UGI Q1 Profit Down

(RTTNews) - UGI Corp. (UGI) reported that its net income attributable to the company for the first-quarter ended December 31, 2018 dropped to $64.2 million or $0.36 per share from $365.9 million or $2.07 per share last year.

Adjusted earnings per share was $0.81 compared to $1.01 per share in the prior year.

Prolonged warmer than normal weather at UGI International, slightly warmer than normal weather at Utilities, and colder than normal weather at Midstream & Marketing and AmeriGas.

Total revenues for the quarter grew to $2.200 billion from $2.125 billion last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.09 per share and revenues of $2.21 billion. Analysts' estimates typically exclude special items.

UGI Utilities: Core market throughput up 4% on weather that was 2% colder than prior year; total Utility margin was impacted by the revenue reduction associated with the Tax Cuts and Jobs Act (TCJA) which was applicable in the prior year; excluding the revenue reduction associated with TCJA, margin increased $5.4 million.