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UGI Reports Earnings For Fiscal 2012

Stocks in this article: UGI

UGI Corporation (NYSE: UGI) today reported net income attributable to UGI of $199.4 million, or $1.76 per diluted share, for its fiscal year ended September 30, 2012, compared to $232.9 million, or $2.06 per diluted share, for the fiscal year ended September 30, 2011. Net income attributable to UGI for fiscal 2012 includes the after-tax impact of acquisition and transition costs of $13.3 million ($0.12 per diluted share) associated with the Heritage Propane acquisition at AmeriGas and the Shell acquisition at our International Propane business. Fiscal 2012 results also include the after-tax loss of $2.2 million ($0.02 per diluted share) related to extinguishments of debt at AmeriGas. Net income attributable to UGI for fiscal 2011 included the impact of an after-tax loss of $10.3 million ($0.09 per diluted share), related to extinguishments of debt at AmeriGas, an after-tax loss of $3.9 million ($0.03 per diluted share), on the hedging of currency risk related to the Shell acquisition, and the benefits of a non-taxable reserve reversal of approximately $9.4 million ($0.08 per diluted share), related to the dismissal of French Competition Authority proceedings.

For the fourth fiscal quarter ended September 30, 2012, the company reported a seasonal net loss attributable to UGI of $14.7 million ($0.13 per share) compared to a seasonal net loss of $22.4 million ($0.20 per share) for the same period in 2011. The net loss for the current-year quarter includes the after-tax impact of acquisition and transition costs of $4.0 million ($0.04 per share). The net loss for the prior-year quarter included the impact of an after-tax loss of $5.2 million ($0.05 per share), related to the extinguishment of debt at AmeriGas and the impact of the after-tax loss of $3.9 million ($0.03 per share) related to the currency hedges.

Lon R. Greenberg, chairman and chief executive officer of UGI, said, “Our businesses did an excellent job of managing through very difficult operating conditions brought about by the record-breaking warmth in the U.S. and weather that was substantially warmer than normal in Europe. We were pleased with the progress that each of our businesses made on executing their strategic initiatives despite the operating difficulties they faced in fiscal 2012. AmeriGas closed on the Heritage Propane acquisition in mid-January and completed a substantial portion of the integration in line with our original expectations. AmeriGas is well positioned to achieve $60 million in annual synergies in fiscal 2013 as it demonstrates the significant benefits of the transaction. Our Gas Utility business converted record numbers of customers primarily from heating oil to natural gas. Our International Propane business completed the vast majority of the integration and rebranding efforts related to the Shell businesses acquired last October. Finally, our Midstream & Marketing business announced the initiation of service on its Auburn gathering system and a 30-mile extension, its participation in the Commonwealth Pipeline, the completion of its LNG expansion project, and the full repowering of the Hunlock combined cycle electric generation plant.”

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