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 August 1, 2018. |
EXHIBIT NO. | DESCRIPTION |
Press Release of UGI Corporation, the parent of UGI Utilities, Inc., dated August 1, 2018. |
UGI Utilities, Inc. | ||
August 2, 2018 | By: | /s/ G. Gary Garcia |
Name: | G. Gary Garcia | |
Title: | Assistant Treasurer |
• | GAAP EPS of $0.30 and adjusted EPS of $0.09 per diluted share compared to GAAP EPS of $(0.11) and adjusted EPS of $0.09 per diluted share in the prior year |
• | Weather colder than normal in domestic service territories, significantly warmer than normal at UGI International |
• | Benefits from recent acquisitions and projects continue to drive earnings |
• | AmeriGas: Retail volume up 4% on weather that was 21% colder than the prior year; National Accounts volume up nearly 11%. |
• | UGI International: Volume up 14% due to incremental gallons from the UniverGas acquisition in Italy and the positive impact of late-March cold weather on third quarter demand in France. |
• | Midstream & Marketing: Weather 27% colder than prior year; margin growth driven primarily by midstream assets including incremental margin from the Sunbury Pipeline and Texas Creek gathering assets and capacity management. |
• | UGI Utilities: Core market throughput up 31% on weather that was 33% colder than prior year; margin, excluding the reserve for the Tax Cuts and Jobs Act ("TCJA") (see below), increased $15 million. |
• | PA PUC Order: In response to the PA PUC's May 17, 2018 Order, UGI Utilities reduced its revenues and established a regulatory liability for tax savings resulting from the change in the federal tax rate from 35% to 21% for the period January 1, 2018 - June 30, 2018. The after-tax impact of the regulatory liability is $16 million ($0.09), approximately $15 million ($0.08) of which relates to our fiscal second quarter. |
Brendan Heck 610-456-6608 | Shelly Oates 610-992-3202 |
For the fiscal quarter ended June 30, | 2018 | 2017 | Increase (Decrease) | ||||||||||||
Revenues | $ | 528.4 | $ | 467.5 | $ | 60.9 | 13.0 | % | |||||||
Total margin (a) | $ | 283.9 | $ | 270.0 | $ | 13.9 | 5.1 | % | |||||||
Partnership operating and administrative expenses | $ | 222.4 | $ | 227.4 | $ | (5.0 | ) | (2.2 | )% | ||||||
Impairment of Partnership tradenames and trademarks | $ | 75.0 | $ | — | $ | 75.0 | N.M. | ||||||||
Operating (loss) income | $ | (54.7 | ) | $ | 4.6 | $ | (59.3 | ) | N.M. | ||||||
Partnership Adjusted EBITDA | $ | 67.2 | $ | 58.4 | $ | 8.8 | 15.1 | % | |||||||
Retail gallons sold (millions) | 202.0 | 195.0 | 7.0 | 3.6 | % | ||||||||||
Heating degree days - % colder (warmer) than normal (b) | 9.6 | % | (9.6 | )% | |||||||||||
Capital expenditures | $ | 25.7 | $ | 20.9 | $ | 4.8 | 23.0 | % |
• | Retail gallons sold increased 3.6% due to cold April weather. |
• | Total margin increased primarily reflecting the higher volume and slightly higher retail unit margin. |
• | Excluding the effects of the $7.5 million MGP (manufactured gas plant) accrual in the prior-year period, Partnership operating and administrative expenses increased slightly as higher compensation and vehicle expenses were largely offset by lower self-insured casualty and liability expense primarily driven by the absence of a settlement with an insurance carrier recorded in the prior-year period. |
• | Recorded a $75 million non-cash impairment charge in the current period associated with a plan to discontinue use of Heritage tradenames and trademarks. |
For the fiscal quarter ended June 30, | 2018 | 2017 | Increase (Decrease) | ||||||||||||
Revenues | $ | 533.6 | $ | 351.3 | $ | 182.3 | 51.9 | % | |||||||
Total margin (a) | $ | 219.3 | $ | 173.1 | $ | 46.2 | 26.7 | % | |||||||
Operating and administrative expenses | $ | 173.3 | $ | 141.1 | $ | 32.2 | 22.8 | % | |||||||
Operating income | $ | 9.0 | $ | 0.5 | $ | 8.5 | 1,700.0 | % | |||||||
Income (loss) before income taxes | $ | 3.0 | $ | (5.2 | ) | $ | (8.2 | ) | (157.7 | )% | |||||
Finagaz integration expenses | $ | 7.6 | $ | 7.0 | $ | 0.6 | 8.6 | % | |||||||
Adjusted income before income taxes | $ | 10.6 | $ | 1.8 | $ | 8.8 | 488.9 | % | |||||||
LPG retail gallons sold (millions) | 180.0 | 158.6 | 21.4 | 13.5 | % | ||||||||||
Heating degree days - % (warmer) than normal (b) | (34.6 | )% | (2.7 | )% | |||||||||||
Capital expenditures | $ | 27.3 | $ | 19.1 | $ | 8.2 | 42.9 | % |
• | Retail volume increased due to incremental gallons from the UniverGas acquisition and the carryover benefit of cold late-March weather in France. |
• | Total margin increased reflecting higher LPG unit margins, 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, incremental expenses associated with the DVEP and UniverGas acquisitions, higher distribution costs, and higher compliance costs associated with energy conservation and operational safety requirements. |
• | 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 due to higher operating income adjusted for the effects of higher Finagaz integration expenses, partially offset by realized losses on foreign currency exchange contracts. |
For the fiscal quarter ended June 30, | 2018 | 2017 | Increase (Decrease) | ||||||||||||
Revenues | $ | 263.8 | $ | 222.8 | $ | 41.0 | 18.4 | % | |||||||
Total margin (a) | $ | 48.8 | $ | 33.4 | $ | 15.4 | 46.1 | % | |||||||
Operating and administrative expenses | $ | 30.4 | $ | 23.1 | $ | 7.3 | 31.6 | % | |||||||
Operating income | $ | 7.4 | $ | 2.8 | $ | 4.6 | 164.3 | % | |||||||
Income before income taxes | $ | 8.2 | $ | 3.3 | $ | 4.9 | 148.5 | % | |||||||
Heating degree days - % colder (warmer) than normal (b) | 5.1 | % | (17.1 | )% | |||||||||||
Capital expenditures | $ | 9.9 | $ | 21.7 | $ | (11.8 | ) | (54.4 | )% |
• | Temperatures across Midstream & Marketing's service territory were 5.1% colder than normal; 26.8% colder than the prior year. |
• | Total margin increased primarily reflecting higher margin from midstream assets, principally the result of higher natural gas gathering margin and capacity management, and slightly higher margin from retail natural gas and power marketing. The higher natural gas gathering margin reflects incremental margin from our Sunbury Pipeline and Texas Creek gathering assets. |
• | Operating expenses increased principally reflecting higher compensation 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. |
• | Income before income taxes increased due to higher operating income and slightly higher AFUDC income from our equity investment in the PennEast pipeline. |
For the fiscal quarter ended June 30, | 2018 | 2017 | Increase (Decrease) | ||||||||||||
Revenues | $ | 159.9 | $ | 146.6 | $ | 13.3 | 9.1 | % | |||||||
Total margin (a) | $ | 86.3 | $ | 93.6 | $ | (7.3 | ) | (7.8 | )% | ||||||
Operating and administrative expenses | $ | 61.6 | $ | 54.7 | $ | 6.9 | 12.6 | % | |||||||
Operating income | $ | 3.9 | $ | 27.7 | $ | (23.8 | ) | (85.9 | )% | ||||||
(Loss) income before income taxes | $ | (6.1 | ) | $ | 17.5 | $ | (23.6 | ) | (134.9 | )% | |||||
Gas Utility system throughput - billions of cubic feet | |||||||||||||||
Core market | 11.4 | 8.7 | 2.7 | 31.0 | % | ||||||||||
Total | 53.7 | 46.5 | 7.2 | 15.5 | % | ||||||||||
Gas Utility heating degree days - % colder (warmer) than normal (b) | 5.1 | % | (21.2 | )% | |||||||||||
Capital expenditures | $ | 79.7 | $ | 79.1 | $ | 0.6 | 0.8 | % |
• | Gas Utility service territory experienced temperatures that were 5.1% colder than normal and 33.3% colder than the prior year. |
• | Core market volumes increased due to colder April weather and customer growth. |
• | In response to the PA PUC Order, revenues were reduced by $22.7 million, and a regulatory liability established for tax savings resulting from the change in federal tax rate from 35% to 21% due to the TCJA. The after-tax impact of the regulatory liability is $16.2 million. This is in addition to the $1.4 million reduction in revenues ($0.9 million after-tax) recorded in March 2018. |
• | Excluding the impact of the PA PUC Order, total margin increased $15.4 million principally reflecting higher total margin from Gas Utility core market customers and higher large firm delivery margin. |
• | Operating and administrative expenses increased due to IT maintenance and consulting expenses, higher uncollectible accounts expense, and higher distribution expenses. |
• | Operating income decreased reflecting lower total margin, higher operating and administrative expenses, greater depreciation and amortization, and the absence of $5.8 million of income related to an environmental insurance settlement recorded in the prior year. |
(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 June 30, | Nine Months Ended June 30, | Twelve Months Ended June 30, | |||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
AmeriGas Propane | $ | 528.4 | $ | 467.5 | $ | 2,356.0 | $ | 2,008.3 | $ | 2,801.2 | $ | 2,401.8 | |||||||||||
UGI International | 533.6 | 351.3 | 2,227.4 | 1,511.1 | 2,593.8 | 1,827.5 | |||||||||||||||||
Midstream & Marketing | 263.8 | 222.8 | 1,157.0 | 916.3 | 1,361.9 | 1,091.2 | |||||||||||||||||
UGI Utilities | 159.9 | 146.6 | 966.3 | 768.0 | 1,085.9 | 876.2 | |||||||||||||||||
Corporate & Other (a) | (44.8 | ) | (34.7 | ) | (328.6 | ) | (196.9 | ) | (350.8 | ) | (213.7 | ) | |||||||||||
Total revenues | $ | 1,440.9 | $ | 1,153.5 | $ | 6,378.1 | $ | 5,006.8 | $ | 7,492.0 | $ | 5,983.0 | |||||||||||
Operating income (loss): | |||||||||||||||||||||||
AmeriGas Propane (b) | $ | (54.7 | ) | $ | 4.6 | $ | 359.8 | $ | 373.8 | $ | 341.3 | $ | 331.8 | ||||||||||
UGI International | 9.0 | 0.5 | 233.9 | 210.4 | 219.2 | 186.9 | |||||||||||||||||
Midstream & Marketing | 7.4 | 2.8 | 167.2 | 134.6 | 171.8 | 149.3 | |||||||||||||||||
UGI Utilities | 3.9 | 27.7 | 235.3 | 226.3 | 237.3 | 234.6 | |||||||||||||||||
Corporate & Other (a) | 62.9 | (38.4 | ) | 13.6 | 31.5 | 67.8 | (14.6 | ) | |||||||||||||||
Total operating income (loss) | 28.5 | (2.8 | ) | 1,009.8 | 976.6 | 1,037.4 | 888.0 | ||||||||||||||||
Income from equity investees | 1.3 | 0.9 | 3.0 | 3.0 | 4.3 | 2.9 | |||||||||||||||||
Loss on extinguishments of debt | — | (4.4 | ) | — | (59.7 | ) | — | (71.5 | ) | ||||||||||||||
Gain (loss) on foreign currency contracts, net | 25.6 | (16.2 | ) | 9.8 | (16.1 | ) | 2.0 | (16.1 | ) | ||||||||||||||
Interest expense: | |||||||||||||||||||||||
AmeriGas Propane | (40.4 | ) | (40.6 | ) | (122.0 | ) | (120.6 | ) | (161.6 | ) | (162.0 | ) | |||||||||||
UGI International | (5.5 | ) | (5.6 | ) | (16.3 | ) | (15.2 | ) | (21.7 | ) | (20.8 | ) | |||||||||||
Midstream & Marketing | (0.5 | ) | (0.3 | ) | (2.1 | ) | (1.6 | ) | (2.6 | ) | (2.0 | ) | |||||||||||
UGI Utilities | (10.0 | ) | (10.2 | ) | (32.0 | ) | (30.5 | ) | (41.7 | ) | (40.2 | ) | |||||||||||
Corporate & Other, net (a) | (0.1 | ) | (0.1 | ) | (0.4 | ) | (0.1 | ) | (0.7 | ) | (0.3 | ) | |||||||||||
Total interest expense | (56.5 | ) | (56.8 | ) | (172.8 | ) | (168.0 | ) | (228.3 | ) | (225.3 | ) | |||||||||||
(Loss) income before income taxes | (1.1 | ) | (79.3 | ) | 849.8 | 735.8 | 815.4 | 578.0 | |||||||||||||||
Income tax (expense) benefit (c) | (10.6 | ) | 17.1 | (19.6 | ) | (195.3 | ) | (1.9 | ) | (153.2 | ) | ||||||||||||
Net (loss) income including noncontrolling interests | (11.7 | ) | (62.2 | ) | 830.2 | 540.5 | 813.5 | 424.8 | |||||||||||||||
Add net loss (deduct net income) attributable to noncontrolling interests, principally in AmeriGas Partners, L.P. | 64.1 | 43.2 | (135.9 | ) | (108.9 | ) | (114.2 | ) | (37.0 | ) | |||||||||||||
Net income (loss) attributable to UGI Corporation (c) | $ | 52.4 | $ | (19.0 | ) | $ | 694.3 | $ | 431.6 | $ | 699.3 | $ | 387.8 | ||||||||||
Earnings (loss) per share attributable to UGI shareholders: | |||||||||||||||||||||||
Basic | $ | 0.30 | $ | (0.11 | ) | $ | 4.00 | $ | 2.49 | $ | 4.02 | $ | 2.23 | ||||||||||
Diluted | $ | 0.30 | $ | (0.11 | ) | $ | 3.93 | $ | 2.44 | $ | 3.95 | $ | 2.19 | ||||||||||
Weighted Average common shares outstanding (thousands): | |||||||||||||||||||||||
Basic | 173,991 | 173,742 | 173,744 | 173,625 | 173,748 | 173,654 | |||||||||||||||||
Diluted | 176,807 | 173,742 | 176,702 | 177,125 | 176,820 | 177,198 | |||||||||||||||||
Supplemental information: | |||||||||||||||||||||||
Net income (loss) attributable to UGI Corporation: | |||||||||||||||||||||||
AmeriGas Propane | $ | (11.2 | ) | $ | (1.4 | ) | $ | 180.2 | $ | 47.2 | $ | 177.6 | $ | 37.0 | |||||||||
UGI International | 6.5 | (2.0 | ) | 145.0 | 165.6 | 138.0 | 144.9 | ||||||||||||||||
Midstream & Marketing | 5.8 | 3.0 | 194.4 | 83.1 | 198.2 | 93.0 | |||||||||||||||||
UGI Utilities | (3.0 | ) | 10.7 | 154.5 | 120.1 | 150.4 | 118.3 | ||||||||||||||||
Corporate & Other (a) | 54.3 | (29.3 | ) | 20.2 | 15.6 | 35.1 | (5.4 | ) | |||||||||||||||
Total net income (loss) attributable to UGI Corporation | $ | 52.4 | $ | (19.0 | ) | $ | 694.3 | $ | 431.6 | $ | 699.3 | $ | 387.8 |
(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) | AmeriGas operating (loss) income for the three, nine and twelves months ended June 30, 2018 include an impairment charge of $75.0 million as a result of plan to discontinue use of Heritage tradenames and trademarks. |
(c) | Net income attributable to UGI Corporation for the three, nine and twelve months ended June 30, 2018 includes income 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 (losses) income 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. Net income attributable to UGI Corporation for the nine and twelve months ended June 30, |
Three Months Ended June 30, | Nine Months Ended June 30, | Twelve Months Ended June 30, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||
Adjusted net income attributable to UGI Corporation (millions): | ||||||||||||||||||||||||
Net income (loss) attributable to UGI Corporation | $ | 52.4 | $ | (19.0 | ) | $ | 694.3 | $ | 431.6 | $ | 699.3 | $ | 387.8 | |||||||||||
Net (gains) losses on commodity derivative instruments not associated with current-period transactions (net of tax of $16.5, $(12.6), $10.4, $22.2, $20.1, and $3.3, respectively) (1)(2) | (38.0 | ) | 19.8 | (26.9 | ) | (29.3 | ) | (48.8 | ) | (3.6 | ) | |||||||||||||
Unrealized (gains) losses on foreign currency derivative instruments (net of tax of $8.4, $(5.5), $7.7, $(5.6), $3.4, and $(5.6), respectively) (2) | (17.7 | ) | 10.5 | (16.3 | ) | 10.5 | (12.9 | ) | 10.5 | |||||||||||||||
Loss on extinguishments of debt (net of tax of $0, $(0.4), $0, $(6.1), $0, and $(7.3), respectively) (2) | — | 0.7 | — | 9.6 | — | 11.4 | ||||||||||||||||||
Integration expenses associated with Finagaz (net of tax of $(3.0), $(2.4), $(8.2), $(7.5), $(14.4), and $(12.2) respectively) (2) | 4.6 | 4.6 | 12.6 | 14.3 | 24.5 | 22.0 | ||||||||||||||||||
Impairment of Partnership tradenames and trademarks (net of tax of $(5.8), $0, $(5.8), $0, $(5.8) and $0, respectively) (2) | 14.5 | — | 14.5 | — | 14.5 | — | ||||||||||||||||||
Impact from French Finance Bills | 0.1 | — | (13.5 | ) | (27.4 | ) | (15.1 | ) | (27.4 | ) | ||||||||||||||
Impact from TCJA | (0.8 | ) | — | (172.1 | ) | — | (172.1 | ) | — | |||||||||||||||
Adjusted net income attributable to UGI Corporation | $ | 15.1 | $ | 16.6 | $ | 492.6 | $ | 409.3 | $ | 489.4 | $ | 400.7 | ||||||||||||
Adjusted diluted earnings per share (3): | ||||||||||||||||||||||||
UGI Corporation earnings (loss) per share — diluted | $ | 0.30 | $ | (0.11 | ) | $ | 3.93 | $ | 2.44 | $ | 3.95 | $ | 2.19 | |||||||||||
Net (gains) losses on commodity derivative instruments not associated with current-period transactions (1) | (0.21 | ) | 0.10 | (0.15 | ) | (0.17 | ) | (0.27 | ) | (0.02 | ) | |||||||||||||
Unrealized (gains) losses on foreign currency derivative instruments | (0.10 | ) | 0.06 | (0.09 | ) | 0.06 | (0.07 | ) | 0.06 | |||||||||||||||
Loss on extinguishments of debt (1) | — | 0.01 | — | 0.05 | — | 0.06 | ||||||||||||||||||
Integration expenses associated with Finagaz (1) | 0.02 | 0.03 | 0.07 | 0.08 | 0.14 | 0.12 | ||||||||||||||||||
Impairment of Partnership tradenames and trademarks | 0.08 | — | 0.08 | — | 0.08 | — | ||||||||||||||||||
Impact from French Finance Bills | — | — | (0.08 | ) | (0.15 | ) | (0.09 | ) | (0.15 | ) | ||||||||||||||
Impact from TCJA | — | — | (0.97 | ) | — | (0.97 | ) | — | ||||||||||||||||
Adjusted diluted earnings per share | $ | 0.09 | $ | 0.09 | $ | 2.79 | $ | 2.31 | $ | 2.77 | $ | 2.26 |
Three Months Ended June 30, 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 | $ | 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 | ) | ||||||||||||||||
Integration expenses associated with Finagaz (net of tax of $(3.0)) (2) | 4.6 | — | 4.6 | — | — | — | ||||||||||||||||||
Impairment of Partnership tradenames and trademarks (net of tax of $(5.8)) (2) | 14.5 | 14.5 | — | — | — | — | ||||||||||||||||||
Impact of French Finance Bill | 0.1 | — | 0.1 | — | — | — | ||||||||||||||||||
Impact from 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 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 | ) | ||||||||||||||||
Integration expenses associated with Finagaz | 0.02 | — | 0.02 | — | — | — | ||||||||||||||||||
Impairment of Partnership tradenames and trademarks | 0.08 | 0.08 | — | — | — | — | ||||||||||||||||||
Impact of French Finance Bill | — | — | — | — | — | — | ||||||||||||||||||
Impact from TCJA | — | — | — | — | — | — | ||||||||||||||||||
Adjusted diluted earnings (loss) per share | $ | 0.09 | $ | 0.02 | $ | 0.06 | $ | 0.03 | $ | (0.02 | ) | $ | — |
Three Months Ended June 30, 2017 | Total | AmeriGas Propane | UGI International | Midstream & Marketing | UGI Utilities | Corporate & Other | ||||||||||||||||||
Adjusted net income attributable to UGI Corporation (millions): | ||||||||||||||||||||||||
Net (loss) income attributable to UGI Corporation | $ | (19.0 | ) | $ | (1.4 | ) | $ | (2.0 | ) | $ | 3.0 | $ | 10.7 | $ | (29.3 | ) | ||||||||
Net losses on commodity derivative instruments not associated with current-period transactions (net of tax of $(12.6)) (2) | 19.8 | — | — | — | — | 19.8 | ||||||||||||||||||
Unrealized losses on foreign currency derivative instruments (net of tax of $(5.5)) (2) | 10.5 | — | — | — | — | 10.5 | ||||||||||||||||||
Loss on extinguishment of debt (net of tax of $(0.4)) (2) | 0.7 | 0.7 | — | — | — | — | ||||||||||||||||||
Integration expenses associated with Finagaz (net of tax of $(2.4)) (2) | 4.6 | — | 4.6 | — | — | — | ||||||||||||||||||
Adjusted net income (loss) attributable to UGI Corporation | $ | 16.6 | $ | (0.7 | ) | $ | 2.6 | $ | 3.0 | $ | 10.7 | $ | 1.0 | |||||||||||
Adjusted diluted earnings per share: | ||||||||||||||||||||||||
UGI Corporation earnings (loss) per share - diluted | $ | (0.11 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.02 | $ | 0.06 | $ | (0.17 | ) | ||||||||
Net losses on commodity derivative instruments not associated with current-period transactions | 0.10 | — | — | — | — | 0.10 | ||||||||||||||||||
Unrealized losses on foreign currency derivative instruments (1) | 0.06 | — | — | — | — | 0.06 | ||||||||||||||||||
Loss on extinguishment of debt | 0.01 | 0.01 | — | — | — | — | ||||||||||||||||||
Integration expenses associated with Finagaz | 0.03 | — | 0.03 | — | — | — | ||||||||||||||||||
Adjusted diluted earnings (loss) per share | $ | 0.09 | $ | — | $ | 0.02 | $ | 0.02 | $ | 0.06 | $ | (0.01 | ) |