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
AmeriGas Partners, L.P. (NYSE: APU) today announced earnings guidance for fiscal years 2012 and 2013. The Partnership expects to report net income attributable to AmeriGas Partners of approximately $6.8 million for its fiscal year ended September 30, 2012. Net income attributable to AmeriGas Partners includes the impact of a previously-reported $13.3 million loss on extinguishment of debt and approximately $46 million in acquisition and transition expenses related to the acquisition of Heritage Propane.
Adjusted earnings before interest expense, income taxes, depreciation and amortization (Adjusted EBITDA), is expected to be approximately $382 million for fiscal 2012.
Jerry E. Sheridan, chief executive officer of AmeriGas, said, “We expect Adjusted EBITDA for fiscal 2012 to be in line with our previously-issued guidance. Looking ahead to fiscal 2013, assuming normal weather patterns this coming winter, we expect to report net income attributable to AmeriGas Partners in the range of $244 million to $274 million. This guidance includes the impact of acquisition and transition costs of approximately $20 million that we expect to incur as we complete the Heritage integration next year. Adjusted EBITDA for fiscal 2013, which excludes the impact of the acquisition and transition costs, is expected to be in the range of $630 to $660 million. We look forward to discussing the status of the Heritage Propane integration, the future prospects for our business and this earnings guidance during our presentation at UGI’s Analyst Day tomorrow morning in New York City.” AmeriGas is scheduled to release more detailed results for the fiscal year ended September 30, 2012 on its earnings call on November 8, 2012.
Interested parties may listen to a live audio webcast of UGI Corporation’s Analyst Day with the supporting slide presentation by visiting the company website
http://www.ugicorp.com and clicking on Investor Relations. The AmeriGas presentation is scheduled to start at 9:25 am.
Adjusted EBITDA is defined herein as earnings before interest expense, income taxes, depreciation and amortization, losses on extinguishment of debt and Heritage Propane acquisition and transition expenses. Adjusted EBITDA is a non-GAAP financial measure. Management believes the presentation of this measure provides useful information to investors to more effectively evaluate the year-over-year results of operations of the Partnership. This measure is not comparable to measures used by other entities and should only be considered in conjunction with net income attributable to AmeriGas Partners, L.P. A reconciliation of Adjusted EBITDA to the most comparable GAAP financial measure is included on the last page of this press release.