Pennsylvania | 1-1398 | 23-1174060 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
2525 N. 12th Street, Suite 360 P.O. Box 12677 Reading, PA | 19612 | |
(Address of principal executive offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Emerging growth company | ¨ |
99.1 | Press Release of UGI Corporation, the parent of UGI Utilities, Inc., dated May 2, 2018. |
EXHIBIT NO. | DESCRIPTION |
Press Release of UGI Corporation, the parent of UGI Utilities, Inc., dated May 2, 2018. |
UGI Utilities, Inc. | ||
May 3, 2018 | By: | /s/ G. Gary Garcia |
Name: | G. Gary Garcia | |
Title: | Assistant Treasurer |
• | GAAP EPS of $1.57 and adjusted EPS of $1.69 per diluted share compared to GAAP EPS of $1.24 and adjusted EPS of $1.31 per diluted share in the prior year |
• | Weather colder than the prior year in all service territories |
• | Increased adjusted EPS guidance to a range of $2.70 to $2.80 per diluted share for the fiscal year ending September 30, 2018 |
• | AmeriGas: Retail volume up 9.9% on weather that was 14.2% colder than the prior year; Cylinder Exchange and National Accounts volumes both up more than 15% |
• | UGI International: Volume up 9.9% on weather that was 6.3% colder than the prior year and contributions from the UniverGas and DVEP acquisitions |
• | Midstream & Marketing: Weather 14.3% colder than prior year; margin growth from Sunbury pipeline, peaking demand and electric generation, as well as newly acquired Texas Creek gathering assets |
• | UGI Utilities: Core market throughput up 15.1% on weather that was 10.8% colder than prior year; added ~4,800 residential and commercial heating customers |
• | Tax Reform: The combined impact of tax reform legislation in the United States and France was a net benefit to adjusted EPS of $0.19 per diluted share in the quarter |
Will Ruthrauff 610-456-6571 | Brendan Heck 610-456-6608 | Shelly Oates 610-992-3202 |
For the fiscal quarter ended March 31, | 2018 | 2017 | Increase (Decrease) | ||||||||||||
Revenues | $ | 1,040.3 | $ | 863.6 | $ | 176.7 | 20.5 | % | |||||||
Total margin (a) | $ | 556.6 | $ | 507.8 | $ | 48.8 | 9.6 | % | |||||||
Partnership operating and administrative expenses | $ | 251.5 | $ | 240.0 | $ | 11.5 | 4.8 | % | |||||||
Operating income | $ | 266.6 | $ | 227.3 | $ | 39.3 | 17.3 | % | |||||||
Partnership Adjusted EBITDA | $ | 309.5 | $ | 271.2 | $ | 38.3 | 14.1 | % | |||||||
Retail gallons sold (millions) | 398.5 | 362.7 | 35.8 | 9.9 | % | ||||||||||
Heating degree days - % (warmer) than normal (b) | (0.5 | )% | (12.9 | )% | |||||||||||
Capital expenditures | $ | 23.6 | $ | 27.2 | $ | (3.6 | ) | (13.2 | )% |
• | Retail gallons sold were 9.9% higher and temperatures were 14.2% colder than the prior-year period. |
• | Total margin increased primarily reflecting the higher volume and slightly higher retail unit margin. |
• | Partnership operating and administrative expenses increased primarily reflecting higher compensation and vehicle expenses. |
• | Partnership Adjusted EBITDA increased principally reflecting the higher total margin, partially offset by the higher operating expenses. |
For the fiscal quarter ended March 31, | 2018 | 2017 | Increase | ||||||||||||
Revenues | $ | 909.6 | $ | 620.7 | $ | 288.9 | 46.5 | % | |||||||
Total margin (a) | $ | 368.5 | $ | 307.6 | $ | 60.9 | 19.8 | % | |||||||
Operating and administrative expenses | $ | 199.5 | $ | 159.6 | $ | 39.9 | 25.0 | % | |||||||
Operating income | $ | 131.8 | $ | 121.0 | $ | 10.8 | 8.9 | % | |||||||
Income before income taxes | $ | 117.5 | $ | 116.2 | $ | 1.3 | 1.1 | % | |||||||
Finagaz integration expenses | $ | 11.3 | $ | 6.7 | $ | 4.6 | 68.7 | % | |||||||
Adjusted income before income taxes | $ | 128.8 | $ | 122.9 | $ | 5.9 | 4.8 | % | |||||||
LPG retail gallons sold (millions) | 278.1 | 253.1 | 25.0 | 9.9 | % | ||||||||||
Heating degree days - % colder (warmer) than normal (b) | 2.2 | % | (3.9 | )% | |||||||||||
Capital expenditures | $ | 26.1 | $ | 21.5 | $ | 4.6 | 21.4 | % |
• | Retail volume increased due to incremental volumes from the UniverGas acquisition that closed in October 2017, as well as higher volume at the legacy businesses primarily reflecting weather that was 6.3% colder than the prior-year period. |
• | Total margin increased reflecting the translation effects of the stronger euro and British pound sterling, incremental margin from the UniverGas and DVEP acquisitions, and slightly higher retail volume at the legacy businesses. |
• | Operating expenses increased principally due to the effects of currency translation as well as incremental expenses associated with the DVEP and UniverGas acquisitions. |
• | Operating income increased primarily reflecting the higher total margin partially offset by higher operating and administrative costs and depreciation and amortization expense. |
• | Adjusted income before income taxes was higher reflecting higher operating income adjusted for the effects of higher Finagaz integration expenses, partially offset by losses on foreign currency exchange contracts. |
For the fiscal quarter ended March 31, | 2018 | 2017 | Increase (Decrease) | ||||||||||||
Revenues | $ | 565.2 | $ | 423.7 | $ | 141.5 | 33.4 | % | |||||||
Total margin (a) | $ | 146.6 | $ | 113.9 | $ | 32.7 | 28.7 | % | |||||||
Operating and administrative expenses | $ | 28.4 | $ | 24.0 | $ | 4.4 | 18.3 | % | |||||||
Operating income | $ | 107.5 | $ | 82.1 | $ | 25.4 | 30.9 | % | |||||||
Income before income taxes | $ | 107.6 | $ | 83.8 | $ | 23.8 | 28.4 | % | |||||||
Heating degree days - % (warmer) than normal (b) | (1.9 | )% | (14.2 | )% | |||||||||||
Capital expenditures | $ | 4.3 | $ | 20.8 | $ | (16.5 | ) | (79.3 | )% |
• | Temperatures across Midstream & Marketing's service territory were 1.9% warmer than normal and 14.3% colder than the prior year. |
• | Total margin increased reflecting higher margin from midstream assets, primarily the result of higher capacity management, peaking, and natural gas gathering margin, as well as higher electric generation margin. |
• | Operating expenses increased principally reflecting higher wage and benefit expenses and higher expenses associated with greater peaking, LNG, and natural gas gathering activities. |
• | Operating income and income before taxes increased primarily reflecting the higher total margin, partially offset by higher operating and administrative expenses, higher depreciation expense, and a decrease in other income due to the absence of AFUDC income related to the Sunbury pipeline. |
• | Capital expenditures in the prior year include construction costs associated with the Sunbury pipeline. |
For the fiscal quarter ended March 31, | 2018 | 2017 | Increase (Decrease) | ||||||||||||
Revenues | $ | 483.3 | $ | 360.0 | $ | 123.3 | 34.3 | % | |||||||
Total margin (a) | $ | 224.6 | $ | 194.2 | $ | 30.4 | 15.7 | % | |||||||
Operating and administrative expenses | $ | 69.4 | $ | 61.3 | $ | 8.1 | 13.2 | % | |||||||
Operating income | $ | 135.1 | $ | 116.4 | $ | 18.7 | 16.1 | % | |||||||
Income before income taxes | $ | 124.0 | $ | 106.1 | $ | 17.9 | 16.9 | % | |||||||
Gas Utility system throughput - billions of cubic feet | |||||||||||||||
Core market | 38.9 | 33.8 | 5.1 | 15.1 | % | ||||||||||
Total | 87.3 | 81.8 | 5.5 | 6.7 | % | ||||||||||
Gas Utility heating degree days - % (warmer) than normal (b) | (2.2 | )% | (11.7 | )% | |||||||||||
Capital expenditures | $ | 55.1 | $ | 56.5 | $ | (1.4 | ) | (2.5 | )% |
• | Gas Utility service territory experienced temperatures that were approximately 2.2% warmer than normal and 10.8% colder than the prior year. |
• | Core market volumes increased due to colder weather and customer growth. |
• | Total margin increased primarily reflecting higher core market throughput, higher large-firm delivery service margin, an increase in PNG base rates, and higher electric utility distribution volume. |
• | Operating and administrative expenses increased principally due to higher uncollectible accounts and higher compensation and benefits expenses. |
• | Operating income and income before income taxes increased reflecting the higher total margin, partially offset by the higher operating and administrative expenses and increased depreciation expenses. |
(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 taxes. |
(b) | Average temperatures based upon heating degree days for all of our business segments presented are now based upon recent 15-year periods as we believe more recent temperatures are a better indication of normal weather. Prior period weather statistics have been restated for AmeriGas Propane, Midstream & Marketing, and UGI International, as appropriate, to conform to these new periods. |
Three Months Ended March 31, | Six Months Ended March 31, | Twelve Months Ended March 31, | |||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
AmeriGas Propane | $ | 1,040.3 | $ | 863.6 | $ | 1,827.6 | $ | 1,540.8 | $ | 2,740.3 | $ | 2,381.0 | |||||||||||
UGI International | 909.6 | 620.7 | 1,693.8 | 1,159.8 | 2,411.5 | 1,871.7 | |||||||||||||||||
Midstream & Marketing | 565.2 | 423.7 | 893.2 | 693.5 | 1,320.9 | 1,034.4 | |||||||||||||||||
UGI Utilities | 483.3 | 360.0 | 806.4 | 621.4 | 1,072.6 | 869.9 | |||||||||||||||||
Corporate & Other (a) | (186.4 | ) | (94.2 | ) | (283.8 | ) | (162.2 | ) | (340.7 | ) | (196.7 | ) | |||||||||||
Total revenues | $ | 2,812.0 | $ | 2,173.8 | $ | 4,937.2 | $ | 3,853.3 | $ | 7,204.6 | $ | 5,960.3 | |||||||||||
Operating income (loss): | |||||||||||||||||||||||
AmeriGas Propane | $ | 266.6 | $ | 227.3 | $ | 414.5 | $ | 369.2 | $ | 400.6 | $ | 345.5 | |||||||||||
UGI International | 131.8 | 121.0 | 224.9 | 209.9 | 210.7 | 219.9 | |||||||||||||||||
Midstream & Marketing | 107.5 | 82.1 | 159.8 | 131.8 | 167.2 | 157.8 | |||||||||||||||||
UGI Utilities | 135.1 | 116.4 | 231.4 | 198.6 | 261.1 | 236.7 | |||||||||||||||||
Corporate & Other (a) | (51.5 | ) | (33.6 | ) | (49.3 | ) | 69.9 | (33.5 | ) | 86.6 | |||||||||||||
Total operating income | 589.5 | 513.2 | 981.3 | 979.4 | 1,006.1 | 1,046.5 | |||||||||||||||||
Income from equity investees | 0.7 | 2.3 | 1.7 | 2.1 | 3.9 | 2.0 | |||||||||||||||||
Loss on extinguishments of debt | — | (22.1 | ) | — | (55.3 | ) | (4.4 | ) | (104.2 | ) | |||||||||||||
(Losses) gains on foreign currency contracts, net | (11.0 | ) | (1.2 | ) | (15.8 | ) | 0.1 | (39.8 | ) | 0.1 | |||||||||||||
Interest expense: | |||||||||||||||||||||||
AmeriGas Propane | (41.0 | ) | (40.0 | ) | (81.6 | ) | (80.0 | ) | (161.8 | ) | (162.3 | ) | |||||||||||
UGI International | (5.2 | ) | (4.8 | ) | (10.8 | ) | (9.6 | ) | (21.8 | ) | (21.0 | ) | |||||||||||
Midstream & Marketing | (0.7 | ) | (0.7 | ) | (1.6 | ) | (1.3 | ) | (2.4 | ) | (2.1 | ) | |||||||||||
UGI Utilities | (11.1 | ) | (10.3 | ) | (22.0 | ) | (20.3 | ) | (41.9 | ) | (39.1 | ) | |||||||||||
Corporate & Other, net (a) | (0.1 | ) | — | (0.3 | ) | — | (0.7 | ) | (0.4 | ) | |||||||||||||
Total interest expense | (58.1 | ) | (55.8 | ) | (116.3 | ) | (111.2 | ) | (228.6 | ) | (224.9 | ) | |||||||||||
Income before income taxes | 521.1 | 436.4 | 850.9 | 815.1 | 737.2 | 719.5 | |||||||||||||||||
Income tax (expense) benefit (b) | (113.4 | ) | (124.6 | ) | (9.0 | ) | (212.4 | ) | 25.8 | (203.9 | ) | ||||||||||||
Net income including noncontrolling interests | 407.7 | 311.8 | 841.9 | 602.7 | 763.0 | 515.6 | |||||||||||||||||
Deduct net income attributable to noncontrolling interests, principally in AmeriGas Partners, L.P. | (131.7 | ) | (91.9 | ) | (200.0 | ) | (152.1 | ) | (135.1 | ) | (48.1 | ) | |||||||||||
Net income attributable to UGI Corporation (b) | $ | 276.0 | $ | 219.9 | $ | 641.9 | $ | 450.6 | $ | 627.9 | $ | 467.5 | |||||||||||
Earnings per share attributable to UGI shareholders: | |||||||||||||||||||||||
Basic | $ | 1.59 | $ | 1.27 | $ | 3.70 | $ | 2.60 | $ | 3.62 | $ | 2.69 | |||||||||||
Diluted | $ | 1.57 | $ | 1.24 | $ | 3.63 | $ | 2.55 | $ | 3.55 | $ | 2.64 | |||||||||||
Weighted Average common shares outstanding (thousands): | |||||||||||||||||||||||
Basic | 173,570 | 173,624 | 173,617 | 173,567 | 173,684 | 173,568 | |||||||||||||||||
Diluted | 176,350 | 177,136 | 176,646 | 176,976 | 176,938 | 177,135 | |||||||||||||||||
Supplemental information: | |||||||||||||||||||||||
Net income (loss) attributable to UGI Corporation: | |||||||||||||||||||||||
AmeriGas Propane | $ | 49.8 | $ | 32.0 | $ | 191.4 | $ | 48.6 | $ | 187.4 | $ | 33.9 | |||||||||||
UGI International | 77.4 | 79.3 | 138.5 | 167.6 | 129.5 | 166.1 | |||||||||||||||||
Midstream & Marketing | 76.6 | 50.2 | 188.6 | 80.1 | 195.4 | 96.8 | |||||||||||||||||
UGI Utilities | 89.2 | 65.1 | 157.5 | 109.4 | 164.1 | 120.2 | |||||||||||||||||
Corporate & Other (a) | (17.0 | ) | (6.7 | ) | (34.1 | ) | 44.9 | (48.5 | ) | 50.5 | |||||||||||||
Total net income attributable to UGI Corporation | $ | 276.0 | $ | 219.9 | $ | 641.9 | $ | 450.6 | $ | 627.9 | $ | 467.5 |
(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) | Net income attributable to UGI Corporation for the three, six and twelve months ended March 31, 2018 includes income from adjustments to tax-related amounts resulting from the Tax Cuts and Jobs Act ("TCJA") enacted on December 22, 2017 of $5.3 million, $171.3 million and $171.3 million, respectively, and income (losses) from adjustments to net deferred income tax liabilities in France as a result of tax legislation in France approved December 21, 2017 of $(3.7) million, $13.6 million and $15.2 million, respectively. Net income attributable to UGI Corporation for the six and twelve months ended March 31, 2017 includes the beneficial impact of a $27.4 million adjustment to net deferred income tax liabilities associated with a change in the French tax rate and an income tax settlement refund of $6.7 million, plus interest, in France. |
Three Months Ended March 31, | Six Months Ended March 31, | Twelve Months Ended March 31, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
Adjusted net income attributable to UGI Corporation: | ||||||||||||||||||||||||
Net income attributable to UGI Corporation | $ | 276.0 | $ | 219.9 | $ | 641.9 | $ | 450.6 | $ | 627.9 | $ | 467.5 | ||||||||||||
Net losses (gains) on commodity derivative instruments not associated with current-period transactions (net of tax of $(8.1), $1.5, $(6.0), $34.8, $(8.9), and $33.9, respectively) (1)(2) | 15.7 | 3.1 | 11.1 | (49.1 | ) | 9.0 | (53.0 | ) | ||||||||||||||||
Unrealized losses on foreign currency derivative instruments (net of tax of $(0.7), $(0.5), $(0.7), $0.1, $(10.7), and $0.1, respectively) (2) | 1.3 | 0.8 | 1.4 | — | 15.3 | — | ||||||||||||||||||
Loss on extinguishments of debt (net of tax of $0.0, $(2.3), $0.0, $(5.7), $(0.4), and $(10.8), respectively) (2) | — | 3.6 | — | 8.9 | 0.7 | 16.8 | ||||||||||||||||||
Integration expenses associated with Finagaz (net of tax of $(4.5), $(2.3), $(5.2), $(5.1), $(13.8), and $(11.5), respectively) (2) | 6.8 | 4.4 | 8.0 | 9.7 | 24.5 | 20.2 | ||||||||||||||||||
Impact from change in French tax rates | 3.7 | — | (13.6 | ) | (27.4 | ) | (15.2 | ) | (27.4 | ) | ||||||||||||||
Impact from TCJA | (5.3 | ) | — | (171.3 | ) | — | (171.3 | ) | — | |||||||||||||||
Adjusted net income attributable to UGI Corporation | $ | 298.2 | $ | 231.8 | $ | 477.5 | $ | 392.7 | $ | 490.9 | $ | 424.1 | ||||||||||||
Adjusted diluted earnings per share: | ||||||||||||||||||||||||
UGI Corporation earnings per share — diluted | $ | 1.57 | $ | 1.24 | $ | 3.63 | $ | 2.55 | $ | 3.55 | $ | 2.64 | ||||||||||||
Net losses (gains) on commodity derivative instruments not associated with current-period transactions (1) | 0.08 | 0.02 | 0.06 | (0.28 | ) | 0.05 | (0.30 | ) | ||||||||||||||||
Unrealized losses on foreign currency derivative instruments (1) | 0.01 | 0.01 | 0.01 | — | 0.09 | — | ||||||||||||||||||
Loss on extinguishments of debt | — | 0.02 | — | 0.05 | — | 0.09 | ||||||||||||||||||
Integration expenses associated with Finagaz | 0.04 | 0.02 | 0.05 | 0.05 | 0.14 | 0.11 | ||||||||||||||||||
Impact from change in French tax rates | 0.02 | — | (0.08 | ) | (0.15 | ) | (0.09 | ) | (0.15 | ) | ||||||||||||||
Impact from TCJA | (0.03 | ) | — | (0.97 | ) | — | (0.97 | ) | — | |||||||||||||||
Adjusted diluted earnings per share | $ | 1.69 | $ | 1.31 | $ | 2.70 | $ | 2.22 | $ | 2.77 | $ | 2.39 |
(2) | Income taxes associated with pre-tax adjustments determined using statutory business unit tax rates. |
Three Months Ended March 31, 2018 | Total | AmeriGas Propane | UGI International | Midstream & Marketing | UGI Utilities | Corporate & Other | ||||||||||||||||||
Adjusted net income attributable to UGI Corporation (millions): | ||||||||||||||||||||||||
Net income (loss) attributable to UGI Corporation | $ | 276.0 | $ | 49.8 | $ | 77.4 | $ | 76.6 | $ | 89.2 | $ | (17.0 | ) | |||||||||||
Net losses on commodity derivative instruments not associated with current-period transactions (net of tax of $(8.1)) (a) | 15.7 | — | — | — | — | 15.7 | ||||||||||||||||||
Unrealized losses on foreign currency derivative instruments (net of tax of $(0.7)) (a) | 1.3 | — | — | — | — | 1.3 | ||||||||||||||||||
Integration expenses associated with Finagaz (net of tax of $(4.5)) (a) | 6.8 | — | 6.8 | — | — | — | ||||||||||||||||||
Impact of French Finance Bill | 3.7 | — | 3.7 | — | — | — | ||||||||||||||||||
Impact from TCJA | (5.3 | ) | — | (0.2 | ) | — | — | (5.1 | ) | |||||||||||||||
Adjusted net income (loss) attributable to UGI Corporation | $ | 298.2 | $ | 49.8 | $ | 87.7 | $ | 76.6 | $ | 89.2 | $ | (5.1 | ) | |||||||||||
Adjusted diluted earnings per share: | ||||||||||||||||||||||||
UGI Corporation earnings (loss) per share — diluted | $ | 1.57 | $ | 0.28 | $ | 0.44 | $ | 0.43 | $ | 0.51 | $ | (0.09 | ) | |||||||||||
Net losses on commodity derivative instruments not associated with current-period transactions (b) | 0.08 | — | — | — | — | 0.08 | ||||||||||||||||||
Unrealized losses on foreign currency derivative instruments | 0.01 | — | — | — | — | 0.01 | ||||||||||||||||||
Integration expenses associated with Finagaz | 0.04 | — | 0.04 | — | — | — | ||||||||||||||||||
Impact of French Finance Bill | 0.02 | — | 0.02 | — | — | — | ||||||||||||||||||
Impact from TCJA | (0.03 | ) | — | — | — | — | (0.03 | ) | ||||||||||||||||
Adjusted diluted earnings (loss) per share | $ | 1.69 | $ | 0.28 | $ | 0.50 | $ | 0.43 | $ | 0.51 | $ | (0.03 | ) |
Three Months Ended March 31, 2017 | Total | AmeriGas Propane | UGI International | Midstream & Marketing | UGI Utilities | Corporate & Other | ||||||||||||||||||
Adjusted net income attributable to UGI Corporation (millions): | ||||||||||||||||||||||||
Net income (loss) attributable to UGI Corporation | $ | 219.9 | $ | 32.0 | $ | 79.3 | $ | 50.2 | $ | 65.1 | $ | (6.7 | ) | |||||||||||
Net losses on commodity derivative instruments not associated with current-period transactions (net of tax of $1.5) (a) | 3.1 | — | — | — | — | 3.1 | ||||||||||||||||||
Unrealized losses on foreign currency derivative instruments (net of tax of $(0.5)) (a) | 0.8 | — | — | — | — | 0.8 | ||||||||||||||||||
Loss on extinguishment of debt (net of tax of $(2.3)) (a) | 3.6 | 3.6 | — | — | — | — | ||||||||||||||||||
Integration expenses associated with Finagaz (net of tax of $(2.3)) (a) | 4.4 | — | 4.4 | — | — | — | ||||||||||||||||||
Adjusted net income (loss) attributable to UGI Corporation | $ | 231.8 | $ | 35.6 | $ | 83.7 | $ | 50.2 | $ | 65.1 | $ | (2.8 | ) | |||||||||||
Adjusted diluted earnings per share: | ||||||||||||||||||||||||
UGI Corporation earnings (loss) per share - diluted | $ | 1.24 | $ | 0.18 | $ | 0.45 | $ | 0.28 | $ | 0.37 | $ | (0.04 | ) | |||||||||||
Net losses on commodity derivative instruments not associated with current-period transactions | 0.02 | — | — | — | — | 0.02 | ||||||||||||||||||
Unrealized losses on foreign currency derivative instruments (b) | 0.01 | — | — | — | — | 0.01 | ||||||||||||||||||
Loss on extinguishment of debt | 0.02 | 0.02 | — | — | — | — | ||||||||||||||||||
Integration expenses associated with Finagaz | 0.02 | — | 0.02 | — | — | — | ||||||||||||||||||
Adjusted diluted earnings (loss) per share | $ | 1.31 | $ | 0.20 | $ | 0.47 | $ | 0.28 | $ | 0.37 | $ | (0.01 | ) |