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UGI Reports Third Quarter Results, Reiterates Guidance For 2012

Stocks in this article: UGI

UGI Corporation (NYSE: UGI) today reported a net loss attributable to UGI of $6.3 million, or $0.06 per share, for the quarter ended June 30, 2012, compared to a net loss attributable to UGI of $7.2 million, or $0.06 per share, for the third quarter of fiscal 2011. Results for the current-year period include the after-tax impact of acquisition and transition costs of $3.4 million ($0.03 per share) associated with the Heritage Propane acquisition at AmeriGas and the Shell acquisition at our International Propane business.

Lon R. Greenberg, chairman and chief executive officer of UGI, said, “Despite weather this spring which was significantly warmer than normal, our earnings for the quarter, when adjusted to exclude the $0.03 per share in acquisition and transition expenses, were significantly better than last year’s quarter. This improvement reflects better results from both our International Propane businesses and our Utility businesses. While the extraordinarily warm spring weather in the U.S. continued to have an adverse impact on AmeriGas’s operating results, we were pleased with the excellent progress made by the AmeriGas team on the integration of Heritage Propane.”

Greenberg continued, “We are making significant progress in advancing our strategic initiatives across all of our business units and we are confident that this progress will be reflected in a marked improvement in earnings next year given a return to more normal winter weather conditions. AmeriGas is on track to deliver at least $50 million in net synergies in fiscal 2013 from the Heritage Propane acquisition. Our International Propane businesses have nearly completed the Shell acquisition integration effort and we expect this transaction to contribute to earnings next year. Our Gas Utility is accelerating the pace of infrastructure replacement and at the same time will add a record number of new gas heating customers this year primarily through conversions from heating oil. The Hunlock electric generation plant came online at full capacity during the quarter and has had higher than expected utilization. Finally, our Midstream & Marketing business continues to make good progress on their Auburn II gathering project and recently announced positive results from the Commonwealth Pipeline’s non-binding open season.”

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