UGI Corporation Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2012
January 31, 2013 at 03:36 pm
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UGI Corporation reported unaudited earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported total revenues of $2,023.2 million against $1,688.8 million for the same period last year. Total operating income was $296.1 million against $188.3 million for the same period last year. Income before income taxes was $235.8 million against $152.2 million for the same period last year. Net income attributable to the company was $102.6 million or $0.90 per diluted share against $87.0 million or $0.77 per diluted share for the same period last year.
For the year, the company reported total revenues of $6,853.6 million against $6,014.5 million for the same period last year. Total operating income was $629.1 million against $552.0 million for the same period last year. Income before income taxes was $369.8 million against $372.4 million for the same period last year. Net income attributable to the company was $215.0 million or $1.89 per diluted share against $206.8 million or $1.83 per diluted share for the same period last year. Capital expenditures decreased $7.8 million primarily due to the absence of expenditures from the LNG expansion project, which was completed in August, and lower electric generation expenditures ($2.7 million) primarily due to the prior-year outage at Hunlock. These decreases were partially offset by increased expenditures in the current-year period related to natural gas storage enhancements. Operating income was higher due to the increase in total margin and the absence of expenses recorded in the prior year associated with a planned outage at the Conemaugh generating station partially offset by higher current-year depreciation expense and higher operating and administrative costs.
UGI Corporation is a holding company, which distributes, stores, transports and markets energy products and related services. In the United States, the Company owns and operates a retail propane marketing and distribution business, natural gas and electric distribution utilities, and energy marketing, midstream infrastructure, storage, natural gas gathering and processing, natural gas production, electricity generation and energy services businesses. In Europe, the Company markets and distributes propane and other liquified petroleum gas (LPG), and market other energy products and services. It operates through four segments: AmeriGas Propane, UGI International, Midstream & Marketing, and Utilities. The AmeriGas Propane segment operates propane distribution business. The UGI International segment consists of LPG distribution businesses in Austria, Belgium, the Czech Republic, Denmark, Finland, France, Hungary, Italy, Luxembourg, the Netherlands, Norway, Poland, Romania and others.