(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Emerging growth company |
99.1 | Press Release of UGI Corporation, the parent of UGI Utilities, Inc., dated August 5, 2019. |
EXHIBIT NO. | DESCRIPTION |
99.1 | |
101.INS | XBRL Instance - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
101.SCH | XBRL Taxonomy Extension Schema |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase |
101.DEF | XBRL Taxonomy Extension Definition Linkbase |
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UGI Utilities, Inc. | ||
August 6, 2019 | By: | /s/ Daniel J. Platt |
Name: | Daniel J. Platt | |
Title: | Vice President - Finance and Chief Financial Officer |
• | GAAP EPS of $(0.01) and adjusted EPS of $0.13 per diluted share compared to GAAP EPS of $0.30 and adjusted EPS of $0.09 per diluted share in the prior year. |
• | The Company made substantial progress on investing our growing cash flows for the benefit of our shareholders. The previously announced acquisition of Columbia Midstream Group closed on August 1st and the merger with AmeriGas received regulatory approval and is expected to close later this quarter. |
• | UGI Utilities filed a joint settlement petition with the PAPUC for a $30 million rate increase on July 22nd. The petition is currently under review by the PAPUC and is anticipated to become effective by early Fall. |
• | AmeriGas: Retail volume down 6.7%; Cylinder Exchange and National Accounts volume increased 4.5% and 0.6%, respectively; Incremental expenses related to litigation reserves and correction of a prior-period accounting error |
• | UGI International: Operating income increased due to margin management, the recovery of energy conservation compliance costs, and operating and administrative expense management |
• | Midstream & Marketing: Lower baseload capacity values and lower pricing spreads between Marcellus and non-Marcellus delivery points |
• | UGI Utilities: Lower operating and administrative expenses; Core market volumes decreased due to April weather that was 44% warmer than the prior-year period |
For the fiscal quarter ended June 30, | 2019 | 2018 | Increase (Decrease) | ||||||||||||
Revenues | $ | 478.7 | $ | 528.4 | $ | (49.7 | ) | (9.4 | )% | ||||||
Total margin (a) | $ | 268.4 | $ | 283.9 | $ | (15.5 | ) | (5.5 | )% | ||||||
Partnership operating and administrative expenses | $ | 234.4 | $ | 222.4 | $ | 12.0 | 5.4 | % | |||||||
Impairment of Partnership tradenames and trademarks | $ | — | $ | 75.0 | $ | (75.0 | ) | (100.0 | )% | ||||||
Operating loss | $ | (3.0 | ) | $ | (54.7 | ) | $ | (51.7 | ) | (94.5 | )% | ||||
Partnership Adjusted EBITDA | $ | 42.5 | $ | 67.2 | $ | (24.7 | ) | (36.8 | )% | ||||||
Retail gallons sold (millions) | 188.5 | 202.0 | (13.5 | ) | (6.7 | )% | |||||||||
Heating degree days - % colder than normal | — | % | 9.6 | % | |||||||||||
Capital expenditures | $ | 21.0 | $ | 25.7 | $ | (4.7 | ) | (18.3 | )% |
• | Retail gallons sold decreased 6.7%, principally due to temperatures in April that were 30% warmer than the prior-year period. |
• | Total margin decreased $15.5 million primarily reflecting lower volumes sold. |
• | Partnership operating and administrative expenses increased primarily due to higher vehicle lease expense ($6.3 million, including $5.0 million to correct a prior period accounting error), $10.0 million litigation reserve adjustments and incremental expenses associated with the AmeriGas Merger ($1.8 million), partially offset by lower general insurance and self-insured casualty and liability expense, lower travel and entertainment expense and lower advertising and vehicle fuel expense. |
• | Partnership Adjusted EBITDA decreased $24.7 million primarily due to the lower total margin ($15.5 million) and higher Partnership operating and administrative expenses ($10.2 million, net of $1.8 million of Merger expenses). |
For the fiscal quarter ended June 30, | 2019 | 2018 | Increase (Decrease) | ||||||||||||
Revenues | $ | 486.6 | $ | 533.6 | $ | (47.0 | ) | (8.8 | )% | ||||||
Total margin (a) | $ | 208.1 | $ | 219.3 | $ | (11.2 | ) | (5.1 | )% | ||||||
Operating and administrative expenses | $ | 156.0 | $ | 173.1 | $ | (17.1 | ) | (9.9 | )% | ||||||
Operating income | $ | 27.5 | $ | 9.2 | $ | 18.3 | 198.9 | % | |||||||
Income before income taxes | $ | 22.9 | $ | 3.0 | $ | 19.9 | 663.3 | % | |||||||
Finagaz integration expenses | $ | — | $ | 7.6 | $ | (7.6 | ) | (100.0 | )% | ||||||
Adjusted income before income taxes | $ | 22.9 | $ | 10.6 | $ | 12.3 | 116.0 | % | |||||||
LPG retail gallons sold (millions) | 175.7 | 177.5 | (1.8 | ) | (1.0 | )% | |||||||||
Heating degree days - % colder (warmer) than normal | 10.8 | % | (34.6 | )% | |||||||||||
Capital expenditures | $ | 24.1 | $ | 27.3 | $ | (3.2 | ) | (11.7 | )% |
• | Retail volume decreased slightly due to competitive pricing in the East. |
• | Total margin decreased $11.2 million largely reflecting the translation effects of the weaker euro and British pound sterling. On a local currency basis, total margin increased principally due to margin management and the recovery of costs associated with energy conservation. |
• | The decrease in operating and administrative expenses reflects, in part, the translation effects of the weaker euro and British pound sterling (approximately $9 million). Required compliance costs associated with operational safety were lower, partially offset by higher expenses related to strategic projects. |
• | Operating income increased primarily due to lower operating and administrative expenses ($17.1 million), lower depreciation and amortization ($9.0 million) and higher other operating income ($3.6 million). |
• | Income before income taxes increased due to higher operating income and higher pre-tax realized gains on foreign currency exchange contracts used to reduce volatility in UGI International net income from changes in foreign currency exchange rates. |
For the fiscal quarter ended June 30, | 2019 | 2018 | Increase (Decrease) | ||||||||||||
Revenues | $ | 267.3 | $ | 263.8 | $ | 3.5 | 1.3 | % | |||||||
Total margin (a) | $ | 41.9 | $ | 48.8 | $ | (6.9 | ) | (14.1 | )% | ||||||
Operating and administrative expenses | $ | 27.4 | $ | 30.4 | $ | (3.0 | ) | (9.9 | )% | ||||||
Operating income | $ | 2.7 | $ | 7.4 | $ | (4.7 | ) | (63.5 | )% | ||||||
Income before income taxes | $ | 3.6 | $ | 8.2 | $ | (4.6 | ) | (56.1 | )% | ||||||
Heating degree days - % (warmer) colder than normal | (14.5 | )% | 5.1 | % | |||||||||||
Capital expenditures | $ | 36.4 | $ | 9.9 | $ | 26.5 | N.M. |
• | Temperatures were 14.5% warmer than normal and 18.7% warmer than the prior-year period. |
• | Total margin decreased reflecting lower natural gas marketing margin ($4.0 million), lower margin from midstream assets ($2.5 million) and lower electric generation margin ($0.9 million). The decrease in total margin from midstream assets is the result of lower capacity management total margin ($5.2 million) due to lower baseload capacity values partially offset by higher natural gas gathering total margin ($2.9 million). Lower electric generation margin is due to significantly lower volumes at our Hunlock Station generating facility. |
• | Operating expenses decreased principally reflecting lower compensation, legal and consulting expenses. |
• | Operating income and income before taxes decreased due to the lower total margin, and slightly higher depreciation expense partially offset by lower operating and administrative expenses. |
For the fiscal quarter ended June 30, | 2019 | 2018 | Increase (Decrease) | ||||||||||||
Revenues | $ | 163.9 | $ | 159.9 | $ | 4.0 | 2.5 | % | |||||||
Total margin (a) | $ | 102.0 | $ | 86.3 | $ | 15.7 | 18.2 | % | |||||||
Operating and administrative expenses | $ | 58.5 | $ | 61.0 | $ | (2.5 | ) | (4.1 | )% | ||||||
Operating income | $ | 20.4 | $ | 4.4 | $ | 16.0 | 363.6 | % | |||||||
Income (loss) before income taxes | $ | 8.4 | $ | (6.1 | ) | $ | (14.5 | ) | (237.7 | )% | |||||
Gas Utility system throughput - billions of cubic feet | |||||||||||||||
Core market | 9.0 | 11.4 | (2.4 | ) | (21.1 | )% | |||||||||
Total | 59.1 | 53.7 | 5.4 | 10.1 | % | ||||||||||
Gas Utility heating degree days - %(warmer) colder than normal | (27.1 | )% | 5.1 | % | |||||||||||
Capital expenditures | $ | 84.5 | $ | 79.7 | $ | 4.8 | 6.0 | % |
• | Gas Utility service territory experienced temperatures that were 27.1% warmer than normal and 30.6% warmer than the prior-year period; weather in April, the primary heating month of the quarter, was nearly 44% warmer than the prior-year-period. |
• | Core market volumes decreased due principally to the significantly warmer weather in April, partially offset by customer growth. |
• | Total Gas Utility distribution throughput increased reflecting higher large firm and interruptible delivery service volumes, partially offset by lower core market volumes. |
• | Adjusting for a $22.7 million reduction in Gas Utility margin in the prior year resulting from the TCJA, total margin decreased $7 million principally reflecting lower margin from Gas Utility core market customers ($5.9 million) and lower large firm and interruptible delivery service total margin ($0.5 million), partially offset by slightly higher Electric Utility total margin ($0.7 million) and higher off-system sales margin. |
• | Operating and administrative expenses decreased reflecting lower allocated corporate expenses, lower uncollectible accounts expense, lower IT maintenance and consulting expenses, and lower travel and entertainment expenses, partially offset by higher contractor and outside services expense. |
• | Operating income increased reflecting the increase in total margin and slightly lower operating and administrative expenses, partially offset by greater depreciation expense and higher other operating expense . |
(a) | Total margin represents total revenue less total cost of sales and excludes pre-tax gains and losses on commodity derivative instruments not associated with current period transactions. In the case of UGI Utilities, total margin is reduced by revenue-related tax expenses (which have been excluded from UGI Utilities' operating and administrative expenses presented). |
Three Months Ended June 30, | Nine Months Ended June 30, | Twelve Months Ended June 30, | |||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
AmeriGas Propane | $ | 478.7 | $ | 528.4 | $ | 2,270.5 | $ | 2,356.0 | $ | 2,737.5 | $ | 2,801.2 | |||||||||||
UGI International | 486.6 | 533.6 | 1,980.5 | 2,227.4 | 2,436.9 | 2,593.8 | |||||||||||||||||
Midstream & Marketing | 267.3 | 263.8 | 1,269.1 | 1,157.0 | 1,533.8 | 1,361.9 | |||||||||||||||||
UGI Utilities | 163.9 | 159.9 | 916.2 | 966.3 | 1,042.3 | 1,085.9 | |||||||||||||||||
Corporate & Other (a) | (32.8 | ) | (44.8 | ) | (266.3 | ) | (328.6 | ) | (307.4 | ) | (350.8 | ) | |||||||||||
Total revenues | $ | 1,363.7 | $ | 1,440.9 | $ | 6,170.0 | $ | 6,378.1 | $ | 7,443.1 | $ | 7,492.0 | |||||||||||
Operating income (loss) (b): | |||||||||||||||||||||||
AmeriGas Propane (c) | $ | (3.0 | ) | $ | (54.7 | ) | $ | 410.0 | $ | 359.8 | $ | 397.4 | $ | 341.3 | |||||||||
UGI International | 27.5 | 9.2 | 212.7 | 234.4 | 195.7 | 218.1 | |||||||||||||||||
Midstream & Marketing | 2.7 | 7.4 | 95.1 | 168.4 | 101.8 | 173.0 | |||||||||||||||||
UGI Utilities | 20.4 | 4.4 | 217.3 | 237.0 | 220.2 | 239.9 | |||||||||||||||||
Corporate & Other (a) | (38.0 | ) | 63.2 | (219.0 | ) | 15.9 | (149.8 | ) | 70.7 | ||||||||||||||
Total operating income | 9.6 | 29.5 | 716.1 | 1,015.5 | 765.3 | 1,043.0 | |||||||||||||||||
Income from equity investees | 1.5 | 1.3 | 4.6 | 3.0 | 5.9 | 4.3 | |||||||||||||||||
Loss on extinguishments of debt | — | — | (6.1 | ) | — | (6.1 | ) | — | |||||||||||||||
Other non-operating income (expense), net (b) | 0.7 | 24.6 | 17.6 | 4.1 | 29.1 | (3.6 | ) | ||||||||||||||||
Interest expense: | |||||||||||||||||||||||
AmeriGas Propane | (41.6 | ) | (40.4 | ) | (126.2 | ) | (122.0 | ) | (167.3 | ) | (161.6 | ) | |||||||||||
UGI International | (5.8 | ) | (5.5 | ) | (17.3 | ) | (16.3 | ) | (22.1 | ) | (21.7 | ) | |||||||||||
Midstream & Marketing | (0.7 | ) | (0.5 | ) | (1.7 | ) | (2.1 | ) | (2.0 | ) | (2.6 | ) | |||||||||||
UGI Utilities | (12.4 | ) | (10.0 | ) | (36.3 | ) | (32.0 | ) | (47.2 | ) | (41.7 | ) | |||||||||||
Corporate & Other, net (a) | — | (0.1 | ) | (0.2 | ) | (0.4 | ) | (0.4 | ) | (0.7 | ) | ||||||||||||
Total interest expense | (60.5 | ) | (56.5 | ) | (181.7 | ) | (172.8 | ) | (239.0 | ) | (228.3 | ) | |||||||||||
(Loss) income before income taxes | (48.7 | ) | (1.1 | ) | 550.5 | 849.8 | 555.2 | 815.4 | |||||||||||||||
Income tax benefit (expense) (d) | 2.2 | (10.6 | ) | (111.8 | ) | (19.6 | ) | (124.3 | ) | (1.9 | ) | ||||||||||||
Net (loss) income including noncontrolling interests | (46.5 | ) | (11.7 | ) | 438.7 | 830.2 | 430.9 | 813.5 | |||||||||||||||
Add net loss (deduct net income) attributable to noncontrolling interests, principally in AmeriGas Partners, L.P. | 44.6 | 64.1 | (131.0 | ) | (135.9 | ) | (98.8 | ) | (114.2 | ) | |||||||||||||
Net (loss) income attributable to UGI Corporation | $ | (1.9 | ) | $ | 52.4 | $ | 307.7 | $ | 694.3 | $ | 332.1 | $ | 699.3 | ||||||||||
(Loss) earnings per share attributable to UGI shareholders: | |||||||||||||||||||||||
Basic | $ | (0.01 | ) | $ | 0.30 | $ | 1.76 | $ | 4.00 | $ | 1.90 | $ | 4.02 | ||||||||||
Diluted | $ | (0.01 | ) | $ | 0.30 | $ | 1.73 | $ | 3.93 | $ | 1.87 | $ | 3.95 | ||||||||||
Weighted Average common shares outstanding (thousands): | |||||||||||||||||||||||
Basic | 174,759 | 173,991 | 174,541 | 173,744 | 174,499 | 173,748 | |||||||||||||||||
Diluted | 174,759 | 176,807 | 177,389 | 176,702 | 177,414 | 176,820 | |||||||||||||||||
Supplemental information: | |||||||||||||||||||||||
Net income (loss) attributable to UGI Corporation: | |||||||||||||||||||||||
AmeriGas Propane | $ | (2.3 | ) | $ | (11.2 | ) | $ | 75.8 | $ | 180.2 | $ | 70.3 | $ | 177.6 | |||||||||
UGI International | 14.8 | 6.5 | 137.0 | 145.0 | 130.6 | 138.0 | |||||||||||||||||
Midstream & Marketing | 2.2 | 5.8 | 71.3 | 194.4 | 73.7 | 198.2 | |||||||||||||||||
UGI Utilities | 6.7 | (3.0 | ) | 139.4 | 154.5 | 133.8 | 150.4 | ||||||||||||||||
Corporate & Other (a) | (23.3 | ) | 54.3 | (115.8 | ) | 20.2 | (76.3 | ) | 35.1 | ||||||||||||||
Total net (loss) income attributable to UGI Corporation | $ | (1.9 | ) | $ | 52.4 | $ | 307.7 | $ | 694.3 | $ | 332.1 | $ | 699.3 |
(a) | Corporate & Other includes, among other things, net gains and (losses) on commodity and certain foreign currency derivative instruments not associated with current-period transactions |
(b) | The three, nine and twelve months ended June 30, 2018 have been restated to reflect the adoption of new accounting guidance in October 2018, which resulted in the presentation of $(1.0) million, $(5.7) million and $(5.6) million, respectively, of pension and other postretirement benefit plans expense in “Other non-operating income (expense), net," rather than in Operating income, with no change in net income. |
(c) | AmeriGas Propane operating (loss) income for the three, nine and twelve months ended June 30, 2018 includes an impairment charge of $75.0 million as a result of a plan to discontinue the use of Heritage tradenames and trademarks. |
(d) | Income tax expense for the three, nine and twelve months ended June 30, 2018 includes benefits from adjustments to tax-related amounts resulting from the TCJA enacted on December 22, 2017 of $0.8 million, $172.1 million and $172.1 million, respectively, and (expense) benefits from adjustments to net deferred income tax liabilities in France as a result of tax legislation in France of $(0.1) million $13.5 million and $15.1 million, respectively. |
Three Months Ended June 30, | Nine Months Ended June 30, | Twelve Months Ended June 30, | ||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
Adjusted net income attributable to UGI Corporation (millions): | ||||||||||||||||||||||||
Net (loss) income attributable to UGI Corporation | $ | (1.9 | ) | $ | 52.4 | $ | 307.7 | $ | 694.3 | $ | 332.1 | $ | 699.3 | |||||||||||
Net losses (gains) on commodity derivative instruments not associated with current-period transactions (net of tax of $(11.1), $16.5, $(47.5), $10.4, $(31.2) and $20.1, respectively) (1)(2) | 25.0 | (38.0 | ) | 117.7 | (26.9 | ) | 76.5 | (48.8 | ) | |||||||||||||||
Unrealized losses (gains) on foreign currency derivative instruments (net of tax of $(0.2), $8.4, $3.4, $7.7, $5.0 and $3.4, respectively) (1)(2) | 0.5 | (17.7 | ) | (8.5 | ) | (16.3 | ) | (11.8 | ) | (12.9 | ) | |||||||||||||
Impairment of Partnership tradenames and trademarks (net of tax of $0, $(5.8), $0, $(5.8), $0 and $(5.8), respectively) (2) | — | 14.5 | — | 14.5 | — | 14.5 | ||||||||||||||||||
Loss on extinguishments of debt (net of tax of $0, $0, $(1.9), $0, $(1.9) and $0, respectively) (2) | — | — | 4.2 | — | 4.2 | — | ||||||||||||||||||
Integration expenses associated with Finagaz (net of tax of $0, $(3.0), $0, $(8.2), $(3.8) and $(14.4), respectively) (2) | — | 4.6 | — | 12.6 | 5.9 | 24.5 | ||||||||||||||||||
Merger expenses (net of tax of $(0.1), $0, $(0.2), $0, $(0.2) and $0, respectively) (2) | 0.3 | — | 0.5 | — | 0.5 | — | ||||||||||||||||||
Impact from French Finance Bills | — | 0.1 | — | (13.5 | ) | 1.4 | (15.1 | ) | ||||||||||||||||
Remeasurement impact from TCJA | — | (0.8 | ) | — | (172.1 | ) | 5.8 | (172.1 | ) | |||||||||||||||
Adjusted net income attributable to UGI Corporation | $ | 23.9 | $ | 15.1 | $ | 421.6 | $ | 492.6 | $ | 414.6 | $ | 489.4 | ||||||||||||
Adjusted diluted earnings per share: | ||||||||||||||||||||||||
UGI Corporation (loss) earnings per share — diluted | $ | (0.01 | ) | $ | 0.30 | $ | 1.73 | $ | 3.93 | $ | 1.87 | $ | 3.95 | |||||||||||
Net losses (gains) on commodity derivative instruments not associated with current-period transactions (1) | 0.14 | (0.21 | ) | 0.67 | (0.15 | ) | 0.44 | (0.27 | ) | |||||||||||||||
Unrealized losses (gains) on foreign currency derivative instruments (1) | — | (0.10 | ) | (0.04 | ) | (0.09 | ) | (0.06 | ) | (0.07 | ) | |||||||||||||
Impairment of Partnership tradenames and trademarks | — | 0.08 | — | 0.08 | — | 0.08 | ||||||||||||||||||
Loss on extinguishments of debt | — | — | 0.02 | — | 0.02 | — | ||||||||||||||||||
Integration expenses associated with Finagaz (1) | — | 0.02 | — | 0.07 | 0.03 | 0.14 | ||||||||||||||||||
Merger expenses | — | — | — | — | — | — | ||||||||||||||||||
Impact from French Finance Bills | — | — | — | (0.08 | ) | 0.01 | (0.09 | ) | ||||||||||||||||
Remeasurement impact from TCJA | — | — | — | (0.97 | ) | 0.03 | (0.97 | ) | ||||||||||||||||
Adjusted diluted earnings per share (3) | $ | 0.13 | $ | 0.09 | $ | 2.38 | $ | 2.79 | $ | 2.34 | $ | 2.77 |
Three Months Ended June 30, 2019 | Total | AmeriGas Propane | UGI International | Midstream & Marketing | UGI Utilities | Corporate & Other | ||||||||||||||||||
Adjusted net income (loss) attributable to UGI Corporation (Dollars in millions, except per share amounts): | ||||||||||||||||||||||||
Net (loss) income attributable to UGI Corporation | $ | (1.9 | ) | $ | (2.3 | ) | $ | 14.8 | $ | 2.2 | $ | 6.7 | $ | (23.3 | ) | |||||||||
Net losses on commodity derivative instruments not associated with current-period transactions (net of tax of $(11.1)) (2) | 25.0 | — | — | — | — | 25.0 | ||||||||||||||||||
Unrealized losses on foreign currency derivative instruments (net of tax of $(0.2)) (2) | 0.5 | — | — | — | — | 0.5 | ||||||||||||||||||
Merger expenses (net of tax of $(0.1)) (2) | 0.3 | 0.3 | — | — | — | — | ||||||||||||||||||
Adjusted net income (loss) attributable to UGI Corporation | $ | 23.9 | $ | (2.0 | ) | $ | 14.8 | $ | 2.2 | $ | 6.7 | $ | 2.2 | |||||||||||
Adjusted diluted earnings (loss) per share: | ||||||||||||||||||||||||
UGI Corporation (loss) earnings per share — diluted | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0.08 | $ | 0.01 | $ | 0.04 | $ | (0.13 | ) | |||||||||
Net losses on commodity derivative instruments not associated with current-period transactions (1) | 0.14 | — | — | — | — | 0.14 | ||||||||||||||||||
Unrealized losses on foreign currency derivative instruments | — | — | — | — | — | — | ||||||||||||||||||
Merger expenses | — | — | — | — | — | — | ||||||||||||||||||
Adjusted diluted earnings (loss) per share (3) | $ | 0.13 | $ | (0.01 | ) | $ | 0.08 | $ | 0.01 | $ | 0.04 | $ | 0.01 |
Three Months Ended June 30, 2018 | Total | AmeriGas Propane | UGI International | Midstream & Marketing | UGI Utilities | Corporate & Other | ||||||||||||||||||
Adjusted net income (loss) attributable to UGI Corporation (Dollars in millions, except per share amounts): | ||||||||||||||||||||||||
Net income (loss) attributable to UGI Corporation | $ | 52.4 | $ | (11.2 | ) | $ | 6.5 | $ | 5.8 | $ | (3.0 | ) | $ | 54.3 | ||||||||||
Net gains on commodity derivative instruments not associated with current-period transactions (net of tax of $16.5) (2) | (38.0 | ) | — | — | — | — | (38.0 | ) | ||||||||||||||||
Unrealized gains on foreign currency derivative instruments (net of tax of $8.4) (2) | (17.7 | ) | — | — | — | — | (17.7 | ) | ||||||||||||||||
Impairment of Partnership tradenames and trademarks (net of tax of $(5.8)) (2) | 14.5 | 14.5 | — | — | — | — | ||||||||||||||||||
Integration expenses associated with Finagaz (net of tax of $(3.0)) (2) | 4.6 | — | 4.6 | — | — | — | ||||||||||||||||||
Impact of French Finance Bill | 0.1 | — | 0.1 | — | — | — | ||||||||||||||||||
Remeasurement impact of TCJA | (0.8 | ) | (0.2 | ) | (0.5 | ) | 0.5 | (1.1 | ) | 0.5 | ||||||||||||||
Adjusted net income (loss) attributable to UGI Corporation | $ | 15.1 | $ | 3.1 | $ | 10.7 | $ | 6.3 | $ | (4.1 | ) | $ | (0.9 | ) | ||||||||||
Adjusted diluted earnings (loss) per share: | ||||||||||||||||||||||||
UGI Corporation earnings (loss) per share - diluted | $ | 0.30 | $ | (0.06 | ) | $ | 0.04 | $ | 0.03 | $ | (0.02 | ) | $ | 0.31 | ||||||||||
Net gains on commodity derivative instruments not associated with current-period transactions (1) | (0.21 | ) | — | — | — | — | (0.21 | ) | ||||||||||||||||
Unrealized gains on foreign currency derivative instruments | (0.10 | ) | — | — | — | — | (0.10 | ) | ||||||||||||||||
Impairment of Partnership tradenames and trademarks | 0.08 | 0.08 | — | — | — | — | ||||||||||||||||||
Integration expenses associated with Finagaz | 0.02 | — | 0.02 | — | — | — | ||||||||||||||||||
Impact of French Finance Bill | — | — | — | — | — | — | ||||||||||||||||||
Remeasurement impact of TCJA | — | — | — | — | — | — | ||||||||||||||||||
Adjusted diluted earnings (loss) per share | $ | 0.09 | $ | 0.02 | $ | 0.06 | $ | 0.03 | $ | (0.02 | ) | $ | — |
Cover Page Cover Page |
Aug. 05, 2019 |
---|---|
Cover page. | |
Document Type | 8-K |
Document Period End Date | Aug. 05, 2019 |
Entity Registrant Name | UGI Utilities, Inc |
Entity Central Index Key | 0000100548 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | PA |
Entity File Number | 1-1398 |
Entity Tax Identification Number | 23-1174060 |
Entity Address, Address Line One | One UGI Drive |
Entity Address, City or Town | Denver |
Entity Address, State or Province | PA |
Entity Address, Postal Zip Code | 17517 |
City Area Code | 610 |
Local Phone Number | 796-3400 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
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