
$
|
54.2
|
|
|
$
|
155.8
|
|
|
$
|
86.9
|
|
|
$
|
116.0
|
|
|
$
|
(6.8
|
)
|
|
$
|
406.1
|
|
Adjusted diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
UGI Corporation earnings per share – diluted (GAAP)
|
|
$
|
0.25
|
|
|
$
|
0.89
|
|
|
$
|
0.49
|
|
|
$
|
0.66
|
|
|
$
|
0.17
|
|
|
$
|
2.46
|
|
Net gains on commodity derivative instruments not associated with
current-period transactions
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.29
|
)
|
|
(0.29
|
)
|
Unrealized losses on foreign currency derivative instruments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.08
|
|
|
0.08
|
|
Loss on extinguishments of debt
|
|
0.05
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.05
|
|
Integration expenses associated with Finagaz
|
|
—
|
|
|
0.15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.15
|
|
Impact from change in French tax rate
|
|
—
|
|
|
(0.16
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.16
|
)
|
Adjusted diluted earnings (loss) per share
|
|
$
|
0.30
|
|
|
$
|
0.88
|
|
|
$
|
0.49
|
|
|
$
|
0.66
|
|
|
$
|
(0.04
|
)
|
|
$
|
2.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended September 30, 2016
|
|
AmeriGas Propane
|
|
UGI International
|
|
Midstream & Marketing
|
|
UGI Utilities
|
|
Corporate & Other
|
|
Total
|
Adjusted net income attributable to UGI Corporation:
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income attributable to UGI Corporation
|
|
$
|
43.2
|
|
|
$
|
111.6
|
|
|
$
|
87.1
|
|
|
$
|
97.4
|
|
|
$
|
25.4
|
|
|
$
|
364.7
|
|
Net gains on commodity derivative instruments not associated with
current-period transactions (net of tax of $13.5) (a) (b)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29.9
|
)
|
|
(29.9
|
)
|
Loss on extinguishments of debt (net of tax of $(5.0)) (a)
|
|
7.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7.9
|
|
Integration expenses associated with Finagaz (net of tax of $(10.6))
(a)
|
|
—
|
|
|
17.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17.3
|
|
Adjusted net income (loss) attributable to UGI Corporation
|
|
$
|
51.1
|
|
|
$
|
128.9
|
|
|
$
|
87.1
|
|
|
$
|
97.4
|
|
|
$
|
(4.5
|
)
|
|
$
|
360.0
|
|
Adjusted diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
UGI Corporation earnings per share – diluted (GAAP)
|
|
$
|
0.25
|
|
|
$
|
0.64
|
|
|
$
|
0.50
|
|
|
$
|
0.55
|
|
|
$
|
0.14
|
|
|
$
|
2.08
|
|
Net gains on commodity derivative instruments not associated with
current-period transactions (b)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.17
|
)
|
|
(0.17
|
)
|
Loss on extinguishments of debt
|
|
0.04
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.04
|
|
Integration expenses associated with Finagaz
|
|
—
|
|
|
0.10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.10
|
|
Adjusted diluted earnings (loss) per share
|
|
$
|
0.29
|
|
|
$
|
0.74
|
|
|
$
|
0.50
|
|
|
$
|
0.55
|
|
|
$
|
(0.03
|
)
|
|
$
|
2.05
|
|
(a)
|
|
Income taxes associated with pre-tax adjustments determined using
statutory business unit tax rates.
|
(b)
|
|
Includes the effects of rounding.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20171108006714/en/
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