UGI Corp. on Aug. 2 posted adjusted net income of $16.6 million, or 9 cents per share, for the third quarter of fiscal 2017, a sharp decrease from $40.0 million, or 23 cents per share, in the comparable quarter of fiscal 2016.
The S&P Capital IQ normalized consensus EPS estimate for the fiscal third quarter was 16 cents.
On a GAAP basis, UGI posted a fiscal third-quarter 2017 net loss of $19.0 million, or a loss of 11 cents per share, compared with net income of $60.7 million, or 34 cents per share, a year earlier.
The company recorded operating revenues for the most recent quarter of $1.15 billion, an increase from $1.13 billion in the third quarter of fiscal 2016, and an operating loss of $2.8 million, compared with operating income of $155.7 million a year ago.
AmeriGas Propane Inc. posted operating income of $4.6 million during the fiscal third quarter, compared with $18.3 million in the same quarter last year. Partnership adjusted EBITDA for the quarter was down to $58.4 million from $64.6 million in the fiscal third-quarter 2016.
UGI International Enterprises Inc. reported fiscal third-quarter operating income of $500,000 million, a sharp decrease from $33.5 million in the same period of fiscal 2016. UGI Utilities Inc. contributed $27.7 million toward fiscal third-quarter 2017 operating income, compared with $29.8 million a year ago.
The company's midstream and marketing segment also posted a year-over-year drop in operating income to $2.8 million, from $11.3 million in the third quarter of fiscal 2016. The corporate and other segment recorded a fiscal third-quarter operating loss of $38.4 million, compared with operating income of $62.8 million in the comparable period of fiscal 2016.
Based on year-to-date results, UGI said it expects fiscal 2017 adjusted EPS to be at or slightly below its guidance range of $2.30 to $2.45. The S&P Capital IQ normalized consensus EPS estimate for the fiscal 2017 is $2.32.