- Retail volumes were 6% lower than the prior year primarily as a result of the warm weather.
- Unit margins were slightly higher than last year, despite average propane prices at Mt. Belvieu, TX that were $0.33 per gallon (85%) higher than last year's quarter.
- During the quarter, the Partnership completed the issuance of $525 million of 5.75% notes due in May 2027, tendered for $378.4 million of its 7.00% notes due May 2022, and announced the redemption of the remaining $102.5 million of 7.00% notes. The redemption will be completed on May 20, 2017 and will mark the last step of a complete refinancing of the Partnership's long-term debt.
- On April 24th, the Partnership announced an increase in its quarterly distribution to $0.95 per unit ($3.80 annualized), marking the 13th consecutive year of distribution increases for its unitholders.
AmeriGas Propane, Inc., general partner of AmeriGas Partners, L.P. (NYSE: APU), reported GAAP net income attributable to AmeriGas Partners for the quarter ended March 31, 2017 of $135.1 million, compared to GAAP net income of $245.9 million for the quarter ended March 31, 2016. Adjusted net income attributable to AmeriGas Partners for the quarter ended March 31, 2017 was $185.6 million compared to adjusted net income of $206.9 million in the prior-year quarter. Adjusted net income excludes the impact of unrealized gains and losses on commodity derivative instruments and a loss from an early extinguishment of debt. A reconciliation of adjusted net income to GAAP net income is set forth at the end of this release. The Partnership's adjusted earnings before interest expense, income taxes, depreciation and amortization (Adjusted EBITDA) was $271.2 million for the quarter ended March 31, 2017 compared to $295.4 million in the prior-year quarter. Degree days for the quarter were 13.3% warmer than normal and 2.9% warmer than the prior year; combined heating degree days for January and February, which account for approximately 75% of second quarter heating degree days, were more than 9% warmer than the same period in the prior year, and the month of February was the warmest in 122 years. Operating and financial highlights were as follows: