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AmeriGas Partners Reports Second Quarter Results, Updates Guidance

Stocks in this article: APU

AmeriGas Propane, Inc., general partner of AmeriGas Partners, L.P. (NYSE: APU), reported net income attributable to AmeriGas Partners, L.P. for the second quarter of fiscal 2012 ended March 31, 2012 of $133.9 million compared to $118.0 million for the same period last year. Net income attributable to AmeriGas Partners, L.P. for the current-year period includes the impact of a $13.4 million loss on extinguishment of debt and $8.1 million in acquisition and transition expenses related to the mid-January acquisition of Heritage Propane. Net income attributable to AmeriGas Partners, L.P. for the prior-year quarter includes the impact of an $18.8 million loss on an extinguishment of debt.

The Partnership’s adjusted earnings before interest expense, income taxes, depreciation and amortization (Adjusted EBITDA) increased to $246.0 million for the second quarter of 2012 compared to $176.3 million for the same period last year, reflecting the impact of the Heritage Propane acquisition partially offset by the impact of record warm temperatures. Weather during the quarter was approximately 22% warmer than normal and the prior-year period, according to the National Oceanic and Atmospheric Administration.

For the three months ended March 31, 2012, retail propane volumes sold were 389.4 million gallons compared with retail propane volumes of 316.3 million gallons in the prior-year period. The increase in volumes sold was largely attributable to incremental volumes resulting from the Heritage Propane acquisition (approximately 138 million gallons) partially offset by the impact of the historically warm weather.

Revenues for the quarter increased to $1,155.6 million from $906.8 million in the prior-year period, reflecting the incremental revenues from the Heritage Propane acquisition (approximately $404 million) partially offset by a weather-related decline in revenues at AmeriGas Propane’s legacy operations. Total margin increased $143.6 million due to the inclusion of Heritage Propane’s operations (approximately $194 million) partially offset by the impact of historically warm weather on total margin at AmeriGas Propane’s legacy operations. Operating expenses increased $81.8 million including expenses of Heritage Propane (approximately $78 million) and $8.1 million in acquisition and transition expenses partially offset by a decrease in expense at AmeriGas Propane legacy operations. Partnership operating income (which excludes the losses on extinguishments of debt) increased $40.4 million, reflecting the higher Adjusted EBITDA offset by higher depreciation and amortization expenses ($21.6 million) and the Heritage Propane acquisition and transition expenses ($8.1 million).

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