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UGI reports higher fiscal Q1 results YOY

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UGI reports higher fiscal Q1 results YOY

UGI Corp. reported adjusted net income of $179.3 million, or $1.01 per share, for the fiscal first quarter ended Dec. 31, 2017, up from $160.9 million, or 91 cents per share, for the prior-year period.

The company beat the S&P Global market Intelligence consensus normalized EPS estimate of 93 cents by 8 cents.

"This was a strong start to fiscal 2018 as we experienced colder weather than the prior year in most of our service territories and realized benefits from our growth initiatives, as well as the U.S. tax reform legislation," said John Walsh, UGI president and CEO.

On a GAAP basis, net income attributable to the company was $365.9 million, or $2.07 per diluted share, compared with $230.7 million, or $1.30 per diluted share, in the same period of fiscal 2017. UGI's fiscal first-quarter revenues totaled $2.13 billion, up from $1.68 billion for the same fiscal quarter of the prior year.

Segment-wise, AmeriGas Propane Inc. posted operating income of $147.9 million in the 2018 fiscal first quarter, compared with $141.9 million in the quarter that ended Dec. 31, 2016. AmeriGas Propane's adjusted EBITDA increased to $194.1 million from $185.1 million, year over year. Revenues for AmeriGas Propane totaled $787.3 million for the quarter that ended Dec. 31, 2017, compared with $677.2 million a year ago.

UGI International LLC's operating income was $93.1 million for the 2018 fiscal first quarter, compared with $88.9 million in the prior-year period. Fiscal first-quarter revenues for UGI International totaled $784.2 million, up from $539.1 million reported in the quarter that ended Dec. 31, 2016.

Operating income for UGI's utility segment was $96.3 million for the most recent quarter, compared with $82.2 million in the year-ago period. Fiscal first-quarter revenues totaled $323.1 million, up from $261.4 million in the fiscal first quarter of 2017.

The midstream and marketing segment booked operating income of $52.3 million for the 2018 fiscal first quarter, up from $49.7 million in the same period in fiscal 2017. Revenues grew to $328 million in the most recent quarter, compared with $269.8 in the 2017 fiscal first quarter.