Pennsylvania | 1-1398 | 23-1174060 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
1 UGI Drive, Denver, PA | 17517 | |
(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 6, 2019. |
EXHIBIT NO. | DESCRIPTION |
Press Release of UGI Corporation, the parent of UGI Utilities, Inc., dated May 6, 2019. |
UGI Utilities, Inc. | ||
May 7, 2019 | By: | /s/ Daniel J. Platt |
Name: | Daniel J. Platt | |
Title: | Vice President - Finance and Chief Financial Officer |
• | GAAP EPS of $1.38 and adjusted EPS of $1.43 per diluted share compared to GAAP EPS of $1.57 and adjusted EPS of $1.69 per diluted share in the prior year |
• | Slightly warmer-than-normal weather at Midstream & Marketing and UGI Utilities; significantly warmer-than-normal weather at UGI International; colder-than-normal weather at AmeriGas |
• | On January 28, 2019, UGI Gas filed a request for an overall distribution rate increase of $71.1 million with the PAPUC |
• | On April 2nd, UGI announced an agreement to acquire all the common units of AmeriGas owned by the public |
• | Announced 32nd consecutive annual dividend increase on April 30th |
• | Affirmed revised fiscal 2019 adjusted EPS guidance of $2.40 - $2.60 |
• | AmeriGas: Retail volume down 4% primarily due to unfavorable weather patterns in the southeastern U.S. during January and February; National Accounts and ACE volumes up 6% and 7%, respectively, from last year. |
• | UGI International: Retail volume down 6% on weather that was 10% warmer than the prior year; UGI International has experienced warmer-than-normal weather in eleven of the last twelve months. |
• | Midstream & Marketing: Lack of cold and volatile weather together with increased pipeline restrictions led to lower baseload capacity values and lower pricing spreads between Marcellus and non-Marcellus delivery points. |
• | UGI Utilities: Core market throughput up 3% on weather that was slightly colder than prior year; total Utility margin was impacted by the revenue reduction associated with the Tax Cuts and Jobs Act (TCJA) which was enacted in the prior year; excluding the revenue reduction associated with the TCJA, margin increased $8 million. |
For the fiscal quarter ended March 31, | 2019 | 2018 | Increase (Decrease) | ||||||||||||
Revenues | $ | 971.6 | $ | 1,040.3 | $ | (68.7 | ) | (6.6 | )% | ||||||
Total margin (a) | $ | 536.4 | $ | 556.6 | $ | (20.2 | ) | (3.6 | )% | ||||||
Partnership operating and administrative expenses | $ | 250.0 | $ | 251.5 | $ | (1.5 | ) | (0.6 | )% | ||||||
Operating income | $ | 246.4 | $ | 266.6 | $ | (20.2 | ) | (7.6 | )% | ||||||
Partnership Adjusted EBITDA | $ | 290.3 | $ | 309.5 | $ | (19.2 | ) | (6.2 | )% | ||||||
Retail gallons sold (millions) | 383.6 | 398.5 | (14.9 | ) | (3.7 | )% | |||||||||
Heating degree days - % colder (warmer) than normal | 4.4 | % | (0.5 | )% | |||||||||||
Capital expenditures | $ | 25.8 | $ | 23.6 | $ | 2.2 | 9.3 | % |
• | Retail gallons sold decreased 4% due, in part, to weather that was 17% warmer than normal in the southeastern U.S. during January and February. |
• | Total margin decreased $20 million primarily reflecting lower volumes sold. Average retail unit margins were flat compared to the prior-year period. |
• | Partnership operating and administrative expenses decreased slightly due to lower general insurance and self-insured casualty and liability expense and slightly lower total compensation and benefits costs offset in part by $1 million of expenses associated with the proposed merger with UGI. |
• | Partnership Adjusted EBITDA decreased $19 million primarily due to lower total margin ($20 million) and slightly lower other operating income ($2 million), partially offset by the decrease in operating and administrative expenses. |
For the fiscal quarter ended March 31, | 2019 | 2018 | Increase (Decrease) | ||||||||||||
Revenues | $ | 783.2 | $ | 909.6 | $ | (126.4 | ) | (13.9 | )% | ||||||
Total margin (a) | $ | 338.5 | $ | 368.5 | $ | (30.0 | ) | (8.1 | )% | ||||||
Operating and administrative expenses | $ | 181.3 | $ | 199.3 | $ | (18.0 | ) | (9.0 | )% | ||||||
Operating income | $ | 126.9 | $ | 132.0 | $ | (5.1 | ) | (3.9 | )% | ||||||
Income before income taxes | $ | 124.0 | $ | 117.5 | $ | 6.5 | 5.5 | % | |||||||
Finagaz integration expenses | $ | — | $ | 11.3 | $ | (11.3 | ) | (100.0 | )% | ||||||
Adjusted income before income taxes | $ | 124.0 | $ | 128.8 | $ | (4.8 | ) | (3.7 | )% | ||||||
LPG retail gallons sold (millions) | 258.7 | 274.4 | (15.7 | ) | (5.7 | )% | |||||||||
Heating degree days - % (warmer) colder than normal | (7.5 | )% | 2.2 | % | |||||||||||
Capital expenditures | $ | 22.1 | $ | 26.1 | $ | (4.0 | ) | (15.3 | )% |
• | Retail volume decreased nearly 6% due to lower volumes associated with weather that was 10% warmer than the prior-year period. UGI International has experienced warmer-than-normal weather in eleven of the last twelve months. |
• | Total margin decreased $30 million largely reflecting the translation effects of the weaker euro and British pound sterling (approximately $28 million). |
• | The decrease in operating and administrative expenses reflects, in part, the translation effects of the weaker euro and British pound sterling (approximately $15 million). Excluding the translation effects and the impact of the Finagaz integration costs in the prior-year period, local currency operating and administrative expenses in the current-year period were higher, largely due to higher compliance costs associated with energy conservation and costs related to strategic projects. |
• | Operating income decreased primarily reflecting the lower total margin, partially offset by lower operating and administrative expenses, lower depreciation and amortization expense and slightly higher other operating income. |
• | Income before income taxes increased due to higher realized gains on foreign currency exchange contracts entered into in order to reduce volatility in UGI International net income resulting from the translation effects of changes in foreign currency exchange rates. |
For the fiscal quarter ended March 31, | 2019 | 2018 | Increase (Decrease) | ||||||||||||
Revenues | $ | 542.4 | $ | 565.2 | $ | (22.8 | ) | (4.0 | )% | ||||||
Total margin (a) | $ | 93.1 | $ | 146.6 | $ | (53.5 | ) | (36.5 | )% | ||||||
Operating and administrative expenses | $ | 31.5 | $ | 28.3 | $ | 3.2 | 11.3 | % | |||||||
Operating income | $ | 51.3 | $ | 107.6 | $ | (56.3 | ) | (52.3 | )% | ||||||
Income before income taxes | $ | 52.3 | $ | 107.6 | $ | (55.3 | ) | (51.4 | )% | ||||||
Heating degree days - % (warmer) than normal | (0.7 | )% | (1.9 | )% | |||||||||||
Capital expenditures | $ | 32.3 | $ | 4.3 | $ | 28.0 | N.M. |
• | Temperatures across Midstream & Marketing's service territory were slightly warmer than normal and 1.2% colder than the prior-year period. |
• | Total margin decreased primarily reflecting lower total margin from midstream assets ($47 million) and lower electric generation margin ($4 million). The decrease in total margin from midstream assets is principally the result of lower capacity management total margin ($47 million). The decrease in capacity management total margin reflects significantly lower baseload capacity values, and higher prior-year pricing spreads between Marcellus and non-Marcellus delivery points, due to the absence of extremely cold and volatile weather in early January of the prior-year period, and the effects of increased pipeline restrictions experienced during the current-year period. Lower total margin from electric generation principally reflects lower volumes from our Hunlock Station generating facility reflecting fewer economic dispatch opportunities. |
• | Operating expenses increased principally reflecting higher compensation and benefit expenses and slightly higher expenses associated with greater natural gas gathering, peaking and LNG activities. |
• | Operating income and income before taxes decreased due to the lower total margin, higher operating and administrative expenses, and, to a much lesser extent, higher depreciation expense. |
For the fiscal quarter ended March 31, | 2019 | 2018 | Increase (Decrease) | ||||||||||||
Revenues | $ | 429.6 | $ | 483.3 | $ | (53.7 | ) | (11.1 | )% | ||||||
Total margin (a) | $ | 210.2 | $ | 224.6 | $ | (14.4 | ) | (6.4 | )% | ||||||
Operating and administrative expenses | $ | 67.7 | $ | 68.8 | $ | (1.1 | ) | (1.6 | )% | ||||||
Operating income | $ | 119.9 | $ | 135.7 | $ | (15.8 | ) | (11.6 | )% | ||||||
Income before income taxes | $ | 108.1 | $ | 124.0 | $ | (15.9 | ) | (12.8 | )% | ||||||
Gas Utility system throughput - billions of cubic feet | |||||||||||||||
Core market | 40.2 | 38.9 | 1.3 | 3.3 | % | ||||||||||
Total | 96.6 | 87.3 | 9.3 | 10.7 | % | ||||||||||
Gas Utility heating degree days - %(warmer) than normal | (0.8 | )% | (2.2 | )% | |||||||||||
Capital expenditures | $ | 70.8 | $ | 55.1 | $ | 15.7 | 28.5 | % |
• | Gas Utility service territory experienced temperatures that were slightly warmer than normal and 1.4% colder than the prior-year period. |
• | Core market volumes increased due to customer growth and slightly colder weather. |
• | In accordance with the May 17, 2018 PA PUC Order, revenues, and associated margin, were reduced by $23 million in the quarter ended March 31, 2019 to reflect the credit to ratepayers of tax savings resulting from the TCJA. Substantially all of the credit to customers associated with tax savings in the prior-year period were recorded in the the fiscal third quarter of 2018. |
• | Excluding the reduction in Gas Utility margin resulting from the TCJA, total margin increased $8 million principally reflecting higher total margin from Gas Utility core market customers and, to a much lesser extent, higher off-system sales margin. |
• | Operating and administrative expenses decreased reflecting lower uncollectible accounts expense due to the timing of adjustments to reserves and lower benefit-related expenses partially offset by higher contractor and outside services and allocated corporate expenses. |
• | Operating income decreased reflecting lower total margin, greater depreciation expense and higher other operating expense partially offset by lower operating and administrative 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 tax expenses (which have been excluded from UGI Utilities' operating and administrative expenses presented). |
Three Months Ended March 31, | Six Months Ended March 31, | Twelve Months Ended March 31, | |||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
AmeriGas Propane | $ | 971.6 | $ | 1,040.3 | $ | 1,791.8 | $ | 1,827.6 | $ | 2,787.2 | $ | 2,740.3 | |||||||||||
UGI International | 783.2 | 909.6 | 1,493.9 | 1,693.8 | 2,483.9 | 2,411.5 | |||||||||||||||||
Midstream & Marketing | 542.4 | 565.2 | 1,001.8 | 893.2 | 1,530.3 | 1,320.9 | |||||||||||||||||
UGI Utilities | 429.6 | 483.3 | 752.3 | 806.4 | 1,038.3 | 1,072.6 | |||||||||||||||||
Corporate & Other (a) | (120.7 | ) | (186.4 | ) | (233.5 | ) | (283.8 | ) | (319.4 | ) | (340.7 | ) | |||||||||||
Total revenues | $ | 2,606.1 | $ | 2,812.0 | $ | 4,806.3 | $ | 4,937.2 | $ | 7,520.3 | $ | 7,204.6 | |||||||||||
Operating income (loss) (b): | |||||||||||||||||||||||
AmeriGas Propane (c) | $ | 246.4 | $ | 266.6 | $ | 413.0 | $ | 414.5 | $ | 345.7 | $ | 400.6 | |||||||||||
UGI International | 126.9 | 132.0 | 185.2 | 225.2 | 177.4 | 209.5 | |||||||||||||||||
Midstream & Marketing | 51.3 | 107.6 | 92.4 | 161.0 | 106.5 | 168.5 | |||||||||||||||||
UGI Utilities | 119.9 | 135.7 | 196.9 | 232.6 | 204.2 | 264.2 | |||||||||||||||||
Corporate & Other (a) | (5.7 | ) | (50.9 | ) | (181.0 | ) | (47.3 | ) | (48.6 | ) | (30.3 | ) | |||||||||||
Total operating income | 538.8 | 591.0 | 706.5 | 986.0 | 785.2 | 1,012.5 | |||||||||||||||||
Income from equity investees | 1.6 | 0.7 | 3.1 | 1.7 | 5.7 | 3.9 | |||||||||||||||||
Loss on extinguishments of debt | — | — | (6.1 | ) | — | (6.1 | ) | (4.4 | ) | ||||||||||||||
Other non-operating income (expense), net (b) | 7.9 | (12.5 | ) | 16.9 | (20.5 | ) | 53.0 | (46.2 | ) | ||||||||||||||
Interest expense: | |||||||||||||||||||||||
AmeriGas Propane | (42.2 | ) | (41.0 | ) | (84.6 | ) | (81.6 | ) | (166.1 | ) | (161.8 | ) | |||||||||||
UGI International | (6.1 | ) | (5.2 | ) | (11.5 | ) | (10.8 | ) | (21.8 | ) | (21.8 | ) | |||||||||||
Midstream & Marketing | (0.5 | ) | (0.7 | ) | (1.0 | ) | (1.6 | ) | (1.8 | ) | (2.4 | ) | |||||||||||
UGI Utilities | (12.2 | ) | (11.1 | ) | (23.9 | ) | (22.0 | ) | (44.8 | ) | (41.9 | ) | |||||||||||
Corporate & Other, net (a) | — | (0.1 | ) | (0.2 | ) | (0.3 | ) | (0.5 | ) | (0.7 | ) | ||||||||||||
Total interest expense | (61.0 | ) | (58.1 | ) | (121.2 | ) | (116.3 | ) | (235.0 | ) | (228.6 | ) | |||||||||||
Income before income taxes | 487.3 | 521.1 | 599.2 | 850.9 | 602.8 | 737.2 | |||||||||||||||||
Income tax (expense) benefit (d) | (90.6 | ) | (113.4 | ) | (114.0 | ) | (9.0 | ) | (137.1 | ) | 25.8 | ||||||||||||
Net income including noncontrolling interests | 396.7 | 407.7 | 485.2 | 841.9 | 465.7 | 763.0 | |||||||||||||||||
Deduct net income attributable to noncontrolling interests, principally in AmeriGas Partners, L.P. | (151.3 | ) | (131.7 | ) | (175.6 | ) | (200.0 | ) | (79.3 | ) | (135.1 | ) | |||||||||||
Net income attributable to UGI Corporation (c) | $ | 245.4 | $ | 276.0 | $ | 309.6 | $ | 641.9 | $ | 386.4 | $ | 627.9 | |||||||||||
Earnings per share attributable to UGI shareholders: | |||||||||||||||||||||||
Basic | $ | 1.41 | $ | 1.59 | $ | 1.77 | $ | 3.70 | $ | 2.22 | $ | 3.62 | |||||||||||
Diluted | $ | 1.38 | $ | 1.57 | $ | 1.74 | $ | 3.63 | $ | 2.18 | $ | 3.55 | |||||||||||
Weighted Average common shares outstanding (thousands): | |||||||||||||||||||||||
Basic | 174,501 | 173,570 | 174,461 | 173,617 | 174,331 | 173,684 | |||||||||||||||||
Diluted | 177,318 | 176,350 | 177,446 | 176,646 | 177,306 | 176,938 | |||||||||||||||||
Supplemental information: | |||||||||||||||||||||||
Net income (loss) attributable to UGI Corporation: | |||||||||||||||||||||||
AmeriGas Propane | $ | 47.5 | $ | 49.8 | $ | 78.1 | $ | 191.4 | $ | 61.4 | $ | 187.4 | |||||||||||
UGI International | 89.7 | 77.4 | 122.2 | 138.5 | 122.3 | 129.5 | |||||||||||||||||
Midstream & Marketing | 38.1 | 76.6 | 69.1 | 188.6 | 77.3 | 195.4 | |||||||||||||||||
UGI Utilities | 82.8 | 89.2 | 132.7 | 157.5 | 124.1 | 164.1 | |||||||||||||||||
Corporate & Other (a) | (12.7 | ) | (17.0 | ) | (92.5 | ) | (34.1 | ) | 1.3 | (48.5 | ) | ||||||||||||
Total net income attributable to UGI Corporation | $ | 245.4 | $ | 276.0 | $ | 309.6 | $ | 641.9 | $ | 386.4 | $ | 627.9 |
(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, six and twelve months ended March 31, 2018 have been restated to reflect the adoption of new accounting guidance in 2018, which resulted in the presentation of $(1.5) million, $(4.7) million and $(6.4) 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 income for the twelve months ended March 31, 2019 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) benefit for the three, six and twelve months ended March 31, 2018 includes benefits from adjustments to tax-related amounts resulting from the TCJA enacted on December 22, 2017 of $5.3 million, $171.3 million and $171.3 million, respectively, and (expense) benefits from adjustments to net deferred income tax liabilities in France as a result of tax legislation in France of $(3.7) million $13.6 million and $15.2 million, respectively. |
Three Months Ended March 31, | Six Months Ended March 31, | Twelve Months Ended March 31, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
Adjusted net income attributable to UGI Corporation (millions): | ||||||||||||||||||||||||
Net income attributable to UGI Corporation | $ | 245.4 | $ | 276.0 | $ | 309.6 | $ | 641.9 | $ | 386.4 | $ | 627.9 | ||||||||||||
Net losses on commodity derivative instruments not associated with current-period transactions (net of tax of $(0.9), $(8.1), $(36.4), $(6.0), $(3.7) and $(8.9), respectively) (1)(2) | 11.5 | 15.7 | 92.7 | 11.1 | 13.5 | 9.0 | ||||||||||||||||||
Unrealized (gains) losses on foreign currency derivative instruments (net of tax of $1.4, $(0.7), $3.7, $(0.7), $13.7 and $(10.7), respectively) (2) | (3.2 | ) | 1.3 | (9.0 | ) | 1.4 | (30.0 | ) | 15.3 | |||||||||||||||
Impairment of Partnership tradenames and trademarks (net of tax of $0.0, $0.0, $0.0, $0.0, $(5.8) and $0.0, respectively) (2) | — | — | — | — | 14.5 | — | ||||||||||||||||||
Loss on extinguishments of debt (net of tax of $0.0, $0.0, $(1.9), $0.0, $(1.9) and $(0.4), respectively) (2) | — | — | 4.2 | — | 4.2 | 0.7 | ||||||||||||||||||
Integration expenses associated with Finagaz (net of tax of $0.0, $(4.5), $0.0, $(5.2), $(6.8) and $(13.8), respectively) (2) | — | 6.8 | — | 8.0 | 10.5 | 24.5 | ||||||||||||||||||
Merger expenses (net of tax of $(0.1), $0.0, $(0.1), $0.0, $(0.1), $0.0) (2) | 0.2 | — | 0.2 | — | 0.2 | — | ||||||||||||||||||
Impact from French Finance Bills | — | 3.7 | — | (13.6 | ) | 5.0 | (15.2 | ) | ||||||||||||||||
Remeasurement impact from TCJA | — | (5.3 | ) | — | (171.3 | ) | 1.5 | (171.3 | ) | |||||||||||||||
Adjusted net income attributable to UGI Corporation | $ | 253.9 | $ | 298.2 | $ | 397.7 | $ | 477.5 | $ | 405.8 | $ | 490.9 | ||||||||||||
Adjusted diluted earnings per share: | ||||||||||||||||||||||||
UGI Corporation earnings per share — diluted | $ | 1.38 | $ | 1.57 | $ | 1.74 | $ | 3.63 | $ | 2.18 | $ | 3.55 | ||||||||||||
Net losses on commodity derivative instruments not associated with current-period transactions (1) | 0.07 | 0.08 | 0.53 | 0.06 | 0.08 | 0.05 | ||||||||||||||||||
Unrealized (gains) losses on foreign currency derivative instruments | (0.02 | ) | 0.01 | (0.05 | ) | 0.01 | (0.17 | ) | 0.09 | |||||||||||||||
Impairment of Partnership tradenames and trademarks | — | — | — | — | 0.08 | — | ||||||||||||||||||
Loss on extinguishments of debt | — | — | 0.02 | — | 0.02 | — | ||||||||||||||||||
Integration expenses associated with Finagaz | — | 0.04 | — | 0.05 | 0.06 | 0.14 | ||||||||||||||||||
Merger expenses | — | — | — | — | — | — | ||||||||||||||||||
Impact from French Finance Bills | — | 0.02 | — | (0.08 | ) | 0.03 | (0.09 | ) | ||||||||||||||||
Remeasurement impact from TCJA | — | (0.03 | ) | — | (0.97 | ) | 0.01 | (0.97 | ) | |||||||||||||||
Adjusted diluted earnings per share | $ | 1.43 | $ | 1.69 | $ | 2.24 | $ | 2.70 | $ | 2.29 | $ | 2.77 |
Three Months Ended March 31, 2019 | Total | AmeriGas Propane | UGI International | Midstream & Marketing | UGI Utilities | Corporate & Other | ||||||||||||||||||
Adjusted net income attributable to UGI Corporation (Dollars in millions, except per share amounts): | ||||||||||||||||||||||||
Net income (loss) attributable to UGI Corporation | $ | 245.4 | $ | 47.5 | $ | 89.7 | $ | 38.1 | $ | 82.8 | $ | (12.7 | ) | |||||||||||
Net losses on commodity derivative instruments not associated with current-period transactions (net of tax of $(0.9)) (2) | 11.5 | — | — | — | — | 11.5 | ||||||||||||||||||
Unrealized gains on foreign currency derivative instruments (net of tax of $1.4) (2) | (3.2 | ) | — | — | — | — | (3.2 | ) | ||||||||||||||||
Merger expenses (net of tax of $(0.1)) (2) | 0.2 | 0.2 | — | — | — | — | ||||||||||||||||||
Adjusted net income (loss) attributable to UGI Corporation | $ | 253.9 | $ | 47.7 | $ | 89.7 | $ | 38.1 | $ | 82.8 | $ | (4.4 | ) | |||||||||||
Adjusted diluted earnings per share: | ||||||||||||||||||||||||
UGI Corporation earnings (loss) per share — diluted | $ | 1.38 | $ | 0.27 | $ | 0.51 | $ | 0.21 | $ | 0.47 | $ | (0.08 | ) | |||||||||||
Net losses on commodity derivative instruments not associated with current-period transactions (1) | 0.07 | — | — | — | — | 0.07 | ||||||||||||||||||
Unrealized gains on foreign currency derivative instruments | (0.02 | ) | — | — | — | — | (0.02 | ) | ||||||||||||||||
Merger expenses | — | — | — | — | — | — | ||||||||||||||||||
Adjusted diluted earnings (loss) per share | $ | 1.43 | $ | 0.27 | $ | 0.51 | $ | 0.21 | $ | 0.47 | $ | (0.03 | ) |
Three Months Ended March 31, 2018 | Total | AmeriGas Propane | UGI International | Midstream & Marketing | UGI Utilities | Corporate & Other | ||||||||||||||||||
Adjusted net income attributable to UGI Corporation (Dollars in millions, except per share amounts): | ||||||||||||||||||||||||
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)) (2) | 15.7 | — | — | — | — | 15.7 | ||||||||||||||||||
Unrealized losses on foreign currency derivative instruments (net of tax of $(0.7)) (2) | 1.3 | — | — | — | — | 1.3 | ||||||||||||||||||
Integration expenses associated with Finagaz (net of tax of $(4.5)) (2) | 6.8 | — | 6.8 | — | — | — | ||||||||||||||||||
Impact of French Finance Bill | 3.7 | — | 3.7 | — | — | — | ||||||||||||||||||
Remeasurement impact of 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 (1) | 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 | — | — | — | ||||||||||||||||||
Remeasurement impact of TCJA | (0.03 | ) | — | — | — | — | (0.03 | ) | ||||||||||||||||
Adjusted diluted earnings (loss) per share | $ | 1.69 | $ | 0.28 | $ | 0.50 | $ | 0.43 | $ | 0.51 | $ | (0.03 | ) |