Net sales for the quarter ended June 2011 were $471 million, up 18.7% from $396.6 million in the year-ago quarter. Net loss stood at $7.2 million, vs $3.4 million profit in the same quarter prior year.
On the third-quarter results, Lon R. Greenberg, CEO of UGI, said, "Improved results from our Gas Utility and AmeriGas were not enough to offset an $11.3 million decrease in earnings from our International Propane businesses resulting principally from extraordinarily warm spring weather in Europe. Given the negative impact of International Propane's results on our quarterly and year-to-date earnings, as well as our current assessment of business prospects for a seasonal loss in the fourth quarter, we now expect earnings per share of approximately $2.20 for the full fiscal year ending September 30, 2011."The stock is trading at 11.88 times its 2011 earnings with an estimated 34% upside over the next 12 months, according to a Bloomberg consensus.