AmeriGas Partners LP Reports Unaudited Earnings Results for the First Quarter Ended December 31, 2011
January 25, 2012 at 07:30 am
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AmeriGas Partners LP reported unaudited earnings results for the first quarter ended December 31, 2011. For the quarter, the company reported operating income of $60,096,000, income before income taxes of $43,563,000 and net income attributable to company of $42,525,000 or $0.55 per diluted share on revenue of $683,812,000 compared to operating income of $91,575,000, income before income taxes of $76,200,000 and net income attributable to company of $74,868,000 or $1.06 per diluted share on revenue of $700,220,000 a year ago. EBITDA was $83,696,000 compared to $113,329,000 for the same period a year ago. Maintenance capital expenditures were $11,790,000 compared to $10,362,000 a year ago. Growth capital expenditure was $9,813,000 compared to $10,944,000 a year ago. Revenues for the quarter decreased, reflecting the lower retail volumes sold partially offset by higher average selling prices resulting primarily from higher propane product costs. EBITDA reflecting the lower total margin and slightly higher operating expenses, which included $3.7 million in incremental expenses related to the Heritage Propane acquisition. EBITDA for the first quarter was down significantly due to weather that was about 10% warmer than last year at about 12% warmer than normal.
AmeriGas Partners, L.P. is a holding company. The Company is a retail propane distributor in the United States. It serves approximately two million residential, commercial, industrial, agricultural, wholesale and motor fuel customers in all 50 states from approximately 2,000 propane distribution locations. It operates through the segment that engages in the distribution of propane and related equipment and supplies. The Company conducts its business through its subsidiary, AmeriGas Propane, L.P. The Partnership also sells, installs and services propane appliances, including heating systems, and operates a residential heating, ventilation, air conditioning, plumbing, and related services business in certain counties of Pennsylvania, Delaware, and Maryland. The Partnership operates as an interstate carrier in all states across the continental United States. The Company's AmeriGas Cylinder Exchange program enables consumers to purchase or exchange propane cylinders at retail locations.