8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 30, 2008

UGI Corporation
(Exact name of registrant as specified in its charter)

Pennsylvania	1-11071	23-2668356
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

460 No.Gulph Road, King of Prussia, Pennsylvania	19406
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: 610 337-1000

Not Applicable

(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On January 30, 2008, UGI Corporation (the “Company”) issued a press release announcing financial results for the Company for the fiscal quarter ended December 31, 2007. A copy of the press release is furnished as Exhibit 99 to this report and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits. The following exhibit is being furnished herewith:

99 Press Release of UGI Corporation dated January 30, 2008, reporting its financial results for the fiscal quarter ended December 31, 2007.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	UGI Corporation
Date: January 30, 2008	By:	/s/ Robert W. Krick
		Name: Robert W. Krick
		Title: Vice President and Treasurer

EXHIBIT INDEX

The Following Exhibits Are Furnished:
EXHIBIT NO.	DESCRIPTION
99	Press Release of UGI Corporation dated January 30, 2008.

EX-99

Exhibit 99

Contact:	610-337-1000	For Immediate Release:
	Robert W. Krick, ext. 3645	January 30, 2008
	Brenda A. Blake, ext. 3202

UGI Reports Record First Quarter Results, 28% Above Prior Year

VALLEY FORGE, Pa., January 30 — UGI Corporation (NYSE: UGI) today reported record first quarter net income of $80.0 million, or $0.74 per diluted share, for the first quarter of fiscal 2008 ended December 31, 2007, representing a 28% increase compared to $61.9 million, or $0.58 per diluted share, for the first quarter of fiscal 2007.

Lon R. Greenberg, chairman and chief executive officer of UGI, said, “The 28% increase in earnings per share reflects double-digit increases in operating income in all of our operating units other than domestic propane, which experienced a slight decline. The improvement in operating income in our international businesses was principally driven by the return of more normal weather conditions compared to last year, when weather was significantly warmer than normal. The better results from our utility and energy services businesses reflect contributions from investments made in those businesses over the past few years. We remain focused on executing our strategies for each of our business units to increase value for our shareholders.”

UGI’s domestic propane distributor, AmeriGas Propane, contributed $15.0 million to net income for the quarter compared to $15.4 million in fiscal 2007. For the three months ended December 31, 2007, retail propane volumes sold declined 1.3% to 279.1 million gallons from 282.9 million gallons sold in the prior year period. Weather was 7.2% warmer than normal compared to weather that was 8.6% warmer than normal in the prior year period, according to the National Oceanic and Atmospheric Administration. Significant increases in propane sales prices caused by extraordinarily high propane costs resulted in customer conservation that more than offset higher volumes sold in the quarter from businesses acquired last year. The average wholesale propane cost at Mt. Belvieu, Texas for the quarter increased 58% over the same period last year. “In spite of the challenging environment of warm weather and high product cost, we continued to execute our strategies to grow AmeriGas,” noted Greenberg. Total margin increased $13.9 million mainly due to higher average retail propane unit margins and slightly higher ancillary income. Operating and administrative expenses rose primarily as a result of expenses associated with acquisitions, increased compensation and benefits costs and higher vehicle expenses. Operating income decreased to $74.0 million from $75.3 million in the fiscal 2007 quarter, reflecting the higher margin that was more than offset by higher expenses and higher depreciation and amortization costs.

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UGI Reports Record First Quarter Results, 28% Above Prior Year Page 2

International Propane’s net income increased to $22.4 million from $18.3 million. Temperatures across the Antargaz service territory were approximately 6.3% colder than normal compared to temperatures that were 21.7% warmer than normal in the prior year period. Temperatures in Flaga’s service territory were also colder than normal and much colder than the prior year.

Antargaz sold approximately 98.1 million retail gallons of liquefied petroleum gases (LPG) in the first quarter of fiscal 2008 compared to 80.2 million retail gallons in the first quarter of fiscal 2007. Flaga’s volumes increased approximately 13% from the prior year period. The beneficial effects of higher sales volumes were partially offset, however, by lower average unit margins and price-induced customer conservation in response to substantially higher LPG commodity costs. Average euro-denominated LPG product costs increased more than 30% over the prior year period. International Propane operating income increased to $39.1 million from $33.1 million in the prior year period, reflecting the impact of increases in volumes sold partially offset by the aforementioned lower unit margins and higher operating expenses associated with a more normal operating environment than that experienced in the prior year period. Changes in currency exchange rates had minimal effect on the earnings comparison for the quarter.

Net income from Gas Utility increased to $24.0 million from $16.5 million in the first quarter of fiscal 2007. Weather was 6.3% warmer than normal versus weather that was 15.0% warmer than normal in the prior year quarter. Throughput in the Gas Utility increased to 39.5 billion cubic feet in the recently-completed quarter versus 33.4 billion cubic feet in the first quarter of fiscal 2007 reflecting the effects of colder weather. Gas Utility total margin increased $9.3 million to $89.9 million primarily resulting from increased volumes sold to retail core-market and firm delivery service customers, the full quarter impact of rate increases to a portion of our retail core-market customers and an increase in Gas Utility customers. Operating expenses for the quarter declined from the prior year due to lower long-term compensation costs and lower self insured property and casualty expenses. Operating income for the quarter increased $11.9 million to $50.1 million due to the aforementioned higher margins and reduced expenses as well as higher non-tariff service income and storage contract fees.

Net income from Electric Utility increased to $4.0 million from $3.2 million in the first quarter of fiscal 2007. Sales of 254.4 gigawatt-hours were 2.2% higher than the first quarter of fiscal 2007. Weather was approximately 9% colder than the prior year quarter. Operating income increased $1.2 million to $7.4 million primarily due to higher rates charged and slightly lower operating expenses partially offset by higher per-unit purchased power costs.

Energy Services’ first quarter net income was $13.9 million compared with $9.0 million for the same period of fiscal 2007, in large part reflecting greater margin from natural gas peaking supply and storage management services resulting from the expansion of natural gas peaking assets during fiscal 2007 and increased rates for new contracts. In addition, income from electric generation rose on higher unit prices for electricity during the first quarter of 2008 while income from natural gas marketing was comparable to the prior year quarter.

UGI is a holding company with propane marketing, utility and energy marketing subsidiaries. Through subsidiaries, UGI owns 44% of AmeriGas Partners, L. P. (NYSE: APU), the nation’s largest retail propane marketer, and owns Antargaz, one of the largest LPG distributors in France.

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UGI Reports Record First Quarter Results, 28% Above Prior Year Page 3

UGI will host its first quarter FY 2008 earnings conference call on Wednesday, January 30, 2008, at 4:00 PM ET. Interested parties may listen to a live audio webcast of the conference call at http://www.shareholder.com/ugi/medialist.cfm. A telephonic replay of the call can be accessed approximately one hour after the completion of the call at 1-888-203-1112; International replay
1-719-457-082; passcode 6871349, through February 1, 2008.

The financial table appended to this news release can be viewed directly at http://www.shareholder.com/ugi/1Q08FinancialTable.pdf.

Comprehensive information about UGI Corporation is available on the Internet at http://www.ugicorp.com.

This press release contains certain forward-looking statements which management believes to be reasonable as of today’s date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management’s control. Among them are adverse weather conditions, cost volatility and availability of all energy products, including propane, natural gas, electricity and fuel oil, increased customer conservation measures due to high energy prices, domestic and international political, regulatory and economic conditions, including foreign currency exchange rate fluctuations, particularly the euro. You should read UGI’s Annual Report on Form 10-K for a more extensive list of factors that could affect results. UGI undertakes no obligation to release revisions to its forward-looking statements to reflect events or circumstances occurring after today.

C-02 # # # 1/30/08

UGI CORPORATION

REPORT OF EARNINGS

(Millions, except per share)

(Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2007			2006			2007			2006
Revenues:
AmeriGas Propane	$	748.2		$	616.6		$	2,409.0		$	2,105.7
International Propane		328.4			226.4			902.4			904.3
Gas Utility		326.7			274.4			1,097.2			778.6
Electric Utility		31.9			24.9			128.9			99.0
Energy Services		365.3			344.2			1,357.2			1,307.1
Corporate & Other (a)		(35.8	)		(23.3	)		(116.3	)		(88.4	)
Total revenues	$	1,764.7		$	1,463.2		$	5,778.4		$	5,106.3
Operating income:
AmeriGas Propane	$	74.0		$	75.3		$	264.5		$	184.7
International Propane		39.1			33.1			100.5			118.8
Gas Utility		50.1			38.2			148.5			86.7
Electric Utility		7.4			6.2			27.2			20.4
Energy Services		23.7			15.2			65.9			60.1
Corporate & Other (a)		1.9			(0.7	)		3.6			4.1
Total operating income		196.2			167.3			610.2			474.8
Loss from equity investees		(0.7	)		—			(4.5	)		(1.6	)
Loss on extinguishment of debt		—			—			—			(18.5	)
Interest expense:
AmeriGas Propane		(18.2	)		(18.0	)		(71.7	)		(73.2	)
International Propane		(7.0	)		(6.1	)		(26.1	)		(22.8	)
Gas Utility		(10.4	)		(10.8	)		(39.5	)		(27.5	)
Electric Utility		(0.5	)		(0.7	)		(2.2	)		(2.7	)
Corporate & Other, net (a)		—			(0.4	)		(0.2	)		(0.8	)
Total interest expense		(36.1	)		(36.0	)		(139.7	)		(127.0	)
Income before income taxes and minority interests		159.4			131.3			466.0			327.7
Income tax expense		(48.5	)		(38.1	)		(137.1	)		(98.1	)
Minority interests, principally in AmeriGas Partners		(30.9	)		(31.3	)		(106.5	)		(49.0	)
Net income	$	80.0		$	61.9		$	222.4		$	180.6
Earnings per share:
Basic	$	0.75		$	0.58		$	2.08		$	1.71
Diluted	$	0.74		$	0.58		$	2.06		$	1.69
Average common shares outstanding:
Basic		106.981			105.930			106.711			105.651
Diluted		108.318			107.573			108.146			107.020
Supplemental information:
Net income (loss):
AmeriGas Propane (b)	$	15.0		$	15.4		$	52.8		$	25.6
International Propane		22.4			18.3			49.0			70.5
Gas Utility		24.0			16.5			66.5			36.2
Electric Utility		4.0			3.2			14.5			10.2
Energy Services		13.9			9.0			39.4			35.4
Corporate & Other (a)		0.7			(0.5	)		0.2			2.7
Total net income	$	80.0		$	61.9		$	222.4		$	180.6

(a) Corporate & Other includes the elimination of certain intercompany transactions.

(b) Amounts are net of minority interests in AmeriGas Partners, L.P.