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UGI's fiscal Q1 results top Street estimates

UGI Corp. beat analyst estimates by a wide margin for the first fiscal quarter of 2017. The company posted adjusted net income of $160.9 million, or 91 cents per share, for the quarter that ended Dec. 31, 2016, up from $112.4 million, or 64 cents per share, for the prior-year period. The S&P Capital IQ consensus normalized EPS estimate for the fiscal 2017 first quarter was 76 cents.

"Our adjusted earnings of $0.91 per share were 42% higher than the first quarter of fiscal year 2016, primarily reflecting the contributions from the strategic investments made in recent years, as well as the impact of weather that was colder than the prior-year period," UGI President and CEO John Walsh said.

On a GAAP basis, UGI reported fiscal first-quarter net income of $230.7 million, or $1.30 per share, compared with $114.6 million, or 65 cents per share, in the same period in the prior year. UGI's fiscal first-quarter revenues totaled $1.68 billion in 2016, up from $1.61 billion for the quarter that ended Dec. 31, 2015.

For segment performance, UGI International Enterprises Inc.'s operating income was $88.9 million for the 2017 fiscal first quarter, compared with $85.1 million in the prior-year period. Fiscal first-quarter revenues for UGI International Enterprises totaled $539.1 million, a drop from $578.2 million in the quarter that ended Dec. 31, 2015.

UGI Utilities' operating income was $82.2 million for the most recent quarter, compared with $48.3 million in the year-ago period. First-quarter revenues totaled $261.4 million in the 2017 fiscal first quarter, up from $198 million in the fiscal first quarter of 2016.

The midstream and marketing segment booked operating income of $49.7 million for the 2017 fiscal first quarter, up from $42.9 million in the same period in fiscal 2016. Revenues grew to $269.8 million in the most recent quarter, compared with $226.9 in the 2016 fiscal first quarter.

AmeriGas Propane Inc. posted operating income of $141.9 million in the 2017 fiscal first quarter, compared with $129.6 million in the corresponding quarter in the quarter that ended Dec. 31, 2015. Partnership adjusted EBITDA increased year over year to $185.1 million from $177.7 million. AmeriGas Propane's net income attributable to AmeriGas Partners LP was $92 million, up from $81 million in the prior-year quarter. Revenues for the segment totaled $677.2 million for the quarter that ended Dec. 31, 2016, compared with $644.1 million a year ago.