UGI Reports Record Second Quarter Results and Increases Fiscal 2021 Guidance
HEADLINES
- Q2 GAAP diluted earnings per share ("EPS") of
$2.33 and adjusted diluted EPS of$1.99 compared to GAAP diluted EPS of$1.07 and adjusted diluted EPS of$1.56 in the prior-year period. - Year-to-date GAAP diluted EPS of
$3.77 and adjusted diluted EPS of$3.17 compared to GAAP diluted EPS of$2.08 and adjusted diluted EPS of$2.73 in the prior-year period. - Q2 reportable segments earnings before interest expense and income taxes1 ("EBIT") of
$630 million compared to$527 million in the prior-year period. - Strong results across the entire business, with each business unit delivering increased EBIT vs. prior year. These improvements were driven by colder than prior-year weather in all of UGI's service territories, higher average LPG unit margin due to strong margin management, effective operating expense management and the increase in base rates at
UGI Utilities that went into effect onJanuary 1, 2021 . - Year-to-date cash flow from operating activities grew by 15% compared to the prior-year period, demonstrating continued cash flow stability and growth.
- On
April 12, 2021 , UGI announced thatJohn L. Walsh , President and CEO, will retire onJune 25, 2021 , to be succeeded byRoger Perreault , current EVP, Global LPG. - On
May 5, 2021 , UGI's Board of Directors approved an increase to its quarterly dividend to$0.345 per share marking the 34th consecutive year of annual dividend increases. - Increased Fiscal 2021 adjusted EPS guidance to a range of
$2.90 -$3.00 2 per share due to strong year-to-date performance, inclusive of the anticipated negative impact of the COVID-19 pandemic and positive tax benefits.
ESG HIGHLIGHTS
- On
January 29, 2021 , UGI created a new employee resource group,Black Organization & Leadership Development (BOLD), as a part of its continued commitment to fostering a diverse and inclusive company. - On
April 6, 2021 , UGI announced thatUGI Utilities and Energy Services had joined the Natural Gas Supply Collaborative (NGSC) to further enhance and expand UGI's ESG initiatives aimed at lowering methane and greenhouse gas emissions, enhancing system integrity and improving safety. - On
April 19, 2021 , UGI hired a VP, Talent Management and Diversity & Inclusion to support the advancement of Belonging, Inclusion, Diversity & Equity (BIDE). - On
May 4, 2021 , UGI announced that Energy Services entered into definitive agreements to develop dairy farm digester projects to produce renewable natural gas in upstateNew York , through its investment in Cayuga RNG.
"UGI delivered record second quarter results with GAAP diluted EPS of
“During the quarter, our businesses continued to make progress on crucial initiatives.
"We remain on track to close on the Mountaineer transaction in the second half of the calendar year. As previously announced, this transaction will be financed through a combination of equity-linked securities, existing liquidity and debt. This week, we received firm commitments associated with the debt financing portion of the transaction.
"At UGI, we continue to focus on disciplined execution of our strategy and delivering our long-term commitments of 6-10% EPS growth and 4% dividend growth. We are excited about the opportunities for growth that exist and are committed to creating value for our customer, shareholders and employees."
KEY DRIVERS OF SECOND QUARTER RESULTS
AmeriGas : Retail volume increased 5% on weather that was 8.4% colder than the prior-year period, National Accounts volume increased 15%; higher average LPG unit margins due to effective margin managementUGI International : Retail volume increased 5% on weather that was 11.8% colder than the prior-year period; higher average LPG unit margins due to effective margin management- Midstream & Marketing: Higher EBIT from natural gas, peaking and capacity management primarily attributable to weather that was 11.7% colder than the prior-year period; continued build out of the
Texas Creek gathering assets UGI Utilities : Core market volumes increased 15% primarily due to weather that was 13.3% colder than the prior-year period; higher total margin largely driven by the increase in base rates and higher margin from large firm customers
EARNINGS CALL AND WEBCAST
ABOUT UGI
Comprehensive information about
USE OF NON-GAAP MEASURES
Management uses "adjusted diluted earnings per share," a non-GAAP financial measure, when evaluating UGI's overall performance. Management believes that this non-GAAP measure provides meaningful information to investors about UGI’s performance because it eliminates 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. 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
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.
Tables on the last page reconcile net income attributable to
1 Reportable segments earnings before interest expense and income taxes represents an aggregate of our operating segment level EBIT as determined in accordance with GAAP.
2 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 we cannot reconcile fiscal year 2021 adjusted diluted earnings per share, a non-GAAP measure, to diluted earnings per share, the most directly comparable GAAP measure, in reliance on the “unreasonable efforts” exception set forth in
USE OF FORWARD-LOOKING STATEMENTS
This press release contains statements, estimates and projections that are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended). Management believes that these are 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 for a more extensive list of factors that could affect results. Among them are adverse weather conditions (including increasingly uncertain weather patterns due to climate change) and the seasonal nature of our business; cost volatility and availability of all energy products, including propane, natural gas, electricity and fuel oil as well as the availability of LPG cylinders; increased customer conservation measures; the impact of pending and future legal or regulatory proceedings, inquiries or investigations, liability for uninsured claims and for claims in excess of insurance coverage; domestic and international political, regulatory and economic conditions in
SEGMENT RESULTS ($ in millions, except where otherwise indicated)
|
|||||||||||||||
For the fiscal quarter ended |
|
2021 |
|
2020 |
|
Increase (Decrease) |
|||||||||
Revenues |
|
$ |
940 |
|
|
$ |
802 |
|
|
$ |
138 |
|
|
17 |
% |
Total margin (a) |
|
$ |
509 |
|
|
$ |
477 |
|
|
$ |
32 |
|
|
7 |
% |
Operating and administrative expenses |
|
$ |
233 |
|
|
$ |
231 |
|
|
$ |
2 |
|
|
1 |
% |
Operating income/earnings before interest expense and |
|
$ |
239 |
|
|
$ |
206 |
|
|
$ |
33 |
|
|
16 |
% |
Retail gallons sold (millions) |
|
356 |
|
|
340 |
|
|
16 |
|
|
5 |
% |
|||
Heating degree days - % (warmer) than normal (b) |
|
(2.2) |
% |
|
(10.7) |
% |
|
|
|
|
|||||
Capital expenditures |
|
$ |
30 |
|
|
$ |
35 |
|
|
$ |
(5) |
|
|
(14) |
% |
- Retail gallons sold increased 5% largely due to weather that was 8.4% colder than the prior-year period, higher Cylinder Exchange and National Account volumes, partially offset by structural conservation and other residual volume loss, and the impact of COVID-19 on commercial and motor fuel volumes.
- Total margin increased
$32 million primarily attributable to higher retail propane volumes ($20 million ) and higher average retail unit margins ($15 million ), partially offset by lower non-propane margin attributable to fees and services ($3 million ) compared to the prior-year period. - Operating and administrative expenses increased
$2 million largely due to higher incentive compensation, higher advertising costs and higher telecommunications expenses, partially offset by lower general insurance costs. - Operating income and earnings before interest expense and income taxes each increased
$33 million reflecting the higher total margin, slightly offset by the higher operating and administrative expenses.
|
|||||||||||||||
For the fiscal quarter ended |
|
2021 |
|
2020 |
|
Increase (Decrease) |
|||||||||
Revenues |
|
$ |
834 |
|
|
$ |
704 |
|
|
$ |
130 |
|
|
18 |
% |
Total margin (a) |
|
$ |
343 |
|
|
$ |
295 |
|
|
$ |
48 |
|
|
16 |
% |
Operating and administrative expenses (a) |
|
$ |
164 |
|
|
$ |
147 |
|
|
$ |
17 |
|
|
12 |
% |
Operating income |
|
$ |
147 |
|
|
$ |
117 |
|
|
$ |
30 |
|
|
26 |
% |
Earnings before interest expense and income taxes |
|
$ |
149 |
|
|
$ |
126 |
|
|
$ |
23 |
|
|
18 |
% |
LPG retail gallons sold (millions) |
|
242 |
|
|
230 |
|
|
12 |
|
|
5 |
% |
|||
Heating degree days - % (warmer) than normal (b) |
|
(3.4) |
% |
|
(14.7) |
% |
|
|
|
|
|||||
Capital expenditures |
|
$ |
18 |
|
|
$ |
22 |
|
|
$ |
(4) |
|
|
(18) |
% |
- Retail volume increased 5% largely due to weather that was 11.8% colder than the prior-year period and increased cylinder volume, partially offset by lower wholesale volumes from one-off spot transactions in the prior-year period and the continued impact of the COVID-19 pandemic.
- Total margin increased
$48 million compared to the prior-year period reflecting increases in bulk and cylinder volumes, higher average LPG unit margins attributable to margin management efforts, and the translation effects of the stronger euro. - The increase in operating and administrative expenses largely reflects the translation effects of the stronger euro.
- Operating income increased
$30 million compared to the prior-year period reflecting the translation effects of the stronger euro of$13 million . - Earnings before interest expense and income taxes increased
$23 million compared to the prior-year period due to the higher operating income, partially offset by lower pre-tax realized gains on foreign currency exchange contracts ($7 million ).
Midstream & Marketing |
|||||||||||||||
For the fiscal quarter ended |
|
2021 |
|
2020 |
|
Increase (Decrease) |
|||||||||
Revenues |
|
$ |
484 |
|
|
$ |
422 |
|
|
$ |
62 |
|
|
15 |
% |
Total margin (a) |
|
$ |
141 |
|
|
$ |
123 |
|
|
$ |
18 |
|
|
15 |
% |
Operating and administrative expenses |
|
$ |
28 |
|
|
$ |
34 |
|
|
$ |
(6) |
|
|
(18) |
% |
Operating income |
|
$ |
90 |
|
|
$ |
71 |
|
|
$ |
19 |
|
|
27 |
% |
Earnings before interest expense and income taxes |
|
$ |
100 |
|
|
$ |
79 |
|
|
$ |
21 |
|
|
27 |
% |
Heating degree days - % (warmer) than normal (b) |
|
(5.8) |
% |
|
(15.7) |
% |
|
|
|
|
|||||
Capital expenditures |
|
$ |
12 |
|
|
$ |
23 |
|
|
$ |
(11) |
|
|
(48) |
% |
- Temperatures were 5.8% warmer than normal but 11.7% colder than the prior-year period.
- Total margin increased
$18 million primarily reflecting increased margins from natural gas marketing activities ($10 million ), renewable energy marketing activities ($6 million ), capacity management ($6 million ), and natural gas gathering activities ($4 million ) compared to the prior-year period. The effect of these increases was partially offset by the absence of margins attributable to HVAC andConemaugh ($7 million ) that were divested in Fiscal 2020. - Operating and administrative expenses decreased
$6 million largely due to lower expenses attributable to the divested assets, partially offset by higher expenses for new assets placed into service and acquisitions. - Operating income increased due to higher total margin and lower operating and administrative expenses, partially offset by an adjustment to the contingent consideration related to the GHI acquisition (
$4 million ). - Earnings before interest expense and income taxes increased
$21 million compared to the prior-year period due to the higher operating income and equity earnings from the investment in Pine Run Midstream.
|
|||||||||||||||
For the fiscal quarter ended |
|
2021 |
|
2020 |
|
Increase (Decrease) |
|||||||||
Revenues |
|
$ |
442 |
|
|
$ |
393 |
|
|
$ |
49 |
|
|
12 |
% |
Total margin (a) |
|
$ |
238 |
|
|
$ |
207 |
|
|
$ |
31 |
|
|
15 |
% |
Operating and administrative expenses |
|
$ |
67 |
|
|
$ |
66 |
|
|
$ |
1 |
|
|
2 |
% |
Operating income |
|
$ |
142 |
|
|
$ |
116 |
|
|
$ |
26 |
|
|
22 |
% |
Earnings before interest expense and income taxes |
|
$ |
142 |
|
|
$ |
116 |
|
|
$ |
26 |
|
|
22 |
% |
Gas Utility system throughput - billions of cubic feet |
|
|
|
|
|
|
|
|
|||||||
Core market |
|
38 |
|
|
33 |
|
|
5 |
|
|
15 |
% |
|||
Total |
|
100 |
|
|
98 |
|
|
2 |
|
|
2 |
% |
|||
Gas Utility heating degree days - % (warmer) than normal (b) |
|
(8.1) |
% |
|
(18.9) |
% |
|
|
|
|
|||||
Capital expenditures |
|
$ |
64 |
|
|
$ |
78 |
|
|
$ |
(14) |
|
|
(18) |
% |
- Gas Utility service territory experienced temperatures that was 13.3% colder than the prior-year period.
- Core market volumes increased due to the colder weather, customer growth, and higher average use per customer, partially offset by volume reductions attributable to COVID-19.
- Total Gas Utility distribution throughput increased 2 bcf reflecting higher core market and large firm delivery service volumes, partially offset by lower interruptible delivery service volumes.
- Total margin increased
$31 million primarily due to higher total margin from Gas Utility customers ($30 million ), largely driven by the increase in volumes and gas base rates which became effectiveJanuary 1, 2021 . - Operating income increased reflecting the higher total margin, partially offset by higher depreciation expense (
$3 million ) and slightly higher operating and administrative expenses. The increased depreciation expense is attributable to continued distribution system and IT capital expenditure activity.
(a) | Total margin represents total revenue less total cost of sales. In the case of |
|
(b) | Beginning in Fiscal 2021, deviation from average heating degree days is determined on a rolling 10-year period utilizing volume-weighted weather data. Prior-period amounts have been restated to conform to the current-period presentation. |
REPORT OF EARNINGS – (Millions of dollars, except per share) (Unaudited) |
|||||||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|
Twelve Months Ended |
||||||||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
$ |
940 |
|
|
$ |
802 |
|
|
$ |
1,606 |
|
|
$ |
1,532 |
|
|
$ |
2,455 |
|
|
$ |
2,422 |
|
|
834 |
|
|
704 |
|
|
1,534 |
|
|
1,355 |
|
|
2,306 |
|
|
2,233 |
|
||||||
Midstream & Marketing |
484 |
|
|
422 |
|
|
825 |
|
|
795 |
|
|
1,277 |
|
|
1,309 |
|
||||||
|
442 |
|
|
393 |
|
|
742 |
|
|
722 |
|
|
1,050 |
|
|
1,019 |
|
||||||
Corporate & Other (a) |
(119) |
|
|
(92) |
|
|
(194) |
|
|
(168) |
|
|
(252) |
|
|
(233) |
|
||||||
Total revenues |
$ |
2,581 |
|
|
$ |
2,229 |
|
|
$ |
4,513 |
|
|
$ |
4,236 |
|
|
$ |
6,836 |
|
|
$ |
6,750 |
|
Earnings (loss) before interest expense and income taxes: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
$ |
239 |
|
|
$ |
206 |
|
|
$ |
380 |
|
|
$ |
371 |
|
|
$ |
382 |
|
|
$ |
361 |
|
|
149 |
|
|
126 |
|
|
285 |
|
|
226 |
|
|
318 |
|
|
271 |
|
||||||
Midstream & Marketing |
100 |
|
|
79 |
|
|
159 |
|
|
141 |
|
|
186 |
|
|
160 |
|
||||||
|
142 |
|
|
116 |
|
|
220 |
|
|
208 |
|
|
241 |
|
|
236 |
|
||||||
Total reportable segments |
630 |
|
|
527 |
|
|
1,044 |
|
|
946 |
|
|
1,127 |
|
|
1,028 |
|
||||||
Corporate & Other (a) |
69 |
|
|
(145) |
|
|
145 |
|
|
(192) |
|
|
297 |
|
|
(335) |
|
||||||
Total earnings before interest expense and income taxes |
699 |
|
|
382 |
|
|
1,189 |
|
|
754 |
|
|
1,424 |
|
|
693 |
|
||||||
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
(40) |
|
|
(41) |
|
|
(80) |
|
|
(83) |
|
|
(161) |
|
|
(165) |
|
||||||
|
(6) |
|
|
(8) |
|
|
(13) |
|
|
(15) |
|
|
(29) |
|
|
(29) |
|
||||||
Midstream & Marketing |
(11) |
|
|
(11) |
|
|
(21) |
|
|
(23) |
|
|
(40) |
|
|
(31) |
|
||||||
|
(14) |
|
|
(13) |
|
|
(28) |
|
|
(27) |
|
|
(55) |
|
|
(53) |
|
||||||
Corporate & Other, net (a) |
(7) |
|
|
(10) |
|
|
(14) |
|
|
(19) |
|
|
(26) |
|
|
(26) |
|
||||||
Total interest expense |
(78) |
|
|
(83) |
|
|
(156) |
|
|
(167) |
|
|
(311) |
|
|
(304) |
|
||||||
Income before income taxes |
621 |
|
|
299 |
|
|
1,033 |
|
|
587 |
|
|
1,113 |
|
|
389 |
|
||||||
Income tax expense (c) |
(132) |
|
|
(73) |
|
|
(241) |
|
|
(149) |
|
|
(227) |
|
|
(128) |
|
||||||
Net income including noncontrolling interests |
489 |
|
|
226 |
|
|
792 |
|
|
438 |
|
|
886 |
|
|
261 |
|
||||||
Deduct net income attributable to noncontrolling interests, principally in |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
123 |
|
||||||
Net income attributable to |
$ |
489 |
|
|
$ |
226 |
|
|
$ |
792 |
|
|
$ |
438 |
|
|
$ |
886 |
|
|
$ |
384 |
|
Earnings per share attributable to UGI shareholders: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
$ |
2.34 |
|
|
$ |
1.08 |
|
|
$ |
3.79 |
|
|
$ |
2.09 |
|
|
$ |
4.24 |
|
|
$ |
1.96 |
|
Diluted |
$ |
2.33 |
|
|
$ |
1.07 |
|
|
$ |
3.77 |
|
|
$ |
2.08 |
|
|
$ |
4.23 |
|
|
$ |
1.94 |
|
Weighted Average common shares outstanding (thousands) (b): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
208,930 |
|
|
208,941 |
|
|
208,849 |
|
|
209,151 |
|
|
208,750 |
|
|
195,716 |
|
||||||
Diluted |
210,092 |
|
|
209,808 |
|
|
209,863 |
|
|
210,494 |
|
|
209,527 |
|
|
197,589 |
|
||||||
Supplemental information: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income (loss) attributable to |
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
$ |
150 |
|
|
$ |
122 |
|
|
$ |
224 |
|
|
$ |
213 |
|
|
$ |
167 |
|
|
$ |
203 |
|
|
99 |
|
|
75 |
|
|
191 |
|
|
148 |
|
|
216 |
|
|
167 |
|
||||||
Midstream & Marketing |
64 |
|
|
50 |
|
|
99 |
|
|
86 |
|
|
105 |
|
|
95 |
|
||||||
|
99 |
|
|
82 |
|
|
148 |
|
|
143 |
|
|
141 |
|
|
142 |
|
||||||
Total reportable segments |
412 |
|
|
329 |
|
|
662 |
|
|
590 |
|
|
629 |
|
|
607 |
|
||||||
Corporate & Other (a) |
77 |
|
|
(103) |
|
|
130 |
|
|
(152) |
|
|
257 |
|
|
(223) |
|
||||||
Total net income attributable to |
$ |
489 |
|
|
$ |
226 |
|
|
$ |
792 |
|
|
$ |
438 |
|
|
$ |
886 |
|
|
$ |
384 |
|
(a) | Corporate & Other includes specific items attributable to our reportable segments that are not included in profit measures used by our chief operating decision maker in assessing our reportable segments' performance or allocating resources. These specific items are shown in the section titled "Non-GAAP Financial Measures - Adjusted Net Income Attributable to UGI and Adjusted Diluted Earnings Per Share" below. Corporate & Other also includes the elimination of certain intercompany transactions. | |
(b) | Earnings per share for the twelve months ended |
|
(c) | Income tax expense for the three, six and twelve months ended |
Non-GAAP Financial Measures - Adjusted Net Income Attributable to UGI and Adjusted Diluted Earnings Per Share
The following tables reconcile net income attributable to
|
|
Three Months Ended |
|
Six Months Ended |
|
Twelve Months Ended |
||||||||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||||
Adjusted net income attributable to |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net income attributable to |
$ |
489 |
|
|
$ |
226 |
|
|
$ |
792 |
|
|
$ |
438 |
|
|
$ |
886 |
|
|
$ |
384 |
|
|
Net (gains) losses on commodity derivative instruments not associated |
(52) |
|
|
89 |
|
|
(137) |
|
|
99 |
|
|
(318) |
|
|
154 |
|
||||||
|
Unrealized (gains) losses on foreign currency derivative instruments |
(11) |
|
|
(1) |
|
|
4 |
|
|
10 |
|
|
20 |
|
|
(4) |
|
||||||
|
Acquisition and integration expenses associated with the CMG |
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
— |
|
|
12 |
|
||||||
|
Acquisition expenses associated with the pending Mountaineer |
1 |
|
|
— |
|
|
2 |
|
|
— |
|
|
2 |
|
|
— |
|
||||||
|
Business transformation expenses (net of tax of |
14 |
|
|
14 |
|
|
27 |
|
|
26 |
|
|
46 |
|
|
42 |
|
||||||
|
AmeriGas Merger expenses (net of tax of |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
||||||
|
Loss on disposals of |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
39 |
|
|
— |
|
||||||
|
Impact of change in Italian tax law |
(23) |
|
|
— |
|
|
(23) |
|
|
— |
|
|
(23) |
|
|
— |
|
||||||
|
Total adjustments (1) (2) |
(71) |
|
|
102 |
|
|
(127) |
|
|
136 |
|
|
(234) |
|
|
205 |
|
||||||
|
Adjusted net income attributable to |
$ |
418 |
|
|
$ |
328 |
|
|
$ |
665 |
|
|
$ |
574 |
|
|
$ |
652 |
|
|
$ |
589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
$ |
2.33 |
|
|
$ |
1.07 |
|
|
$ |
3.77 |
|
|
$ |
2.08 |
|
|
$ |
4.23 |
|
|
$ |
1.94 |
|
|
Net (gains) losses on commodity derivative instruments not associated |
(0.25) |
|
|
0.43 |
|
|
(0.65) |
|
|
0.47 |
|
|
(1.52) |
|
|
0.78 |
|
||||||
|
Unrealized (gains) losses on foreign currency derivative instruments |
(0.05) |
|
|
(0.01) |
|
|
0.02 |
|
|
0.05 |
|
|
0.10 |
|
|
(0.02) |
|
||||||
|
Acquisition and integration expenses associated with the CMG Acquisition |
— |
|
|
— |
|
|
— |
|
|
0.01 |
|
|
— |
|
|
0.06 |
|
||||||
|
Acquisition expenses associated with the pending Mountaineer Acquisition |
— |
|
|
— |
|
|
0.01 |
|
|
— |
|
|
0.01 |
|
|
— |
|
||||||
|
Business transformation expenses |
0.07 |
|
|
0.07 |
|
|
0.13 |
|
|
0.12 |
|
|
0.22 |
|
|
0.21 |
|
||||||
|
AmeriGas Merger expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.01 |
|
||||||
|
Loss on disposals of |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.18 |
|
|
— |
|
||||||
|
Impact of change in Italian tax law |
(0.11) |
|
|
— |
|
|
(0.11) |
|
|
— |
|
|
(0.11) |
|
|
— |
|
||||||
|
Total adjustments (1) (3) |
(0.34) |
|
|
0.49 |
|
|
(0.60) |
|
|
0.65 |
|
|
(1.12) |
|
|
1.04 |
|
||||||
|
Adjusted diluted earnings per share (3) |
$ |
1.99 |
|
|
$ |
1.56 |
|
|
$ |
3.17 |
|
|
$ |
2.73 |
|
|
$ |
3.11 |
|
|
$ |
2.98 |
|
(1) |
Corporate & Other includes certain adjustments made to our reporting segments in arriving at net income attributable to |
|
(2) |
Income taxes associated with pre-tax adjustments determined using statutory business unit tax rates. | |
(3) |
Earnings per share for the twelve months ended |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210505006171/en/
INVESTOR RELATIONS
610-337-1000
Source: