US Market News
1月前
UGI International Prices Senior Notes OfferingMay 13, 2026 2:00 PM
Business Wire UGI Corporation (“UGI” or the “Company”) (NYSE: UGI) announced today that its indirect, wholly owned subsidiary, UGI International, LLC (“UGI International”), priced its offering of €300,000,000 in aggregate principal amount of 5.000% senior notes due 2031 (the “Notes”). The Notes are being offered to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. The closing of the offering is expected to occur on or about May 21, 2026 and is subject to customary closing conditions. The Notes will be fully and unconditionally guaranteed by certain subsidiaries of UGI International that guarantee UGI International’s obligations under its existing €300,000,000 senior unsecured term loan facility (the “Term Loan”) and its existing €500,000,000 senior unsecured revolving credit facility (the “Revolving Credit Facility”), but will not be guaranteed by the Company. UGI International intends to use the net proceeds of the issuance of the Notes to (i) repay short-term borrowings under the Revolving Credit Facility associated with the payment of a dividend to the Company, which was contributed to AmeriGas Partners, L.P., an indirect, wholly owned subsidiary of the Company (“AmeriGas”), and a portion of which the Company expects will be used by AmeriGas to repay an intercompany loan owed to UGI International, (ii) repay other amounts currently outstanding under the Revolving Credit Facility, (iii) partially prepay the Term Loan and (iv) pay fees and expenses related to the foregoing, and the remainder will be used for general corporate purposes. The Notes offering is not conditioned upon the repayment of the intercompany loan by AmeriGas, and if UGI International does not receive some or all of the expected repayment amounts on the intercompany loan, UGI International would expect to decrease intended repayments of amounts under the Revolving Credit Facility and/or Term Loan accordingly. The Notes and the related guarantees will not be registered under the Securities Act, or any state securities laws, and may not be offered or sold in the United States absent registration, except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This announcement is neither an offer to sell nor a solicitation of an offer to buy the Notes, the guarantees or any other securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful. Cautionary Statement Concerning Forward-Looking Statements This press release contains statements, estimates, and projections that are forward-looking statements (as defined in Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act), including statements regarding the expected closing date of the offering and the intended use of proceeds from the offering of the Notes. Such statements use forward-looking words such as “believe,” “plan,” “anticipate,” “continue,” “estimate,” “expect,” “may,” “intend” or other similar words and terms of similar meaning, although not all forward-looking statements contain such words. These statements discuss plans, strategies, events or developments that we expect or anticipate will or may occur in the future. Management believes that these are 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; accordingly, there is no assurance that results will be realized. You should read the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for a more extensive list of factors that could affect results. The Company undertakes no obligation (and expressly disclaims any obligation) to update publicly any forward-looking statement, whether as a result of new information or future events, except as required by the federal securities laws. About UGI UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the U.S. and Europe. UGI offers safe, reliable, affordable and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing and energy marketing services. View source version on businesswire.com: https://www.businesswire.com/news/home/20260513817577/en/ INVESTOR RELATIONS
610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498 Original: UGI International Prices Senior Notes Offering
US Market News
1月前
UGI International Commences Senior Notes OfferingMay 12, 2026 4:19 AM
Business Wire UGI Corporation (“UGI” or the “Company”) (NYSE: UGI) announced today that its indirect, wholly owned subsidiary, UGI International, LLC (“UGI International”), intends to offer €300,000,000 in aggregate principal amount of senior notes (the “Notes”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. The Notes will be fully and unconditionally guaranteed by certain subsidiaries of UGI International that guarantee UGI International’s obligations under its existing €300,000,000 senior unsecured term loan facility (the “Term Loan”) and its existing €500,000,000 senior unsecured revolving credit facility (the “Revolving Credit Facility”), but will not be guaranteed by the Company. UGI International intends to use the net proceeds of the issuance of the Notes to (i) repay short-term borrowings under the Revolving Credit Facility associated with the payment of a dividend to the Company, which was contributed to AmeriGas Partners, L.P., an indirect, wholly owned subsidiary of the Company (“AmeriGas”), and a portion of which the Company expects will be used by AmeriGas to repay an intercompany loan owed to UGI International, (ii) repay other amounts currently outstanding under the Revolving Credit Facility, (iii) partially prepay the Term Loan and (iv) pay fees and expenses related to the foregoing, and the remainder will be used for general corporate purposes. The Notes offering is not conditioned upon the repayment of the intercompany loan by AmeriGas, and if UGI International does not receive some or all of the expected repayment amounts on the intercompany loan, UGI International would expect to decrease intended repayments of amounts under the Revolving Credit Facility and/or Term Loan accordingly. The Notes offering is subject to market conditions, and there can be no assurance that the issuance and sale of the Notes or the use of proceeds thereof will be consummated. The Notes and the related guarantees will not be registered under the Securities Act or any state securities laws, and may not be offered or sold in the United States absent registration, except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This announcement is neither an offer to sell nor a solicitation of an offer to buy the Notes, the guarantees or any other securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful. Cautionary Statement Concerning Forward-Looking Statements This press release contains statements, estimates, and projections that are forward-looking statements (as defined in Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act), including statements regarding the aggregate principal amount of the Notes to be sold or the intended use of proceeds from the offering of the Notes. Such statements use forward-looking words such as “believe,” “plan,” “anticipate,” “continue,” “estimate,” “expect,” “may,” “intend” or other similar words and terms of similar meaning, although not all forward-looking statements contain such words. These statements discuss plans, strategies, events or developments that we expect or anticipate will or may occur in the future. Management believes that these are 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; accordingly, there is no assurance that results will be realized. You should read the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for a more extensive list of factors that could affect results. The Company undertakes no obligation (and expressly disclaims any obligation) to update publicly any forward-looking statement, whether as a result of new information or future events, except as required by the federal securities laws. About UGI UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the U.S. and Europe. UGI offers safe, reliable, affordable and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing and energy marketing services. View source version on businesswire.com: https://www.businesswire.com/news/home/20260511714663/en/ INVESTOR RELATIONS
610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498 Original: UGI International Commences Senior Notes Offering
US Market News
1月前
AmeriGas Partners, L.P. and AmeriGas Finance Corp. Price Offering of $500 Million of 6.875% Senior Notes Due 2031May 11, 2026 5:04 PM
Business Wire UGI Corporation (NYSE: UGI) announced today that its subsidiaries, AmeriGas Partners, L.P. (“AmeriGas Partners”) and AmeriGas Finance Corp. (together with AmeriGas Partners, the “Issuers”) priced their offering of $500,000,000 in aggregate principal amount of 6.875% senior notes due 2031 (the “Notes”) in an offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States in compliance with Regulation S under the Securities Act. The Issuers intend to use the net proceeds from the offering, together with $300,000,000 in cash previously received by AmeriGas Partners in connection with an equity contribution by its parent, originally funded by UGI International, LLC, a wholly owned indirect subsidiary of UGI Corporation, and cash on hand, to (i) repurchase any and all of the Issuers’ 5.750% Senior Notes due 2027 (“2027 Notes”) and redeem any such 2027 Notes remaining thereafter, (ii) repurchase up to $175,000,000 aggregate principal amount of the Issuers’ 9.375% Senior Notes due 2028, (iii) repay $150,000,000 in outstanding indebtedness under the intercompany loan between AmeriGas Partners and UGI International, LLC and (iv) pay related fees and expenses. The closing of the offering is expected to occur on or about May 20, 2026, subject to customary closing conditions. The Notes will not be registered under the Securities Act, or any state securities laws, and may not be offered or sold in the United States absent registration, except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This announcement is for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy, any note in any jurisdiction in which such an offer or solicitation, or the sale of these notes, would be unlawful without registration or qualification under the securities laws of such jurisdiction. Cautionary Statements: This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, Section 27A of the Securities Act of 1933, as amended, and the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding the Issuers’ expectations regarding the aggregate principal amount of the Notes to be sold and the intended use of proceeds from the offering of the Notes. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date of this press release and are based on current expectations and involve a number of assumptions, risks, and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements contained in AmeriGas Partners’ most recent annual report and in UGI’s filings with the U.S. Securities and Exchange Commission, and in UGI’s and the Issuers’ other communications with investors. UGI and the Issuers disclaim any obligation to update or revise any forward-looking statements. About AmeriGas Partners AmeriGas Partners is the largest retail propane marketer in the United States, with approximately 800 million gallons of propane sold annually to over 1.0 million customers from approximately 1,390 locations as of September 30, 2025. About UGI UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the US and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing, and energy marketing services. View source version on businesswire.com: https://www.businesswire.com/news/home/20260511051913/en/ INVESTOR RELATIONS
610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498 Original: AmeriGas Partners, L.P. and AmeriGas Finance Corp. Price Offering of $500 Million of 6.875% Senior Notes Due 2031
US Market News
1月前
UGI Reports Second Quarter ResultsMay 6, 2026 5:40 PM
Business Wire UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended March 31, 2026. HIGHLIGHTS Q2 GAAP diluted earnings per share ("EPS") of $2.33 and adjusted diluted EPS of $2.09 compared to GAAP diluted EPS of $2.19 and adjusted diluted EPS of $2.21 in the prior-year period. Year-to-date (YTD) GAAP diluted EPS of $3.68 and adjusted diluted EPS of $3.35 compared to GAAP diluted EPS of $3.93 and adjusted diluted EPS of $3.58 in the prior-year period. YTD reportable segments earnings before interest expense and income taxes1 ("EBIT") of $1,129 million compared to $1,112 million in the prior-year period. Available liquidity of approximately $2.1 billion and net leverage of 3.7x as of March 31, 2026. Subsequent to the quarter, Announced a strategic partnership with Prime Data Centers to develop major natural gas supply infrastructure in Pennsylvania's northern tier, with expected demand exceeding 100,000 dekatherms per day within three to five years. Executed a definitive agreement to sell our electric division for approximately $470 million, subject to working capital adjustment. The transaction is expected to close in the first quarter of calendar year 2027, subject to customary closing conditions and applicable regulatory approvals. Launched online sale of AmeriGas propane cylinders in selected cities on Amazon, phasing in service across existing home-delivery markets during Fiscal 2026 and leveraging our established direct-to-consumer delivery infrastructure. Updates Fiscal 2026 adjusted diluted EPS guidance to a range of $2.75 - $2.902 per share. "Our year-to-date results reflect the continued execution of our strategic priorities, with reportable segment EBIT ahead of the prior year," said Bob Flexon, President and Chief Executive Officer. "Our natural gas businesses delivered a solid performance, supported by higher gas base rates at our Utilities where we have also returned approximately $25 million to customers through our Pennsylvania weather normalization rider. UGI International continued to generate strong free cash flow while navigating a dynamic operating environment. At AmeriGas, we made tangible progress on our operational turnaround, including on-shoring our call center and driving year-over-year improvement in safety, customer satisfaction, routing and logistics efficiencies, as we better position the business for the upcoming heating season. We were also pleased to end the quarter with consolidated leverage below our targeted range for Fiscal 2026. "Looking beyond the quarter, I am increasingly confident in our ability to create long-term value. Although near-term Fiscal 2026 earnings expectations have softened due to timing of growth investments in Midstream & Marketing and steady progression of the AmeriGas transformation, we remain firmly committed to our long-term trajectory and growth targets. We are optimally situated to serve the growing demand for safe, reliable and affordable energy solutions across our service territories, reinforced by our recent strategic partnerships. At the same time, the transformation underway at AmeriGas, disciplined capital allocation approach and continued improvement in leverage and liquidity are strengthening our foundation. Together, these advantages position UGI to deliver sustainable returns for our shareholders over the long-term." EARNINGS CALL AND WEBCAST
UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss the quarterly earnings and other current activities at 9:00 AM ET on Thursday, May 7, 2026. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://www.ugicorp.com/investors/financial-reports/presentations or by visiting the company website at https://www.ugicorp.com and clicking on Investors and then Presentations. A replay of the webcast will be available after the event until 11:59 PM ET May 6, 2027. ABOUT UGI
UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the US and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing, and energy marketing services. Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com. USE OF NON-GAAP MEASURES
Management uses "adjusted net income attributable to UGI Corporation" and "adjusted diluted EPS", each of which are non-GAAP financial measures, when evaluating UGI's overall performance. Management believes that these non-GAAP measures provide meaningful information to investors about UGI’s performance because they eliminate the impacts of (1) gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions and (2) other significant discrete items that can affect the comparison of period-over-period results. Volatility in net income attributable to UGI can occur as a result of gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions but included in earnings in accordance with U.S. generally accepted accounting principles ("GAAP"). Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures. The tables on the last page of this press release reconcile net income attributable to UGI Corporation, the most directly comparable GAAP measure to adjusted net income attributable to UGI Corporation, and diluted EPS, the most comparable GAAP measure to adjusted diluted EPS, to reflect the adjustments referred to above. 1 Reportable segments' EBIT represents an aggregate of our reportable operating segment level EBIT, as determined in accordance with GAAP.
2 Because we are unable to predict certain potentially material items affecting diluted EPS on a GAAP basis, principally mark-to-market gains and losses on commodity and certain foreign currency derivative instruments, we cannot reconcile fiscal year 2026 adjusted diluted EPS, a non-GAAP measure, to diluted EPS, the most directly comparable GAAP measure, in reliance on the “unreasonable efforts” exception set forth in SEC rules. USE OF FORWARD-LOOKING STATEMENTS
This press release contains statements, estimates and projections that are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended). Such statements use forward-looking words such as “believe,” “plan,” “anticipate,” “continue,” “estimate,” “expect,” “may,” or other similar words and terms of similar meaning, although not all forward-looking statements contain such words. These statements discuss plans, strategies, events or developments that we expect or anticipate will or may occur in the future. Management believes that these are 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; accordingly, there is no assurance that results will be realized. You should read UGI’s Annual Report on Form 10-K for a more extensive list of factors that could affect results. We undertake no obligation (and expressly disclaim any obligation) to update publicly any forward-looking statement, whether as a result of new information or future events, except as required by the federal securities laws. SEGMENT RESULTS ($ in millions, except where otherwise indicated) Utilities For the fiscal quarter ended March 31, 2026 2025 (Decrease) Increase Revenues $ 880 $ 773 $ 107 14 % Total margin (a) $ 408 $ 385 $ 23 6 % Operating and administrative expenses $ 111 $ 103 $ 8 8 % Operating income $ 249 $ 240 $ 9 4 % Earnings before interest expense and income taxes $ 250 $ 241 $ 9 4 % Gas Utility system throughput - billions of cubic feet Core market 53 53 — — % Total 129 128 1 1 % Gas Utility degree days—% colder than normal (b) 7.1 % 0.3 % Capital expenditures $ 127 $ 100 $ 27 27 % Gas Utility service territory experienced temperatures that were 4% colder than the prior-year period. Total margin increased $23 million primarily due to the effect of higher gas base rates that went into effect in PA which was partially offset by the impact of the weather normalization adjustment mechanism ($19 million). Operating and administrative expenses increased $8 million primarily reflecting, among other things, higher personnel and uncollectible account expenses. Operating income increased $9 million as higher total margin ($23 million) was partially offset by higher operating and administrative expenses ($8 million) and increased depreciation expense ($4 million) from continued distribution system capital expenditure activity. Midstream & Marketing For the fiscal quarter ended March 31, 2026 2025 (Decrease) Increase Revenues $ 715 $ 587 $ 128 22 % Total margin (a) $ 203 $ 202 $ 1 — % Operating and administrative expenses $ 36 $ 31 $ 5 16 % Operating income $ 145 $ 151 $ (6 ) (4 )% Earnings before interest expense and income taxes $ 150 $ 154 $ (4 ) (3 )% Heating degree days - % colder than normal (b) 8.5 % 2.5 % Capital expenditures $ 5 $ 27 $ (22 ) (81 )% Temperatures were 3% colder than the prior-year period. Total margin was comparable with the prior-year period as higher peaking margins were substantially offset by lower margin from capacity management activities. Operating and administrative expenses increased $5 million primarily due to plants placed in service last year. Operating income decreased $6 million largely reflecting higher operating and administrative expenses. UGI International For the fiscal quarter ended March 31, 2026 2025 (Decrease) Increase Revenues $ 621 $ 650 $ (29 ) (4 )% Total margin (a) $ 298 $ 302 $ (4 ) (1 )% Operating and administrative expenses (a) $ 141 $ 142 $ (1 ) (1 )% Operating income $ 136 $ 139 $ (3 ) (2 )% Earnings before interest expense and income taxes $ 132 $ 143 $ (11 ) (8 )% LPG retail gallons sold (millions) 197 213 (16 ) (8 )% Heating degree days - % (warmer) than normal (b) (6.0 )% (2.2 )% Capital expenditures $ 19 $ 17 $ 2 12 % UGI International base-currency results are translated into U.S. dollars based upon exchange rates experienced during the reporting periods. Differences in these translation rates affect the comparison of line item amounts presented in the table above. The functional currency of a significant portion of our UGI International results is the euro and, to a much lesser extent, the British pound sterling. During the 2026 and 2025 three-month periods, the average unweighted euro-to-dollar translation rates were approximately $1.17 and $1.05, respectively, and the average unweighted British pound sterling-to-dollar translation rates were approximately $1.35 and $1.26, respectively. Temperatures were 5% warmer than the prior-year period. Retail volumes were 8% lower than the prior-year period largely due to divesting the LPG businesses in Italy and Austria and the effects of warmer weather. Total margin decreased $4 million as the translation effects of the stronger foreign currencies (~$30 million) was more than offset by the impact of the divestitures and the warmer weather. Operating and administrative expenses were comparable to the prior-year period as the impact of the aforementioned divestitures, as well as lower distribution expenses, were largely offset by the translation effects of the stronger foreign currencies (~$15 million). EBIT decreased $11 million largely reflecting lower realized gains on foreign currency exchange contracts ($8 million) and reduced total margin ($4 million). AmeriGas Propane For the fiscal quarter ended March 31, 2026 2025 (Decrease) Increase Revenues $ 759 $ 848 $ (89 ) (10 )% Total margin (a) $ 448 $ 446 $ 2 — % Operating and administrative expenses $ 259 $ 257 $ 2 1 % Operating income / earnings before interest expense and income taxes $ 156 $ 154 $ 2 1 % Retail gallons sold (millions) 256 269 (13 ) (5 )% Heating degree days - % colder (warmer) than normal (b) (2.4 )% 2.8 % Capital expenditures $ 29 $ 16 $ 13 81 % Temperatures were 2% warmer than normal and 5% warmer than the prior-year period. Retail gallons decreased 5%, primarily reflecting temperatures that were 12% warmer than the prior year in the western U.S. and continuing customer attrition. On a weather-adjusted basis and excluding the Hawaii divestiture, retail gallons were comparable to the prior-year period. Total margin increased $2 million as the impact of higher average LPG unit margins and increased fee income were largely offset by lower retail gallons. Operating and administrative expenses increased $2 million largely due to continued investment in customer-facing initiatives resulting in higher compensation and advertising expenses. EBIT increased $2 million as lower depreciation and amortization expenses and higher total margin were partially offset by higher operating and administrative expenses and lower gain from asset sales. Total margin represents total revenue less total cost of sales. In the case of Utilities, total margin is also reduced by certain revenue-related taxes. Deviation from average heating degree days is determined on a 10-year period utilizing volume-weighted weather data. REPORT OF EARNINGS – UGI CORPORATION (Millions of dollars, except per share) (Unaudited) Three Months Ended March 31, Six Months Ended March 31, Twelve Months Ended March 31, 2026 2025 2026 2025 2026 2025 Revenues: Utilities $ 880 $ 773 $ 1,471 $ 1,258 $ 1,974 $ 1,717 Midstream & Marketing 715 587 1,142 954 1,671 1,446 UGI International 621 650 1,196 1,288 2,027 2,169 AmeriGas Propane 759 848 1,359 1,475 2,160 2,322 Corporate & Other (a) (290 ) (192 ) (400 ) (279 ) (473 ) (336 ) Total revenues $ 2,685 $ 2,666 $ 4,768 $ 4,696 $ 7,359 $ 7,318 Earnings before interest expense and income taxes: Utilities $ 250 $ 241 $ 407 $ 382 $ 428 $ 421 Midstream & Marketing 150 154 238 249 282 307 UGI International 132 143 256 253 317 328 AmeriGas Propane 156 154 228 228 166 161 Total reportable segments 688 692 1,129 1,112 1,193 1,217 Corporate & Other (a) 83 4 104 103 (68 ) (217 ) Total earnings before interest expense and income taxes 771 696 1,233 1,215 1,125 1,000 Interest expense: Utilities (30 ) (25 ) (59 ) (51 ) (108 ) (97 ) Midstream & Marketing (15 ) (12 ) (29 ) (24 ) (54 ) (45 ) UGI International (11 ) (11 ) (22 ) (21 ) (47 ) (43 ) AmeriGas Propane (37 ) (37 ) (75 ) (70 ) (149 ) (145 ) Corporate & Other, net (a) (18 ) (17 ) (37 ) (38 ) (71 ) (68 ) Total interest expense (111 ) (102 ) (222 ) (204 ) (429 ) (398 ) Income before income taxes 660 594 1,011 1,011 696 602 Income tax expense (140 ) (115 ) (194 ) (157 ) (55 ) (69 ) Net income attributable to UGI Corporation $ 520 $ 479 $ 817 $ 854 $ 641 $ 533 Earnings per share attributable to UGI shareholders: Basic $ 2.42 $ 2.23 $ 3.80 $ 3.97 $ 2.98 $ 2.49 Diluted $ 2.33 $ 2.19 $ 3.68 $ 3.93 $ 2.89 $ 2.46 Weighted Average common shares outstanding (thousands): Basic 214,833 214,976 214,844 214,965 214,918 213,897 Diluted 222,705 218,944 222,068 217,331 221,563 216,319 Supplemental information: Net income attributable to UGI Corporation: Utilities $ 171 $ 166 $ 269 $ 255 $ 251 $ 251 Midstream & Marketing 109 150 170 239 200 265 UGI International 103 93 206 193 255 281 AmeriGas Propane 85 25 109 (21 ) 166 (97 ) Total reportable segments 468 434 754 666 872 700 Corporate & Other (a) 52 45 63 188 (231 ) (167 ) Total net income attributable to UGI Corporation $ 520 $ 479 $ 817 $ 854 $ 641 $ 533 Corporate & Other includes specific items attributable to our reportable segments that are not included in profit measures used by our Chief Operating Decision Maker in assessing our reportable segments' performance or allocating resources. These specific items are shown in the section titled "Non-GAAP Financial Measures - Adjusted Net Income Attributable to UGI and Adjusted Diluted Earnings Per Share" below. Corporate & Other also includes the elimination of certain intercompany transactions. Non-GAAP Financial Measures - Adjusted Net Income Attributable to UGI and Adjusted Diluted Earnings Per Share. The following tables reconcile net income attributable to UGI Corporation, the most directly comparable GAAP measure, to adjusted net income attributable to UGI Corporation, and reconcile diluted EPS, the most comparable GAAP measure, to adjusted diluted EPS, to reflect the adjustments referred to previously: Three Months Ended March 31, Six Months Ended March 31, Twelve Months Ended March 31, 2026 2025 2026 2025 2026 2025 Adjusted net income attributable to UGI Corporation (millions): Net income attributable to UGI Corporation $ 520 $ 479 $ 817 $ 854 $ 641 $ 533 Net losses (gains) on commodity derivative instruments not associated with current-period transactions (net of tax of $25, $15, $26, $29, $(5) and $45, respectively) (109 ) (5 ) (97 ) (69 ) (21 ) (96 ) Unrealized losses (gains) on foreign currency derivative instruments (net of tax of $4, $(3), $5, $3, $(1) and $0, respectively) (7 ) 10 (11 ) (6 ) 2 3 Loss associated with impairment of AmeriGas Propane goodwill (net of tax of $0, $0, $0, $0, $0, and $(3), respectively) — — — — — 192 Loss on extinguishment of debt (net of tax of $0, $0, $0, $0, $(2) and $(3), respectively) — — — — 8 6 Impairments of equity method investments and assets (net of tax of $0, $0, $0, $0, $0 and $(1), respectively) — — — — — 25 Costs associated with exit of the UGI International energy marketing business (net of tax of $0, $0, $0, $0, $0 and $(1), respectively) — — — — — 3 Net loss (gain) on disposals of businesses (net of tax of $0, $0, $1, $0, $3 and $(11), respectively) 62 — 36 — 74 55 Impact of change in tax law — — — — (10 ) — AmeriGas operations enhancement for growth project (net of tax of 0, 0, $0, $0, $0 and $(3), respectively) — — — — — 9 Restructuring costs (net of tax of $0, $(2), $0, $0, $0 and $(10), respectively) — — — — — 26 Total adjustments (1) (54 ) 5 (72 ) (75 ) 53 223 Adjusted net income attributable to UGI Corporation $ 466 $ 484 $ 745 $ 779 $ 694 $ 756 Adjusted diluted earnings per share: UGI Corporation earnings per share — diluted $ 2.33 $ 2.19 $ 3.68 $ 3.93 $ 2.89 $ 2.46 Net losses (gains) on commodity derivative instruments not associated with current-period transactions (0.49 ) (0.03 ) (0.44 ) (0.32 ) (0.09 ) (0.44 ) Unrealized losses (gains) on foreign currency derivative instruments (0.03 ) 0.05 (0.05 ) (0.03 ) 0.01 0.01 Loss associated with impairment of AmeriGas Propane goodwill — — — — — 0.89 Loss on extinguishment of debt — — — — 0.04 0.03 Impairments of equity method investments and assets — — — — — 0.12 Costs associated with the exit of the UGI International energy marketing business — — — — — 0.01 Net loss (gain) on disposals of businesses 0.28 — 0.16 — 0.33 0.25 Impact of change in tax law — — — — (0.05 ) — AmeriGas operations enhancement for growth project — — — — — 0.04 Restructuring costs — — — — — 0.12 Total adjustments (0.24 ) 0.02 (0.33 ) (0.35 ) 0.24 1.03 Adjusted diluted earnings per share $ 2.09 $ 2.21 $ 3.35 $ 3.58 $ 3.13 $ 3.49 Income taxes associated with pre-tax adjustments determined using statutory business unit tax rates. View source version on businesswire.com: https://www.businesswire.com/news/home/20260506258708/en/ CONTACT INVESTOR RELATIONS
Tel: +1 610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498 Original: UGI Reports Second Quarter Results
US Market News
2月前
AmeriGas® Hosts Philly 250 Forum, Bringing Together Philadelphia's Civic and Sports Leaders Ahead of the City's Historic SummerMay 1, 2026 1:00 PM
Business Wire
As title sponsor of the Philadelphia Cycling Classic, the panel is the first in a series of events for AmeriGas employees and its community partners ahead of the race's return
AmeriGas Propane, L.P. (AmeriGas), the nation's largest retail propane distributor and a UGI Corporation (NYSE: UGI) subsidiary, is bringing Philadelphia's most exciting summer in generations into focus for its employees. As title sponsor of the Philadelphia Cycling Classic, AmeriGas gathered some of the city's top civic, tourism, and sports leaders at its King of Prussia headquarters to preview three landmark events converging in 2026: the FIFA World Cup, the nation's 250th anniversary, and the return of the Philadelphia Cycling Classic.
“For more than 140 years, UGI has been part of the fabric of this region, and we carry that history with genuine pride,” said Bob Flexon, President & CEO of UGI Corporation. “Sponsoring the Philadelphia Cycling Classic and helping to bring it back to the city felt like a natural extension of who we are. Philadelphia is at the center of something extraordinary this summer, and we are proud to be a part of it alongside leaders from Visit Philadelphia, Philadelphia Soccer 2026 (FIFA), and Race Street Partners.”
Flexon and Jessica Morris, Brand Strategy and Marketing Communications at AmeriGas, co-moderated the discussion, which featured AmeriGas President Michael Sharp; Visit Philadelphia President & CEO, Angela Val; Philadelphia Soccer 2026 Senior Director of Strategy, Operations & Partnerships, Alison Grove; former Philadelphia Mayor and Race Street Partners Co-Founder Michael Nutter; and Race Street Partners Co-Founders Eric Robbins and Carlos Rogers.
The event, and AmeriGas's sponsorship of the Philadelphia Cycling Classic, highlight the company's ongoing momentum, including its focus on customer service, operational growth, and recent accomplishment of moving all customer service operations back to the United States.
“The transformation underway at AmeriGas begins with our people, and the progress we have made over the past 18 months is a direct reflection of their dedication and belief in what this company can be,” said Michael Sharp, President of AmeriGas. “As we see that work take shape, sponsoring the Philadelphia Cycling Classic feels like a natural extension of that momentum — a chance to celebrate what we have built together and share it with the city we call home. I look forward to seeing our employees and customers enjoy a free, family-friendly day of world-class racing in August.”
UGI and AmeriGas will be engaging their workforce nationwide in the lead up to race day through a series of events including group bike rides on local trail networks, a pep rally at headquarters, nationwide bike builds for local nonprofit partners, and additional volunteer opportunities for team members across the country.
The Philadelphia Cycling Classic presented by AmeriGas returns to the city on August 30, 2026, after a decade-long hiatus. The race will feature professional men's and women's fields competing on a course that weaves through the city, including the iconic Manayunk Wall and Lemon Hill. AmeriGas's sponsorship has powered this return and provided Race Street Partners with the ability to offer equal prize purses for both fields. Learn more about the race at PhiladelphiaCyclingClassic.com.
About AmeriGas Propane and UGI Corporation
AmeriGas Propane is the largest retail propane distributor in the United States, with approximately 801 million gallons sold annually to over 1 million customers from approximately 1,390 locations as of September 30, 2025. AmeriGas Propane is a wholly owned subsidiary of UGI Corporation (NYSE: UGI), a distributor and marketer of energy products and services in the U.S. and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing, and energy marketing services.
Learn more about AmeriGas at www.amerigas.com and UGI Corporation at www.ugicorp.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260501261761/en/
610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498
Original: AmeriGas® Hosts Philly 250 Forum, Bringing Together Philadelphia's Civic and Sports Leaders Ahead of the City's Historic Summer
US Market News
4月前
UGI Corporation Appoints Sidd Manjeshwar as Chief Strategy OfficerFebruary 4, 2026 5:15 PM
Business Wire
UGI Corporation (NYSE: UGI) today announced that Sidd Manjeshwar has joined as Chief Strategy Officer and serves as part of the company’s executive leadership team. In this newly created role, Manjeshwar will be responsible for formulating and driving UGI’s enterprise vision and strategy, and leading strategic initiatives including assessing growth opportunities.
Robert Flexon, President and CEO of UGI Corporation, said, “Over the past year, we have been focused on operational excellence and business turnaround, to drive greater intrinsic value and solidify our foundation. As we advance this crucial work, Sidd's extensive experience in corporate strategy, M&A, and value creation will help us optimize UGI’s future through growth while ensuring long-term sustainability.”
Manjeshwar brings more than 25 years of experience in investment banking and corporate leadership. Most recently, he has served as Senior Vice President and Chief Financial Officer at AdvanSix with global responsibility for Controllership, Treasury, Investor Relations, Procurement, Internal Audit, Commercial Finance, Tax, and Financial Planning and Analysis. Prior to that he served as Vice President, Corporate Treasurer and Investor Relations at Air Products and Chemicals, Inc., and earlier, as Chief Financial Officer at FirstLight Power. Manjeshwar has held leadership positions at Dynegy Inc. as Vice President, Corporate Finance and M&A, and Treasurer, and worked in investment banking at Deutsche Bank, Barclays Capital, and Lehman Brothers.
“UGI is a high-quality organization with strong values, disciplined leadership, and a clear focus on long-term value creation,” said Manjeshwar. “I’m excited to partner with the team to support continued execution and build on the momentum underway.”
Manjeshwar holds a B.E. in Electronics from the University of Mumbai, a M.S. in Computer Science from James Madison University, and an M.B.A. from Georgetown University’s McDonough School of Business.
About UGI Corporation
UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the U.S. and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing, and energy marketing services.
Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260204021786/en/
610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498
Original: UGI Corporation Appoints Sidd Manjeshwar as Chief Strategy Officer
US Market News
4月前
UGI Reports First Quarter ResultsFebruary 4, 2026 4:45 PM
Business Wire
UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended December 31, 2025.
HIGHLIGHTS
Q1 GAAP diluted earnings per share ("EPS") of $1.34 and adjusted diluted EPS of $1.26 compared to GAAP diluted EPS of $1.74 and adjusted diluted EPS of $1.37 in the prior-year period.
Q1 reportable segments earnings before interest expense and income taxes1 ("EBIT") of $441 million compared to $420 million in the prior-year period.
In January 2026, entered into definitive agreements to divest of the LPG businesses in Czech Republic, Hungary, Poland, Slovakia and Romania for an enterprise value of approximately €48 million. Since fiscal 2025, UGI International has entered into agreements to divest of its LPG operations in 7 countries (approximately 5% of the fiscal 2025 EBIT for the segment) which will generate approximately $215 million in cash proceeds.
In January 2026, Moody’s upgraded AmeriGas’ rating from negative to positive "outlook".
Filed gas base rate cases for UGI Utilities and Mountaineer Gas subsequent to the quarter, requesting overall distribution rate increases of $99 million and $27 million, respectively. The requests are intended to recover UGI’s investment in upgrading aging infrastructure as we maintain our commitment to provide safe, reliable, and affordable energy to customers.
Bob Flexon, President and Chief Executive Officer, said, "UGI had a solid start to fiscal 2026, delivering 5% growth in total reportable segment EBIT in line with our expectation. Our natural gas businesses produced strong results, driven by strong gas demand and the impact of the gas base rate case at our Pennsylvania utility. Across our Global LPG businesses, we capitalized on favorable weather in certain U.S. regions and more than offset the impact of the divestitures through operational improvements, effective margin management and disciplined cost control.
"Importantly, we continue to make meaningful progress on our business processes, safety, and cultural transformation, the foundational work that positions UGI to unlock incremental intrinsic value. As we look to the year ahead, we remain focused on operational excellence, disciplined capital deployment, and executing our long-term growth strategy to drive continued shareholder value."
EARNINGS CALL AND WEBCAST
UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss the quarterly earnings and other current activities at 9:00 AM ET on Thursday, February 5, 2026. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://www.ugicorp.com/investors/financial-reports/presentations or by visiting the company website at https://www.ugicorp.com and clicking on Investors and then Presentations. A replay of the webcast will be available after the event until 11:59 PM ET February 4, 2027.
ABOUT UGI
UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the US and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing, and energy marketing services.
Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.
USE OF NON-GAAP MEASURES
Management uses "adjusted net income attributable to UGI Corporation" and "adjusted diluted EPS", each of which are non-GAAP financial measures, when evaluating UGI's overall performance. Management believes that these non-GAAP measures provide meaningful information to investors about UGI’s performance because they eliminate the impacts of (1) gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions and (2) other significant discrete items that can affect the comparison of period-over-period results. Volatility in net income attributable to UGI can occur as a result of gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions but included in earnings in accordance with U.S. generally accepted accounting principles ("GAAP").
Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures.
The tables on the last page of this press release reconcile net income attributable to UGI Corporation, the most directly comparable GAAP measure to adjusted net income attributable to UGI Corporation, and diluted EPS, the most comparable GAAP measure to adjusted diluted EPS, to reflect the adjustments referred to above.
1 Reportable segments' EBIT represents an aggregate of our reportable operating segment level EBIT, as determined in accordance with GAAP.
USE OF FORWARD-LOOKING STATEMENTS
This press release contains statements, estimates and projections that are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended). Such statements use forward-looking words such as “believe,” “plan,” “anticipate,” “continue,” “estimate,” “expect,” “may,” or other similar words and terms of similar meaning, although not all forward-looking statements contain such words. These statements discuss plans, strategies, events or developments that we expect or anticipate will or may occur in the future. Management believes that these are 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; accordingly, there is no assurance that results will be realized. You should read UGI’s Annual Report on Form 10-K for a more extensive list of factors that could affect results. We undertake no obligation (and expressly disclaim any obligation) to update publicly any forward-looking statement, whether as a result of new information or future events, except as required by the federal securities laws.
SEGMENT RESULTS ($ in millions, except where otherwise indicated)
Utilities
For the fiscal quarter ended December 31,
2025
2024
(Decrease) Increase
Revenues
$
591
$
485
$
106
22
%
Total margin (a)
$
302
$
274
$
28
10
%
Operating and administrative expenses
$
100
$
91
$
9
10
%
Operating income
$
155
$
138
$
17
12
%
Earnings before interest expense and income taxes
$
157
$
141
$
16
11
%
Gas Utility system throughput - billions of cubic feet
Core market
36
31
5
16
%
Total
101
98
3
3
%
Gas Utility degree days—% colder (warmer) than normal (b)
16.8
%
(3.2
)%
Capital expenditures
$
133
$
106
$
27
25
%
Gas Utility service territory experienced temperatures that were 21% colder than the prior-year period.
Core market volumes increased 16% largely due to the colder weather.
Total margin increased $28 million primarily due to the effect of higher gas base rates that went into effect in PA, and to a lesser extent, the effect of the colder weather which was largely mitigated by the weather normalization adjustment mechanism.
Operating and administrative expenses increased $9 million primarily reflecting, among other things, higher personnel and maintenance expenses.
Operating income increased $17 million as higher total margin ($28 million) was partially offset by higher operating and administrative expenses ($9 million) and increased depreciation expense ($3 million) from continued distribution system capital expenditure activity.
Midstream & Marketing
For the fiscal quarter ended December 31,
2025
2024
(Decrease) Increase
Revenues
$
427
$
367
$
60
16
%
Total margin (a)
$
139
$
138
$
1
1
%
Operating and administrative expenses
$
35
$
29
$
6
21
%
Operating income
$
84
$
91
$
(7
)
(8
)%
Earnings before interest expense and income taxes
$
88
$
95
$
(7
)
(7
)%
Heating degree days - % colder (warmer) than normal (b)
14.1
%
(3.9
)%
Capital expenditures
$
17
$
32
$
(15
)
(47
)%
Temperatures were 18% colder than the prior-year period.
Total margin was comparable with the prior-year period as the effect of the colder weather was partially offset by lower margin due to a lag in recovery of higher pipeline transportation costs.
Operating and administrative expenses increased $6 million primarily due to higher personnel-related expenses and increased operating cost related to plants placed in service in September 2025.
Operating income decreased $7 million largely reflecting higher operating and administrative expenses.
UGI International
For the fiscal quarter ended December 31,
2025
2024
(Decrease) Increase
Revenues
$
575
$
638
$
(63
)
(10
)%
Total margin (a)
$
284
$
264
$
20
8
%
Operating and administrative expenses (a)
$
134
$
134
$
—
—
%
Operating income
$
127
$
106
$
21
20
%
Earnings before interest expense and income taxes
$
124
$
110
$
14
13
%
LPG retail gallons sold (millions)
195
218
(23
)
(11
)%
Heating degree days - % (warmer) than normal (b)
(0.7
)%
(3.5
)%
Capital expenditures
$
11
$
14
$
(3
)
(21
)%
UGI International base-currency results are translated into U.S. dollars based upon exchange rates experienced during the reporting periods. Differences in these translation rates affect the comparison of line item amounts presented in the table above. The functional currency of a significant portion of our UGI International results is the euro and, to a much lesser extent, the British pound sterling. During the 2025 and 2024 three-month periods, the average unweighted euro-to-dollar translation rates were approximately $1.16 and $1.07, respectively, and the average unweighted British pound sterling-to-dollar translation rates were approximately $1.33 and $1.28, respectively.
Temperatures were 1% warmer than normal and 1% colder than the prior-year period.
Retail volumes were 11% lower than the prior-year period largely due to lower volume from crop drying campaigns, divesting the LPG businesses in Italy and Austria, and continued structural conservation.
Total margin increased $20 million reflecting higher average LPG unit margins due to effective margin management and the translation effects of the stronger foreign currencies (~$24 million), partially offset by lower retail volumes sold.
Operating and administrative expenses were comparable with the prior-year period as the impact of the aforementioned divestitures, as well as lower distribution and maintenance expenses stemming from operating efficiency improvements, were fully offset by the translation effects of the stronger foreign currencies (~$13 million).
EBIT increased $14 million as higher total margin ($20 million) was partially offset by lower realized gains on foreign currency exchange contracts ($7 million).
AmeriGas Propane
For the fiscal quarter ended December 31,
2025
2024
(Decrease) Increase
Revenues
$
600
$
627
$
(27
)
(4
)%
Total margin (a)
$
349
$
347
$
2
1
%
Operating and administrative expenses
$
244
$
236
$
8
3
%
Operating income / earnings before interest expense and income taxes
$
72
$
74
$
(2
)
(3
)%
Retail gallons sold (millions)
205
204
1
—
%
Heating degree days - % colder (warmer) than normal (b)
0.8
%
(6.3
)%
Capital expenditures
$
30
$
23
$
7
30
%
Temperatures were 1% colder than normal and 8% colder than the prior-year period.
Retail gallons increased as the effects of colder weather in the East were largely offset by the effect of warmer weather in the West, divesting the LPG operations in Hawaii (2 million gallons), and the continued effect of net customer attrition.
Total margin increased $2 million as the impact of higher average LPG unit margins was partially offset by lower fee income.
Operating and administrative expenses increased $8 million largely due to continued investment in customer-facing initiatives which led to higher personnel-related and advertising expenses.
EBIT decreased $2 million as higher total margin, higher gains on asset sales, and lower depreciation and amortization expenses were more than offset by higher operating and administrative expenses.
(a)
Total margin represents total revenue less total cost of sales. In the case of Utilities, total margin is also reduced by certain revenue-related taxes.
(b)
Deviation from average heating degree days is determined on a 10-year period utilizing volume-weighted weather data.
REPORT OF EARNINGS – UGI CORPORATION
(Millions of dollars, except per share)
(Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2025
2024
2025
2024
Revenues:
Utilities
$
591
$
485
$
1,867
$
1,590
Midstream & Marketing
427
367
1,543
1,342
UGI International
575
638
2,056
2,192
AmeriGas Propane
600
627
2,249
2,269
Corporate & Other (a)
(110
)
(87
)
(375
)
(274
)
Total revenues
$
2,083
$
2,030
$
7,340
$
7,119
Earnings before interest expense and income taxes:
Utilities
$
157
$
141
$
419
$
406
Midstream & Marketing
88
95
286
306
UGI International
124
110
328
316
AmeriGas Propane
72
74
164
145
Total reportable segments
441
420
1,197
1,173
Corporate & Other (a)
21
99
(147
)
(140
)
Total earnings before interest expense and income taxes
462
519
1,050
1,033
Interest expense:
Utilities
(29
)
(26
)
(103
)
(96
)
Midstream & Marketing
(14
)
(12
)
(51
)
(42
)
UGI International
(11
)
(10
)
(47
)
(43
)
AmeriGas Propane
(38
)
(33
)
(149
)
(148
)
Corporate & Other, net (a)
(19
)
(21
)
(70
)
(67
)
Total interest expense
(111
)
(102
)
(420
)
(396
)
Income before income taxes
351
417
630
637
Income tax expense
(54
)
(42
)
(30
)
(87
)
Net income attributable to UGI Corporation
$
297
$
375
$
600
$
550
Earnings per share attributable to UGI shareholders:
Basic
$
1.38
$
1.74
$
2.79
$
2.58
Diluted
$
1.34
$
1.74
$
2.72
$
2.55
Weighted Average common shares outstanding (thousands):
Basic
214,842
214,933
214,919
213,204
Diluted
221,418
215,695
220,588
215,875
Supplemental information:
Net income attributable to UGI Corporation:
Utilities
$
98
$
89
$
246
$
240
Midstream & Marketing
61
89
241
235
UGI International
103
100
245
279
AmeriGas Propane
24
(46
)
106
(85
)
Total reportable segments
286
232
838
669
Corporate & Other (a)
11
143
(238
)
(119
)
Total net income attributable to UGI Corporation
$
297
$
375
$
600
$
550
(a)
Corporate & Other includes specific items attributable to our reportable segments that are not included in profit measures used by our Chief Operating Decision Maker in assessing our reportable segments' performance or allocating resources. These specific items are shown in the section titled "Non-GAAP Financial Measures - Adjusted Net Income Attributable to UGI and Adjusted Diluted Earnings Per Share" below. Corporate & Other also includes the elimination of certain intercompany transactions.
Non-GAAP Financial Measures - Adjusted Net Income Attributable to UGI and Adjusted Diluted Earnings Per Share.
The following tables reconcile net income attributable to UGI Corporation, the most directly comparable GAAP measure, to adjusted net income attributable to UGI Corporation, and reconcile diluted EPS, the most comparable GAAP measure, to adjusted diluted EPS, to reflect the adjustments referred to previously:
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2025
2024
2025
2024
Adjusted net income attributable to UGI Corporation (millions):
Net income attributable to UGI Corporation
$
297
$
375
$
600
$
550
Net losses (gains) on commodity derivative instruments not associated with current-period transactions (net of tax of $1, $14, $(15) and $49, respectively)
12
(64
)
83
(201
)
Unrealized losses (gains) on foreign currency derivative instruments (net of tax of $1, $6, $(8) and $3, respectively)
(4
)
(16
)
19
(8
)
Loss associated with impairment of AmeriGas Propane goodwill (net of tax of $0, $0, $0, and $(3), respectively)
—
—
—
192
Loss on extinguishment of debt (net of tax of $0, $0, $(2) and $(3), respectively)
—
—
8
6
Impairments of equity method investments and assets (net of tax of $0, $0, $0 and $(3), respectively)
—
—
—
30
Costs associated with exit of the UGI International energy marketing business (net of tax of $0, $0, $0 and $(2), respectively)
—
—
—
4
Loss (gain) on disposals of businesses (net of tax of $1, $0, $3 and $(11), respectively)
(26
)
—
12
55
Impact of change in tax law
—
—
(10
)
—
AmeriGas operations enhancement for growth project (net of tax of $0, $0, $0 and $(4), respectively)
—
—
—
14
Restructuring costs (net of tax of $0, $0, $0 and $(19), respectively)
—
—
—
53
Total adjustments (1)
(18
)
(80
)
112
145
Adjusted net income attributable to UGI Corporation
$
279
$
295
$
712
$
695
Adjusted diluted earnings per share:
UGI Corporation earnings per share — diluted
$
1.34
$
1.74
$
2.72
$
2.55
Net losses (gains) on commodity derivative instruments not associated with current-period transactions
0.06
(0.30
)
0.38
(0.93
)
Unrealized losses (gains) on foreign currency derivative instruments
(0.02
)
(0.07
)
0.09
(0.04
)
Loss associated with impairment of AmeriGas Propane goodwill
—
—
—
0.89
Loss on extinguishment of debt
—
—
0.04
0.03
Impairments of equity method investments and assets
—
—
—
0.14
Costs associated with the exit of the UGI International energy marketing business
—
—
—
0.02
Loss (gain) on disposals of businesses
(0.12
)
—
0.05
0.25
Impact of change in tax law
—
—
(0.05
)
—
AmeriGas operations enhancement for growth project
—
—
—
0.06
Restructuring costs
—
—
—
0.25
Total adjustments
(0.08
)
(0.37
)
0.51
0.67
Adjusted diluted earnings per share
$
1.26
$
1.37
$
3.23
$
3.22
(1) Income taxes associated with pre-tax adjustments determined using statutory business unit tax rates.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260204505547/en/
INVESTOR RELATIONS
Tel: +1 610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498
Original: UGI Reports First Quarter Results
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