UGI Reports Third Quarter Results

August 05, 2019 06:45 PM Eastern Daylight Time

VALLEY FORGE, Pa.--(BUSINESS WIRE)--UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended June 30, 2019.

HIGHLIGHTS

"Our teams delivered a solid quarter by managing costs and optimizing operational efficiencies. Our focus on expense management was evident in the third quarter and these activities provide a foundation for significant, long-term efficiency gains. We continue to identify opportunities to grow and deliver value and expect to roll out various initiatives during our fiscal fourth quarter that will enable us to finish the year strong and benefit future performance," said John L. Walsh, president and chief executive officer of UGI Corporation. "The past several months have been transformational for our company with the announcement of the AmeriGas Merger and the closing of the Columbia Midstream Group acquisition, which enhances our geographic footprint, diversifies our network of assets, and establishes a full-scale midstream platform. These strategic investments align with our long-term strategy and position us well to deliver on our commitments to shareholders."

Based on the results of the first nine months of the fiscal year and expectations for the fourth quarter, UGI expects full year adjusted EPS to be at the lower end of its guidance range of $2.40 to $2.601 per diluted share for the fiscal year ending September 30, 20192.

KEY DRIVERS OF THIRD QUARTER RESULTS

1

Excluding the impacts of the AmeriGas Merger and CMG acquisition

2

See Note on Guidance and Use of Forward-Looking Statements

EARNINGS CALL and WEBCAST

UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss third quarter earnings and other current activities at 9:00 AM ET on Tuesday, August 6, 2019. Interested parties may listen to the audio webcast both live and in replay on the Internet at http://www.ugicorp.com/investor-relations/events-and-presentations/default.aspx or at the company website https://www.ugicorp.com under Investor Relations. A telephonic replay will be available from 2:00 PM ET on August 6th through 11:59 PM ET on August 13th. The replay may be accessed at (855) 859-2056, and internationally at 1-404-537-3406, conference ID 4089204.

ABOUT UGI

UGI is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, distributes propane both domestically and internationally, manages midstream energy and electric generation assets in Pennsylvania, Ohio, and West Virginia, and engages in energy marketing in eleven eastern states, the District of Columbia and internationally in France, Belgium, the Netherlands and the UK. UGI, through subsidiaries, is the sole General Partner and owns 26% of AmeriGas Partners, L.P. (NYSE: APU), the nation's largest retail propane distributor.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

USE OF NON-GAAP MEASURES

Management uses" adjusted earnings per share," which is a non-GAAP financial measure, when evaluating UGI's overall performance. For the periods presented, adjusted net income attributable to UGI Corporation is net income attributable to UGI Corporation after excluding net after-tax gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions (principally comprising changes in unrealized gains and losses on such derivative instruments), losses associated with extinguishments of debt, Finagaz integration expenses, impairment of Partnership tradenames and trademarks the remeasurement impact on net deferred tax liabilities from changes in U.S. and French tax rates and merger expenses. Volatility in net income at UGI can occur as a result of gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions but included in earnings in accordance with U.S. generally accepted accounting principles ("GAAP").

Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures. Management believes that these non-GAAP measures provide meaningful information to investors about UGI’s performance because they eliminate the impact of (1) gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions and (2) other significant discrete items that can affect the comparison of period-over-period results.

Tables on the last page reconcile net income attributable to UGI Corporation, the most directly comparable GAAP measure, to adjusted net income attributable to UGI Corporation, and diluted earnings per share, the most comparable GAAP measure, to adjusted diluted earnings per share, to reflect the adjustments referred to above.

NOTE ON GUIDANCE

Because we are unable to predict certain potentially material items affecting diluted earnings per share on a GAAP basis, principally mark-to-market gains and losses on commodity and certain foreign currency derivative instruments, Finagaz integration expenses and impacts from tax reform in the U.S. and France, we cannot reconcile 2019 adjusted earnings per share guidance, a non-GAAP financial measure, to diluted earnings per share, the most directly comparable GAAP measure, in reliance on the “unreasonable efforts” exception set forth in SEC rules.

USE OF FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements that management believes to be reasonable as of today’s date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management’s control. You should read UGI’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for a more extensive list of factors that could affect results. Among them are adverse weather conditions, cost volatility and availability of all energy products, including propane, natural gas, electricity and fuel oil, increased customer conservation measures, the impact of pending and future legal proceedings, including, but not limited to, pending litigation relating to the AmeriGas Merger, continued analysis of recent tax legislation, liability for uninsured claims and for claims in excess of insurance coverage, domestic and international political, regulatory and economic conditions in the United States and in foreign countries, including the current conflicts in the Middle East, and foreign currency exchange rate fluctuations (particularly the euro), the timing of development of Marcellus Shale gas production, the availability, timing and success of our acquisitions, commercial initiatives and investments to grow our business, our ability to successfully integrate acquired businesses and achieve anticipated synergies, including certain integration risks relating to the acquisition of CMG, the interruption, disruption, failure, malfunction, or breach of our information technology systems, including due to cyber attack, the failure to realize the anticipated benefits of the merger transaction, the possible diversion of management time on issues related to the merger transaction, the risk that the requisite approvals to complete the merger transaction are not obtained, the performance of AmeriGas, and the potential need to address any reviews, investigations or other proceedings by governmental authorities or shareholder actions. UGI undertakes no obligation to release revisions to its forward-looking statements to reflect events or circumstances occurring after today.

SEGMENT RESULTS ($ in millions, except where otherwise indicated)

AmeriGas Propane1

For the fiscal quarter ended June 30,

 

2019

 

2018

 

Increase (Decrease)

Revenues

 

$

478.7

 

 

$

528.4

 

 

$

(49.7

)

 

(9.4

)%

Total margin (a)

 

$

268.4

 

 

$

283.9

 

 

$

(15.5

)

 

(5.5

)%

Partnership operating and administrative expenses

 

$

234.4

 

 

$

222.4

 

 

$

12.0

 

 

5.4

%

Impairment of Partnership tradenames and trademarks

 

$

—

 

 

$

75.0

 

 

$

(75.0

)

 

(100.0

)%

Operating loss

 

$

(3.0

)

 

$

(54.7

)

 

$

(51.7

)

 

(94.5

)%

Partnership Adjusted EBITDA

 

$

42.5

 

 

$

67.2

 

 

$

(24.7

)

 

(36.8

)%

Retail gallons sold (millions)

 

188.5

 

 

202.0

 

 

(13.5

)

 

(6.7

)%

Heating degree days - % colder than normal

 

—

%

 

9.6

%

 

 

 

 

Capital expenditures

 

$

21.0

 

 

$

25.7

 

 

$

(4.7

)

 

(18.3

)%

1

UGI, through subsidiaries, is the sole General Partner and owns 26% of AmeriGas Partners, L.P.

UGI International

For the fiscal quarter ended June 30,

 

2019

 

2018

 

Increase (Decrease)

Revenues

 

$

486.6

 

 

$

533.6

 

 

$

(47.0

)

 

(8.8

)%

Total margin (a)

 

$

208.1

 

 

$

219.3

 

 

$

(11.2

)

 

(5.1

)%

Operating and administrative expenses

 

$

156.0

 

 

$

173.1

 

 

$

(17.1

)

 

(9.9

)%

Operating income

 

$

27.5

 

 

$

9.2

 

 

$

18.3

 

 

198.9

%

Income before income taxes

 

$

22.9

 

 

$

3.0

 

 

$

19.9

 

 

663.3

%

Finagaz integration expenses

 

$

—

 

 

$

7.6

 

 

$

(7.6

)

 

(100.0

)%

Adjusted income before income taxes

 

$

22.9

 

 

$

10.6

 

 

$

12.3

 

 

116.0

%

LPG retail gallons sold (millions)

 

175.7

 

 

177.5

 

 

(1.8

)

 

(1.0

)%

Heating degree days - % colder (warmer) than normal

 

10.8

%

 

(34.6

)%

 

 

 

 

Capital expenditures

 

$

24.1

 

 

$

27.3

 

 

$

(3.2

)

 

(11.7

)%

UGI International base-currency results are translated into U.S. dollars based upon exchange rates experienced during the reporting periods. Differences in these translation rates affect the comparison of line item amounts presented in the table above. The functional currency of a significant portion of our UGI International results is the euro and, to a much lesser extent, the British pound sterling. During the 2019 and 2018 three-month periods, the average unweighted euro-to-dollar translation rates were approximately $1.12 and $1.19, respectively, and the average unweighted British pound sterling-to-dollar translation rates were approximately $1.28 and $1.36, respectively.

Midstream & Marketing

For the fiscal quarter ended June 30,

 

2019

 

2018

 

Increase (Decrease)

Revenues

 

$

267.3

 

 

$

263.8

 

 

$

3.5

 

 

1.3

%

Total margin (a)

 

$

41.9

 

 

$

48.8

 

 

$

(6.9

)

 

(14.1

)%

Operating and administrative expenses

 

$

27.4

 

 

$

30.4

 

 

$

(3.0

)

 

(9.9

)%

Operating income

 

$

2.7

 

 

$

7.4

 

 

$

(4.7

)

 

(63.5

)%

Income before income taxes

 

$

3.6

 

 

$

8.2

 

 

$

(4.6

)

 

(56.1

)%

Heating degree days - % (warmer) colder than normal

 

(14.5

)%

 

5.1

%

 

 

 

 

Capital expenditures

 

$

36.4

 

 

$

9.9

 

 

$

26.5

 

 

N.M.

 

UGI Utilities

For the fiscal quarter ended June 30,

 

2019

 

2018

 

Increase (Decrease)

Revenues

 

$

163.9

 

 

$

159.9

 

 

$

4.0

 

 

2.5

%

Total margin (a)

 

$

102.0

 

 

$

86.3

 

 

$

15.7

 

 

18.2

%

Operating and administrative expenses

 

$

58.5

 

 

$

61.0

 

 

$

(2.5

)

 

(4.1

)%

Operating income

 

$

20.4

 

 

$

4.4

 

 

$

16.0

 

 

363.6

%

Income (loss) before income taxes

 

$

8.4

 

 

$

(6.1

)

 

$

(14.5

)

 

(237.7

)%

Gas Utility system throughput - billions of cubic feet

 

 

 

 

 

 

 

 

Core market

 

9.0

 

 

11.4

 

 

(2.4

)

 

(21.1

)%

Total

 

59.1

 

 

53.7

 

 

5.4

 

 

10.1

%

Gas Utility heating degree days - %(warmer) colder than normal

 

(27.1

)%

 

5.1

%

 

 

 

 

Capital expenditures

 

$

84.5

 

 

$

79.7

 

 

$

4.8

 

 

6.0

%

(a)

Total margin represents total revenue less total cost of sales and excludes pre-tax gains and losses on commodity derivative instruments not associated with current period transactions. In the case of UGI Utilities, total margin is reduced by revenue-related tax expenses (which have been excluded from UGI Utilities' operating and administrative expenses presented).

REPORT OF EARNINGS – UGI CORPORATION

(Millions of dollars, except per share)

(Unaudited)

 

 

Three Months Ended
June 30,

 

Nine Months Ended
June 30,

 

Twelve Months Ended
June 30,

 

2019

 

2018

 

2019

 

2018

 

2019

 

2018

Revenues:

 

 

 

 

 

 

 

 

 

 

 

AmeriGas Propane

$

478.7

 

 

$

528.4

 

 

$

2,270.5

 

 

$

2,356.0

 

 

$

2,737.5

 

 

$

2,801.2

 

UGI International

486.6

 

 

533.6

 

 

1,980.5

 

 

2,227.4

 

 

2,436.9

 

 

2,593.8

 

Midstream & Marketing

267.3

 

 

263.8

 

 

1,269.1

 

 

1,157.0

 

 

1,533.8

 

 

1,361.9

 

UGI Utilities

163.9

 

 

159.9

 

 

916.2

 

 

966.3

 

 

1,042.3

 

 

1,085.9

 

Corporate & Other (a)

(32.8

)

 

(44.8

)

 

(266.3

)

 

(328.6

)

 

(307.4

)

 

(350.8

)

Total revenues

$

1,363.7

 

 

$

1,440.9

 

 

$

6,170.0

 

 

$

6,378.1

 

 

$

7,443.1

 

 

$

7,492.0

 

Operating income (loss) (b):

 

 

 

 

 

 

 

 

 

 

 

AmeriGas Propane (c)

$

(3.0

)

 

$

(54.7

)

 

$

410.0

 

 

$

359.8

 

 

$

397.4

 

 

$

341.3

 

UGI International

27.5

 

 

9.2

 

 

212.7

 

 

234.4

 

 

195.7

 

 

218.1

 

Midstream & Marketing

2.7

 

 

7.4

 

 

95.1

 

 

168.4

 

 

101.8

 

 

173.0

 

UGI Utilities

20.4

 

 

4.4

 

 

217.3

 

 

237.0

 

 

220.2

 

 

239.9

 

Corporate & Other (a)

(38.0

)

 

63.2

 

 

(219.0

)

 

15.9

 

 

(149.8

)

 

70.7

 

Total operating income

9.6

 

 

29.5

 

 

716.1

 

 

1,015.5

 

 

765.3

 

 

1,043.0

 

Income from equity investees

1.5

 

 

1.3

 

 

4.6

 

 

3.0

 

 

5.9

 

 

4.3

 

Loss on extinguishments of debt

—

 

 

—

 

 

(6.1

)

 

—

 

 

(6.1

)

 

—

 

Other non-operating income (expense), net (b)

0.7

 

 

24.6

 

 

17.6

 

 

4.1

 

 

29.1

 

 

(3.6

)

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

AmeriGas Propane

(41.6

)

 

(40.4

)

 

(126.2

)

 

(122.0

)

 

(167.3

)

 

(161.6

)

UGI International

(5.8

)

 

(5.5

)

 

(17.3

)

 

(16.3

)

 

(22.1

)

 

(21.7

)

Midstream & Marketing

(0.7

)

 

(0.5

)

 

(1.7

)

 

(2.1

)

 

(2.0

)

 

(2.6

)

UGI Utilities

(12.4

)

 

(10.0

)

 

(36.3

)

 

(32.0

)

 

(47.2

)

 

(41.7

)

Corporate & Other, net (a)

—

 

 

(0.1

)

 

(0.2

)

 

(0.4

)

 

(0.4

)

 

(0.7

)

Total interest expense

(60.5

)

 

(56.5

)

 

(181.7

)

 

(172.8

)

 

(239.0

)

 

(228.3

)

(Loss) income before income taxes

(48.7

)

 

(1.1

)

 

550.5

 

 

849.8

 

 

555.2

 

 

815.4

 

Income tax benefit (expense) (d)

2.2

 

 

(10.6

)

 

(111.8

)

 

(19.6

)

 

(124.3

)

 

(1.9

)

Net (loss) income including noncontrolling interests

(46.5

)

 

(11.7

)

 

438.7

 

 

830.2

 

 

430.9

 

 

813.5

 

Add net loss (deduct net income) attributable to noncontrolling interests, principally in AmeriGas Partners, L.P.

44.6

 

 

64.1

 

 

(131.0

)

 

(135.9

)

 

(98.8

)

 

(114.2

)

Net (loss) income attributable to UGI Corporation

$

(1.9

)

 

$

52.4

 

 

$

307.7

 

 

$

694.3

 

 

$

332.1

 

 

$

699.3

 

(Loss) earnings per share attributable to UGI shareholders:

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.01

)

 

$

0.30

 

 

$

1.76

 

 

$

4.00

 

 

$

1.90

 

 

$

4.02

 

Diluted

$

(0.01

)

 

$

0.30

 

 

$

1.73

 

 

$

3.93

 

 

$

1.87

 

 

$

3.95

 

Weighted Average common shares outstanding (thousands):

 

 

 

 

 

 

 

 

 

 

 

Basic

174,759

 

 

173,991

 

 

174,541

 

 

173,744

 

 

174,499

 

 

173,748

 

Diluted

174,759

 

 

176,807

 

 

177,389

 

 

176,702

 

 

177,414

 

 

176,820

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to UGI Corporation:

 

 

 

 

 

 

 

 

 

 

AmeriGas Propane

$

(2.3

)

 

$

(11.2

)

 

$

75.8

 

 

$

180.2

 

 

$

70.3

 

 

$

177.6

 

UGI International

14.8

 

 

6.5

 

 

137.0

 

 

145.0

 

 

130.6

 

 

138.0

 

Midstream & Marketing

2.2

 

 

5.8

 

 

71.3

 

 

194.4

 

 

73.7

 

 

198.2

 

UGI Utilities

6.7

 

 

(3.0

)

 

139.4

 

 

154.5

 

 

133.8

 

 

150.4

 

Corporate & Other (a)

(23.3

)

 

54.3

 

 

(115.8

)

 

20.2

 

 

(76.3

)

 

35.1

 

Total net (loss) income attributable to UGI Corporation

$

(1.9

)

 

$

52.4

 

 

$

307.7

 

 

$

694.3

 

 

$

332.1

 

 

$

699.3

 

 

(a)

Corporate & Other includes, among other things, net gains and (losses) on commodity and certain foreign currency derivative instruments not associated with current-period transactions and the elimination of certain intercompany transactions.

(b)

The three, nine and twelve months ended June 30, 2018 have been restated to reflect the adoption of new accounting guidance in October 2018, which resulted in the presentation of $(1.0) million, $(5.7) million and $(5.6) million, respectively, of pension and other postretirement benefit plans expense in “Other non-operating income (expense), net," rather than in Operating income, with no change in net income.

(c)

AmeriGas Propane operating (loss) income for the three, nine and twelve months ended June 30, 2018 includes an impairment charge of $75.0 million as a result of a plan to discontinue the use of Heritage tradenames and trademarks.

(d)

Income tax expense for the three, nine and twelve months ended June 30, 2018 includes benefits from adjustments to tax-related amounts resulting from the TCJA enacted on December 22, 2017 of $0.8 million, $172.1 million and $172.1 million, respectively, and (expense) benefits from adjustments to net deferred income tax liabilities in France as a result of tax legislation in France of $(0.1) million $13.5 million and $15.1 million, respectively.

Non-GAAP Financial Measures - Adjusted Net Income Attributable to UGI and Adjusted Diluted Earnings Per Share

The following tables reconcile net (loss) income attributable to UGI Corporation, the most directly comparable GAAP measure, to adjusted net income attributable to UGI Corporation, and reconciles diluted (loss) earnings per share, the most comparable GAAP measure, to adjusted diluted earnings per share, to reflect the adjustments referred to previously:

 

Three Months Ended
June 30,

 

Nine Months Ended
June 30,

 

Twelve Months Ended
June 30,

 

2019

 

2018

 

2019

 

2018

 

2019

 

2018

Adjusted net income attributable to UGI Corporation (millions):

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income attributable to UGI Corporation

$

(1.9

)

 

$

52.4

 

 

$

307.7

 

 

$

694.3

 

 

$

332.1

 

 

$

699.3

 

Net losses (gains) on commodity derivative instruments not associated with current-period transactions (net of tax of $(11.1), $16.5, $(47.5), $10.4, $(31.2) and $20.1, respectively) (1)(2)

25.0

 

 

(38.0

)

 

117.7

 

 

(26.9

)

 

76.5

 

 

(48.8

)

Unrealized losses (gains) on foreign currency derivative instruments (net of tax of $(0.2), $8.4, $3.4, $7.7, $5.0 and $3.4, respectively) (1)(2)

0.5

 

 

(17.7

)

 

(8.5

)

 

(16.3

)

 

(11.8

)

 

(12.9

)

Impairment of Partnership tradenames and trademarks (net of tax of $0, $(5.8), $0, $(5.8), $0 and $(5.8), respectively) (2)

—

 

 

14.5

 

 

—

 

 

14.5

 

 

—

 

 

14.5

 

Loss on extinguishments of debt (net of tax of $0, $0, $(1.9), $0, $(1.9) and $0, respectively) (2)

—

 

 

—

 

 

4.2

 

 

—

 

 

4.2

 

 

—

 

Integration expenses associated with Finagaz (net of tax of $0, $(3.0), $0, $(8.2), $(3.8) and $(14.4), respectively) (2)

—

 

 

4.6

 

 

—

 

 

12.6

 

 

5.9

 

 

24.5

 

Merger expenses (net of tax of $(0.1), $0, $(0.2), $0, $(0.2) and $0, respectively) (2)

0.3

 

 

—

 

 

0.5

 

 

—

 

 

0.5

 

 

—

 

Impact from French Finance Bills

—

 

 

0.1

 

 

—

 

 

(13.5

)

 

1.4

 

 

(15.1

)

Remeasurement impact from TCJA

—

 

 

(0.8

)

 

—

 

 

(172.1

)

 

5.8

 

 

(172.1

)

Adjusted net income attributable to UGI Corporation

$

23.9

 

 

$

15.1

 

 

$

421.6

 

 

$

492.6

 

 

$

414.6

 

 

$

489.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

UGI Corporation (loss) earnings per share — diluted

$

(0.01

)

 

$

0.30

 

 

$

1.73

 

 

$

3.93

 

 

$

1.87

 

 

$

3.95

 

Net losses (gains) on commodity derivative instruments not associated with current-period transactions (1)

0.14

 

 

(0.21

)

 

0.67

 

 

(0.15

)

 

0.44

 

 

(0.27

)

Unrealized losses (gains) on foreign currency derivative instruments (1)

—

 

 

(0.10

)

 

(0.04

)

 

(0.09

)

 

(0.06

)

 

(0.07

)

Impairment of Partnership tradenames and trademarks

—

 

 

0.08

 

 

—

 

 

0.08

 

 

—

 

 

0.08

 

Loss on extinguishments of debt

—

 

 

—

 

 

0.02

 

 

—

 

 

0.02

 

 

—

 

Integration expenses associated with Finagaz (1)

—

 

 

0.02

 

 

—

 

 

0.07

 

 

0.03

 

 

0.14

 

Merger expenses

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Impact from French Finance Bills

—

 

 

—

 

 

—

 

 

(0.08

)

 

0.01

 

 

(0.09

)

Remeasurement impact from TCJA

—

 

 

—

 

 

—

 

 

(0.97

)

 

0.03

 

 

(0.97

)

Adjusted diluted earnings per share (3)

$

0.13

 

 

$

0.09

 

 

$

2.38

 

 

$

2.79

 

 

$

2.34

 

 

$

2.77

 

Three Months Ended June 30, 2019

 

Total

 

AmeriGas
Propane

 

UGI
International

 

Midstream &
Marketing

 

UGI
Utilities

 

Corporate
& Other

Adjusted net income (loss) attributable to UGI Corporation (Dollars in millions, except per share amounts):

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income attributable to UGI Corporation

 

$

(1.9

)

 

$

(2.3

)

 

$

14.8

 

 

$

2.2

 

 

$

6.7

 

 

$

(23.3

)

Net losses on commodity derivative instruments not associated with current-period transactions (net of tax of $(11.1)) (2)

 

25.0

 

 

—

 

 

—

 

 

—

 

 

—

 

 

25.0

 

Unrealized losses on foreign currency derivative instruments (net of tax of $(0.2)) (2)

 

0.5

 

 

—

 

 

—

 

 

—

 

 

—

 

 

0.5

 

Merger expenses (net of tax of $(0.1)) (2)

 

0.3

 

 

0.3

 

 

—

 

 

—

 

 

—

 

 

—

 

Adjusted net income (loss) attributable to UGI Corporation

 

$

23.9

 

 

$

(2.0

)

 

$

14.8

 

 

$

2.2

 

 

$

6.7

 

 

$

2.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted diluted earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

UGI Corporation (loss) earnings per share — diluted

 

$

(0.01

)

 

$

(0.01

)

 

$

0.08

 

 

$

0.01

 

 

$

0.04

 

 

$

(0.13

)

Net losses on commodity derivative instruments not associated with current-period transactions (1)

 

0.14

 

 

—

 

 

—

 

 

—

 

 

—

 

 

0.14

 

Unrealized losses on foreign currency derivative instruments

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Merger expenses

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Adjusted diluted earnings (loss) per share (3)

 

$

0.13

 

 

$

(0.01

)

 

$

0.08

 

 

$

0.01

 

 

$

0.04

 

 

$

0.01

 

 

Three Months Ended June 30, 2018

 

Total

 

AmeriGas
Propane

 

UGI
International

 

Midstream &
Marketing

 

UGI
Utilities

 

Corporate
& Other

Adjusted net income (loss) attributable to UGI Corporation (Dollars in millions, except per share amounts):

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to UGI Corporation

 

$

52.4

 

 

$

(11.2

)

 

$

6.5

 

 

$

5.8

 

 

$

(3.0

)

 

$

54.3

 

Net gains on commodity derivative instruments not associated with current-period transactions (net of tax of $16.5) (2)

 

(38.0

)

 

—

 

 

—

 

 

—

 

 

—

 

 

(38.0

)

Unrealized gains on foreign currency derivative instruments (net of tax of $8.4) (2)

 

(17.7

)

 

—

 

 

—

 

 

—

 

 

—

 

 

(17.7

)

Impairment of Partnership tradenames and trademarks (net of tax of $(5.8)) (2)

 

14.5

 

 

14.5

 

 

—

 

 

—

 

 

—

 

 

—

 

Integration expenses associated with Finagaz (net of tax of $(3.0)) (2)

 

4.6

 

 

—

 

 

4.6

 

 

—

 

 

—

 

 

—

 

Impact of French Finance Bill

 

0.1

 

 

—

 

 

0.1

 

 

—

 

 

—

 

 

—

 

Remeasurement impact of TCJA

 

(0.8

)

 

(0.2

)

 

(0.5

)

 

0.5

 

 

(1.1

)

 

0.5

 

Adjusted net income (loss) attributable to UGI Corporation

 

$

15.1

 

 

$

3.1

 

 

$

10.7

 

 

$

6.3

 

 

$

(4.1

)

 

$

(0.9

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted diluted earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

UGI Corporation earnings (loss) per share - diluted

 

$

0.30

 

 

$

(0.06

)

 

$

0.04

 

 

$

0.03

 

 

$

(0.02

)

 

$

0.31

 

Net gains on commodity derivative instruments not associated with current-period transactions (1)

 

(0.21

)

 

—

 

 

—

 

 

—

 

 

—

 

 

(0.21

)

Unrealized gains on foreign currency derivative instruments

 

(0.10

)

 

—

 

 

—

 

 

—

 

 

—

 

 

(0.10

)

Impairment of Partnership tradenames and trademarks

 

0.08

 

 

0.08

 

 

—

 

 

—

 

 

—

 

 

—

 

Integration expenses associated with Finagaz

 

0.02

 

 

—

 

 

0.02

 

 

—

 

 

—

 

 

—

 

Impact of French Finance Bill

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Remeasurement impact of TCJA

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

Adjusted diluted earnings (loss) per share

 

$

0.09

 

 

$

0.02

 

 

$

0.06

 

 

$

0.03

 

 

$

(0.02

)

 

$

—

 

(1)

Includes the impact of rounding.

(2)

Income taxes associated with pre-tax adjustments determined using statutory business unit tax rates.

(3)

 

Adjusted diluted earnings per share for the three months ended June 30, 2019 are based upon fully diluted shares of 177.336 million.

 

https://cts.businesswire.com/ct/CT?id=bwnews&sty=20190805005679r1&sid=web02&distro=nx&lang=en

Contacts

CONTACT INVESTOR RELATIONS
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