This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

UGI Reports Third Quarter Results, Reiterates Guidance For 2012

Stock quotes 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.”

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,804.71 -238.19 -1.40%
S&P 500 1,946.16 -26.13 -1.32%
NASDAQ 4,422.0850 -71.3050 -1.59%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs