UGI Reports Strong Third Quarter Results
HEADLINES
- Q3 GAAP diluted earnings per share ("EPS") of
$0.71 and adjusted diluted EPS of$0.13 compared to GAAP diluted EPS of$0.41 and adjusted diluted EPS of$0.08 in the prior-year period. - Year-to-date GAAP diluted EPS of
$4.48 and adjusted diluted EPS of$3.30 compared to GAAP diluted EPS of$2.49 and adjusted diluted EPS of$2.81 in the prior-year period. - Q3 reportable segments earnings before interest expense and income taxes1 ("EBIT") of
$98 million compared to$81 million in the prior-year period. - Strong results from our diversified business led by increased total margins at
UGI International in comparison to the prior-year period and new base rates atUGI Utilities that went into effect onJanuary 1, 2021 . - Completed another key milestone in the regulatory approval process related to the pending Mountaineer acquisition. The process is progressing well and we anticipate that the acquisition could potentially close as early as this fiscal year.
ESG HIGHLIGHTS
- On
May 14, 2021 , UGI released its third ESG report and announced a commitment to reduce Scope I GHG Emissions by 55% by 2025. - On
May 17, 2021 , UGI announced thatUGI International and SHV Energy intend to launch a joint venture to advance the production and use of Renewable Dimethyl Ether (“rDME”) in the LPG industry. - On
May 19, 2021 , UGI announced that its President and CEO signed the CEO Action for Diversity & Inclusion™ pledge, the largest CEO-driven business commitment to advance diversity and inclusion in the workplace. - On
August 4, 2021 , UGI announced that Energy Services entered into definitive agreements to develop innovative food waste digester projects to produce RNG inOhio andKentucky , through its investment in Hamilton RNG.
"UGI delivered strong third quarter results with GAAP diluted EPS of
“Our businesses progressed well on several growth initiatives during the quarter.
“UGI continues to execute on the renewables strategy that we discussed during the
“We remain focused on execution and are confident that the company is well positioned to deliver another strong year of financial performance. We are excited about the opportunities ahead and are committed to maintaining the proven track record of delivering on our financial and strategic commitments.”
KEY DRIVERS OF THIRD QUARTER RESULTS
AmeriGas : National accounts volume increased 18%; lower total margin was primarily due to a decrease in cylinder exchange volumes as sales normalized after the higher pandemic volumes seen in Q3 FY20 resulting in slightly lower average retail unit marginsUGI International : Retail volume increased 21% on weather that was 54.7% colder than the prior-year period; Q3 FY21 EBIT of$41 million compared to$21 million in the prior-year period- Midstream & Marketing: Higher EBIT reflecting equity income from the investment in
Pine Run ; Q3 FY21 EBIT of$21 million compared to$20 million in the prior-year period UGI Utilities : Higher EBIT largely driven by the increase in base rates, higher margin from large delivery service customers and customer growth
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 |
|
$ |
526 |
|
|
$ |
451 |
|
|
$ |
75 |
|
|
17 |
% |
Total margin (a) |
|
$ |
259 |
|
|
$ |
273 |
|
|
$ |
(14 |
) |
|
(5 |
)% |
Operating and administrative expenses |
|
$ |
212 |
|
|
$ |
209 |
|
|
$ |
3 |
|
|
1 |
% |
Operating income/earnings before interest expense and income taxes |
|
$ |
11 |
|
|
$ |
19 |
|
|
$ |
(8 |
) |
|
(42 |
)% |
Retail gallons sold (millions) |
|
184 |
|
|
182 |
|
|
2 |
|
|
1 |
% |
|||
Heating degree days - % colder than normal (b) |
|
2.5 |
% |
|
16.9 |
% |
|
|
|
|
|||||
Capital expenditures |
|
$ |
26 |
|
|
$ |
30 |
|
|
$ |
(4 |
) |
|
(13 |
)% |
- Temperatures were 12.3% warmer than the prior-year period.
- Retail gallons sold increased 1% reflecting higher national account volumes, partially offset by lower cylinder exchange volumes compared to the significant increase experienced in the prior-year period, lower residential volumes, structural conservation and other residual volume loss.
- Total margin decreased
$14 million primarily due to lower higher-margin residential and cylinder exchange volumes. This was partially offset by an increase in lower-margin national account volumes. - Operating and administrative expenses increased
$3 million largely due to higher vehicle fuel and maintenance expenses, advertising costs and general insurance costs. The effect of these increases were partially offset by LPG transformation savings. - Operating income and earnings before interest expense and income taxes each decreased
$8 million reflecting the lower total margin ($14 million ) and higher operating and administrative expenses, slightly offset by higher other income from finance charges and one-time gains on asset sales.
|
|||||||||||||||
For the fiscal quarter ended |
|
2021 |
|
2020 |
|
Increase |
|||||||||
Revenues |
|
$ |
572 |
|
|
$ |
371 |
|
|
$ |
201 |
|
|
54 |
% |
Total margin (a) |
|
$ |
217 |
|
|
$ |
166 |
|
|
$ |
51 |
|
|
31 |
% |
Operating and administrative expenses (a) |
|
$ |
144 |
|
|
$ |
121 |
|
|
$ |
23 |
|
|
19 |
% |
Operating income |
|
$ |
40 |
|
|
$ |
17 |
|
|
$ |
23 |
|
|
135 |
% |
Earnings before interest expense and income taxes |
|
$ |
41 |
|
|
$ |
21 |
|
|
$ |
20 |
|
|
95 |
% |
LPG retail gallons sold (millions) |
|
166 |
|
|
137 |
|
|
29 |
|
|
21 |
% |
|||
Heating degree days - % colder (warmer) than normal (b) |
|
24.4 |
% |
|
(17.3 |
)% |
|
|
|
|
|||||
Capital expenditures |
|
$ |
21 |
|
|
$ |
20 |
|
|
$ |
1 |
|
|
5 |
% |
|
- Retail volume increased 21% largely due to weather that was 54.7% colder than the prior-year period. The increased volume reflects higher bulk and cylinder volumes including the recovery of certain volume decreases due to the COVID-19 pandemic.
- Average propane wholesale selling prices in northwest
Europe were approximately 81% higher than the prior-year period. - Total margin increased
$51 million compared to the prior-year period reflecting increases in volumes and the translation effects of the stronger euro, partially offset by a slight decrease in average LPG unit margins. - The increase in operating and administrative expenses reflects higher costs attributable to increased volumes, increased compensation and employee benefits-related costs and the translation effects of the stronger euro.
- Operating income increased
$23 million compared to the prior-year period reflecting the translation effects of the stronger euro of$4 million . - Earnings before interest expense and income taxes increased
$20 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 ($2 million ).
Midstream & Marketing |
|||||||||||||||
For the fiscal quarter ended |
|
2021 |
|
2020 |
|
Increase (Decrease) |
|||||||||
Revenues |
|
$ |
261 |
|
|
$ |
222 |
|
|
$ |
39 |
|
|
18 |
% |
Total margin (a) |
|
$ |
65 |
|
|
$ |
64 |
|
|
$ |
1 |
|
|
2 |
% |
Operating and administrative expenses |
|
$ |
31 |
|
|
$ |
31 |
|
|
$ |
— |
|
|
— |
% |
Operating income |
|
$ |
14 |
|
|
$ |
13 |
|
|
$ |
1 |
|
|
8 |
% |
Earnings before interest expense and income taxes |
|
$ |
21 |
|
|
$ |
20 |
|
|
$ |
1 |
|
|
5 |
% |
Heating degree days - % (warmer) colder than normal (b) |
|
(1.5 |
)% |
|
21.0 |
% |
|
|
|
|
|||||
Capital expenditures |
|
$ |
3 |
|
|
$ |
15 |
|
|
$ |
(12 |
) |
|
(80 |
)% |
- Temperatures were 18.6% warmer than the prior-year period.
- Total margin increased
$1 million primarily reflecting increased margins from capacity management, gas gathering and renewable energy marketing activities compared to the prior-year period. The effect of these increases was partially offset by the absence of margins attributable to HVAC andConemaugh that were divested in Fiscal 2020. - Earnings before interest expense and income taxes reflects the increase in total margin and equity income from the investment in
Pine Run , in comparison to the prior-year period.
|
|||||||||||||||
For the fiscal quarter ended |
|
2021 |
|
2020 |
|
Increase (Decrease) |
|||||||||
Revenues |
|
$ |
181 |
|
|
$ |
179 |
|
|
$ |
2 |
|
|
1 |
% |
Total margin (a) |
|
$ |
113 |
|
|
$ |
110 |
|
|
$ |
3 |
|
|
3 |
% |
Operating and administrative expenses |
|
$ |
59 |
|
|
$ |
61 |
|
|
$ |
(2 |
) |
|
(3 |
)% |
Operating income |
|
$ |
24 |
|
|
$ |
21 |
|
|
$ |
3 |
|
|
14 |
% |
Earnings before interest expense and income taxes |
|
$ |
25 |
|
|
$ |
21 |
|
|
$ |
4 |
|
|
19 |
% |
Gas Utility system throughput - billions of cubic feet |
|
|
|
|
|
|
|
|
|||||||
Core market |
|
10 |
|
|
12 |
|
|
(2 |
) |
|
(17 |
)% |
|||
Total |
|
62 |
|
|
61 |
|
|
1 |
|
|
2 |
% |
|||
Gas Utility heating degree days - % colder than normal (b) |
|
5.0 |
% |
|
25.4 |
% |
|
|
|
|
|||||
Capital expenditures |
|
$ |
112 |
|
|
$ |
68 |
|
|
$ |
44 |
|
|
65 |
% |
- Gas Utility service territory experienced temperatures that were 16.2% warmer than the prior-year period.
- Core market volumes decreased due to the warmer weather compared to the prior-year period, partially offset by customer growth.
- Total Gas Utility distribution throughput increased 1 bcf reflecting higher large delivery service volumes, partially offset by lower core market volumes.
- Total margin increased
$3 million primarily due to increase in base rates that went into effect onJanuary 1, 2021 and higher customer fees, partially offset by the decrease in core market volumes. - Operating income increased largely reflecting the higher total margin.
(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 |
|
Nine Months Ended |
|
Twelve Months Ended |
|||||||||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
$ |
526 |
|
|
$ |
451 |
|
|
$ |
2,132 |
|
|
$ |
1,983 |
|
|
$ |
2,530 |
|
|
$ |
2,395 |
|
|
|
572 |
|
|
371 |
|
|
2,106 |
|
|
1,726 |
|
|
2,507 |
|
|
2,118 |
|
|||||||
Midstream & Marketing |
261 |
|
|
222 |
|
|
1,086 |
|
|
1,017 |
|
|
1,316 |
|
|
1,264 |
|
|||||||
|
181 |
|
|
179 |
|
|
923 |
|
|
901 |
|
|
1,052 |
|
|
1,033 |
|
|||||||
Corporate & Other (a) |
(44 |
) |
|
(24 |
) |
|
(238 |
) |
|
(192 |
) |
|
(272 |
) |
|
(225 |
) |
|||||||
Total revenues |
$ |
1,496 |
|
|
$ |
1,199 |
|
|
$ |
6,009 |
|
|
$ |
5,435 |
|
|
$ |
7,133 |
|
|
$ |
6,585 |
|
|
Earnings (loss) before interest expense and income taxes: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
$ |
11 |
|
|
$ |
19 |
|
|
$ |
391 |
|
|
$ |
390 |
|
|
$ |
374 |
|
|
$ |
381 |
|
|
|
41 |
|
|
21 |
|
|
326 |
|
|
247 |
|
|
338 |
|
|
263 |
|
|||||||
Midstream & Marketing |
21 |
|
|
20 |
|
|
180 |
|
|
161 |
|
|
187 |
|
|
176 |
|
|||||||
|
25 |
|
|
21 |
|
|
245 |
|
|
229 |
|
|
245 |
|
|
236 |
|
|||||||
Total reportable segments |
98 |
|
|
81 |
|
|
1,142 |
|
|
1,027 |
|
|
1,144 |
|
|
1,056 |
|
|||||||
Corporate & Other (a) |
208 |
|
|
96 |
|
|
353 |
|
|
(96 |
) |
|
409 |
|
|
(199 |
) |
|||||||
Total earnings before interest expense and income taxes |
306 |
|
|
177 |
|
|
1,495 |
|
|
931 |
|
|
1,553 |
|
|
857 |
|
|||||||
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
(40 |
) |
|
(41 |
) |
|
(120 |
) |
|
(124 |
) |
|
(160 |
) |
|
(165 |
) |
|||||||
|
(8 |
) |
|
(8 |
) |
|
(21 |
) |
|
(23 |
) |
|
(29 |
) |
|
(31 |
) |
|||||||
Midstream & Marketing |
(10 |
) |
|
(11 |
) |
|
(31 |
) |
|
(34 |
) |
|
(39 |
) |
|
(41 |
) |
|||||||
|
(14 |
) |
|
(14 |
) |
|
(42 |
) |
|
(41 |
) |
|
(55 |
) |
|
(54 |
) |
|||||||
Corporate & Other, net (a) |
(5 |
) |
|
(6 |
) |
|
(19 |
) |
|
(25 |
) |
|
(25 |
) |
|
(32 |
) |
|||||||
Total interest expense |
(77 |
) |
|
(80 |
) |
|
(233 |
) |
|
(247 |
) |
|
(308 |
) |
|
(323 |
) |
|||||||
Income before income taxes |
229 |
|
|
97 |
|
|
1,262 |
|
|
684 |
|
|
1,245 |
|
|
534 |
|
|||||||
Income tax expense (c) |
(79 |
) |
|
(12 |
) |
|
(320 |
) |
|
(161 |
) |
|
(294 |
) |
|
(142 |
) |
|||||||
Net income including noncontrolling interests |
150 |
|
|
85 |
|
|
942 |
|
|
523 |
|
|
951 |
|
|
392 |
|
|||||||
Deduct net income attributable to noncontrolling interests, principally in |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
79 |
|
|||||||
Net income attributable to |
$ |
150 |
|
|
$ |
85 |
|
|
$ |
942 |
|
|
$ |
523 |
|
|
$ |
951 |
|
|
$ |
471 |
|
|
Earnings per share attributable to UGI shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Basic |
$ |
0.72 |
|
|
$ |
0.41 |
|
|
$ |
4.51 |
|
|
$ |
2.50 |
|
|
$ |
4.55 |
|
|
$ |
2.31 |
|
|
Diluted |
$ |
0.71 |
|
|
$ |
0.41 |
|
|
$ |
4.48 |
|
|
$ |
2.49 |
|
|
$ |
4.53 |
|
|
$ |
2.29 |
|
|
Weighted Average common shares outstanding (thousands) (b): |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Basic |
209,099 |
|
|
208,598 |
|
|
208,934 |
|
|
208,989 |
|
|
208,863 |
|
|
204,168 |
|
|||||||
Diluted |
210,851 |
|
|
208,975 |
|
|
210,194 |
|
|
210,009 |
|
|
209,983 |
|
|
205,490 |
|
|||||||
Supplemental information: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net income (loss) attributable to |
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
$ |
(20 |
) |
|
$ |
(15 |
) |
|
$ |
204 |
|
|
$ |
198 |
|
|
$ |
162 |
|
|
$ |
189 |
|
|
|
31 |
|
|
(11 |
) |
|
222 |
|
|
137 |
|
|
258 |
|
|
141 |
|
|||||||
Midstream & Marketing |
8 |
|
|
7 |
|
|
107 |
|
|
93 |
|
|
106 |
|
|
99 |
|
|||||||
|
9 |
|
|
4 |
|
|
157 |
|
|
147 |
|
|
146 |
|
|
141 |
|
|||||||
Total reportable segments |
28 |
|
|
(15 |
) |
|
690 |
|
|
575 |
|
|
672 |
|
|
570 |
|
|||||||
Corporate & Other (a) |
122 |
|
|
100 |
|
|
252 |
|
|
(52 |
) |
|
279 |
|
|
(99 |
) |
|||||||
Total net income attributable to |
$ |
150 |
|
|
$ |
85 |
|
|
$ |
942 |
|
|
$ |
523 |
|
|
$ |
951 |
|
|
$ |
471 |
|
(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 nine 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 |
|
Nine Months Ended |
|
Twelve Months Ended |
|||||||||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||||||
Adjusted net income attributable to |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net income attributable to |
$ |
150 |
|
|
$ |
85 |
|
|
$ |
942 |
|
|
$ |
523 |
|
|
$ |
951 |
|
|
$ |
471 |
|
|
Net (gains) losses on commodity derivative instruments not associated with current-period transactions (net of tax of |
(231 |
) |
|
(114 |
) |
|
(368 |
) |
|
(15 |
) |
|
(435 |
) |
|
14 |
|
|||||||
Unrealized losses on foreign currency derivative instruments (net of tax of |
— |
|
|
4 |
|
|
4 |
|
|
14 |
|
|
16 |
|
|
— |
|
|||||||
Acquisition and integration expenses associated with the CMG Acquisition (net of tax of |
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
— |
|
|
12 |
|
|||||||
Acquisition expenses associated with the pending Mountaineer Acquisition (net of tax of |
1 |
|
|
— |
|
|
3 |
|
|
— |
|
|
3 |
|
|
— |
|
|||||||
Business transformation expenses (net of tax of |
15 |
|
|
4 |
|
|
42 |
|
|
30 |
|
|
57 |
|
|
46 |
|
|||||||
AmeriGas Merger expenses (net of tax of |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|||||||
Impairment of assets held-for-sale (net of tax of |
— |
|
|
37 |
|
|
— |
|
|
37 |
|
|
2 |
|
|
37 |
|
|||||||
Impairment of investment in PennEast (net of tax of |
93 |
|
|
— |
|
|
93 |
|
|
— |
|
|
93 |
|
|
— |
|
|||||||
Impact of change in Italian tax law |
— |
|
|
— |
|
|
(23 |
) |
|
— |
|
|
(23 |
) |
|
— |
|
|||||||
Total adjustments (1) (2) |
(122 |
) |
|
(69 |
) |
|
(249 |
) |
|
67 |
|
|
(287 |
) |
|
110 |
|
|||||||
Adjusted net income attributable to |
$ |
28 |
|
|
$ |
16 |
|
|
$ |
693 |
|
|
$ |
590 |
|
|
$ |
664 |
|
|
$ |
581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Adjusted diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
$ |
0.71 |
|
|
$ |
0.41 |
|
|
$ |
4.48 |
|
|
$ |
2.49 |
|
|
$ |
4.53 |
|
|
$ |
2.29 |
|
|
Net (gains) losses on commodity derivative instruments not associated with current-period transactions |
(1.09 |
) |
|
(0.55 |
) |
|
(1.75 |
) |
|
(0.07 |
) |
|
(2.07 |
) |
|
0.08 |
|
|||||||
Unrealized losses on foreign currency derivative instruments |
— |
|
|
0.02 |
|
|
0.03 |
|
|
0.07 |
|
|
0.09 |
|
|
— |
|
|||||||
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 |
|
|
0.02 |
|
|
0.20 |
|
|
0.14 |
|
|
0.27 |
|
|
0.22 |
|
|||||||
AmeriGas Merger expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||||
Impairment of assets held-for-sale |
— |
|
|
0.18 |
|
|
— |
|
|
0.17 |
|
|
— |
|
|
0.18 |
|
|||||||
Impairment of investment in PennEast |
0.44 |
|
|
— |
|
|
0.44 |
|
|
— |
|
|
0.44 |
|
|
— |
|
|||||||
Impact of change in Italian tax law |
— |
|
|
— |
|
|
(0.11 |
) |
|
— |
|
|
(0.11 |
) |
|
— |
|
|||||||
Total adjustments (1) (3) |
(0.58 |
) |
|
(0.33 |
) |
|
(1.18 |
) |
|
0.32 |
|
|
(1.37 |
) |
|
0.54 |
|
|||||||
Adjusted diluted earnings per share (3) |
$ |
0.13 |
|
|
$ |
0.08 |
|
|
$ |
3.30 |
|
|
$ |
2.81 |
|
|
$ |
3.16 |
|
|
$ |
2.83 |
|
(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/20210804006107/en/
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