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UGI First Quarter Earnings Increase 18%; Adjusted Earnings Increase 26%

Stocks in this article: UGI

UGI Corporation (NYSE: UGI) today reported net income attributable to UGI of $102.6 million, or $0.90 per diluted share, for the first quarter of fiscal 2013 ended December 31, 2012, compared to $87.0 million, or $0.77 per diluted share, for the first quarter of fiscal 2012. Net income attributable to UGI for the prior-year period includes a benefit of $5.5 million ($0.05 per diluted share) resulting from the recognition of certain foreign tax credits associated with UGI’s International Propane business. The $15.6 million (17.9%) increase in net income attributable to UGI was the result of substantially improved performance across all of UGI’s business units. Excluding the benefit of the prior-year tax adjustment, net income attributable to UGI increased $21.1 million (25.9%) year-over-year.

Lon R. Greenberg, chairman and chief executive officer of UGI, said, “Although warmer than normal, the weather experienced by each of our business units during the quarter was colder, on average, than that experienced last year. AmeriGas’s earnings contribution increased over 50%, primarily reflecting the impact of the Heritage Propane acquisition. Gas Utility’s 14% year-over-year improvement in earnings contribution reflected both colder weather and, to a lesser extent, the net impact of customer additions in fiscal 2012. Our International Propane business also reported earnings that were 14% above last year primarily due to colder weather in France and the benefits associated with acquisitions completed last year in the UK, Scandinavia and the Benelux countries. Finally, our Midstream & Marketing business reported improved results primarily associated with its electric generation business.” Weather during the quarter was warmer than normal across all of UGI’s operating territories and in particular across the United States and in France. Weather during the month of December was substantially warmer than normal across the United States (13.1% warmer than normal) and in Gas Utility’s service territory (14.4% warmer than normal).

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