UGI Corp.lowered its per-share fiscal 2016 earnings guidance to $1.95 to $2.05 asadjusted net income for the fiscal second quarter ended March 31 dropped to$216.2 million, or $1.24 per share, from $220.8 million, or $1.26 per share, inthe fiscal quarter ended March 31, 2015.
The result is 1 cent below the S&P Global MarketIntelligence normalized EPS consensus estimate of $1.25.
The company was originallytargeting EPS of $2.15 to $2.30. UGI President and CEO John Walshsaid that the company was revising its EPS guidance based on results of thefirst half of the fiscal year.
UGI booked $328.6 million in adjusted net incomeattributable to the company for the six months ended March 31, down from $339.5million in the comparable year-ago period
UGI booked $615.4 million in fiscal second quarter 2016operating income, down from $702.1 million in the comparable year-ago period.Revenues during the three months ended March 31 were down to $1.97 billion from$2.46 billion in the same period in 2015.
Nearly all of UGI's business segments reported ayear-over-year drop in their fiscal second quarter 2016 operating income. UGIUtilities' operating income was down 19.8% year over year to $114.5 million,while the midstream and marketing segment's operating income narrowed 21.5%year over year to $77.8 million.
AmeriGasPropane Inc.'s operating income dwindled 15.7% year over year to$250.4 million. The business' partnership adjusted EBITDA was also down 13.7%year over year to $295.4 million. "Temperatures in our Gas Utility andMidstream and Marketing service territories were approximately 25% warmer thanthe prior year while our AmeriGas and UGI France businesses also experiencedsignificantly warmer temperatures," Walsh elaborated.
UGI is the sole general partner and owns 26% of .
UGIInternational Enterprises Inc. reported an increase in fiscalsecond quarter 2016 operating income: 72.3% year over year to $111.5 million.
UGI's fiscal second quarter 2016 GAAP income also dropped to$233.2 million, or $1.33 per share, from $246.5 million, or $1.40 per share, inthe three months ended March 31, 2015.
The company will discuss its results in a conference callscheduled for 9 a.m. ET on May 3.