Previous Statements by UGI
» UGI and AmeriGas Partners LP's CEO Discusses Q2 2012 Results - Earnings Call Transcript
» UGI Corporation's CEO Discusses F1Q 2012 Results - Earnings Call Transcript
» UGI CEO Discusses F4Q2011Results - Earnings Call Transcript
» UGI Corporation's CEO Discusses Acquisition of European LPG Businesses - Conference Call Transcript
UGI and AmeriGas undertake no obligation to release revisions to their forward-looking statements to reflect events or circumstances occurring after today. In addition, our remarks will reference certain non-GAAP financial measures that management believes provide useful information to investors to more effectively evaluate the year-over-year results of operations of the company. These non-GAAP financial measures are not comparable to measures used by the company and should be considered in conjunction with other performance measures such as cash flow from operating activities.With me today are John Walsh, President and COO of UGI; Jerry Sheridan, President and CEO of AmeriGas and your host, Chairman and CEO of UGI Corporation, Lon Greenberg. Lon? Lon Greenberg Thanks, Hugh. Let me also welcome all of you to our call. I trust you have had the opportunity to review our press releases reporting our third quarter results. Hugh will provide you with some more detail on our financial results later in his comments. Although UGI’s earnings for the quarter adjusted for acquisition and transition expenses were improved over the prior year by $0.03 a share, our financial performance was not at levels we are capable of achieving due principally to the very warm spring weather we encountered in our business units. Rolling 12 month records for warmth continue to be set this quarter, in fact only Michael Phelps has set more records this past year than the winter has. Yet our earnings improved as I noted due to better performance in our overseas and our utilities businesses. I will add that all of our operating units made strides forward in carrying out their strategic plans during the quarter especially noteworthy is the progress AmeriGas made in its Heritage integration process that Jerry will describe later. John will also comment on some of the progress made at our other business units this quarter. Following remarks by Hugh, John and Jerry, I will return for some closing comments.
At this point I will turn it over to Hugh.Hugh Gallagher Thanks Lon. As Lon mentioned in his opening remarks, we were pleased with the results for the quarter given the warm spring weather. We are also pleased with the progress made in advancing our strategic initiatives across all of our business units and John and Jerry will prove more color on this progress in their portion of the presentation. But first let me give the quick summary of operations and liquidity for the quarter. UGI reported a seasonal net loss of $6.3 million or $0.06 per share for the quarter compared to a loss of $7.2 million or $0.06 per share for the third quarter of 2011. The results for the current quarter include the acquisitions and transition costs of $3.4 million or $0.03 per share related to the Heritage Propane acquisitions at AmeriGas and the Shell acquisition at UGI’s international propane business. Excluding these items the seasonal net loss for the quarter would have been about $2.9 million or $0.03 per share, a solid improvement over the prior year quarter. Year-to-date June earnings per share was $1.89 on a GAAP basis which includes $0.10 per share from the loss on extinguishment of debt and transition expenses already incurred. We continue to expect to report GAAP earnings in the range of $1.65 to $1.75 per share for the full fiscal year ending September 30, 2012. This means that we expect to incur a seasonal loss during the fourth quarter in the range of $0.10 to $0.20 per share and we also expect to incur an additional $0.04 per share in acquisition and transition costs during the quarter. Now I’ll turn to each business unit’s results for the quarter. AmeriGas’ results were significantly impacted by extremely warm weather that persisted from Q2 into April and May. This warm weather and a greater seasonal loss associated with the Heritage acquisition were the primary drivers of AmeriGas’ lower earnings for the quarter. Read the rest of this transcript for free on seekingalpha.com