- GAAP EPS of $1.00 and adjusted EPS of $1.17 per diluted share compared to GAAP EPS of $0.36 and adjusted EPS of $0.81 per diluted share in the prior-year period.
- Reportable segments earnings before interest expense and income taxes of $418.7 million compared to $345.6 million in the prior-year period.
- Gas Utility’s new base rates went into effect on October 11, 2019.
- Auburn IV expansion completed on time and placed into service on November 1, 2019.
“This was an important quarter for UGI as we completed our first full period of results after the AmeriGas Merger and CMG Acquisition,” said John L. Walsh, president and chief executive officer of UGI Corporation. “UGI delivered GAAP earnings per share of $1.00, adjusted earnings per share of $1.17 and continued to make progress on our strategic initiatives. Gas Utility’s new base rates went into effect on October 11th and on January 28th we filed a request for an overall distribution rate increase of approximately $75 million.
“The Midstream and Marketing team completed the expansion of our Auburn gathering system and remains on target to complete the construction of the Bethlehem LNG facility in late 2020. Additionally, we were pleased to see the CMG system deliver solid results in the quarter. The LPG businesses made good progress on business transformation initiatives and continued to deliver strong performance from our growth drivers. All of these key investments support our long-term goal to grow and deliver value for our shareholders.”
KEY DRIVERS OF FIRST QUARTER RESULTS
- AmeriGas: Retail volume decreased 1.9% on weather that was 1.2% warmer than the prior year; Cylinder Exchange and National Accounts volume increased 6.8% and 12.0%, respectively
- UGI International: Retail volume increased 3.7% despite weather that was 2.7% warmer than the prior year, reflecting solid core demand and higher crop drying volumes; higher total margin driven by lower cost of LPG, effective recovery of costs associated with energy conservation certificates and sound expense management
- Midstream & Marketing: Higher gas gathering margin attributable to CMG and Auburn IV gathering systems; higher LNG trucking volume and additional peaking contracts compared to the prior-year period
- UGI Utilities: Core market volumes decreased 1.5% due to weather that was 3.7% warmer than the prior-year period; higher total margin driven by the increase in base rates and higher-margin from large firm and interruptible delivery service customers
Source: UGI Corporation
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