UGI Q1 net income decreases

Share |

10 February 2015, Gas, LPG

oilandgasobserver archive

Revenues for the first quarter ended December 31, 2014 were $2.0 billion, compared to $2.31 billion for the same quarter ended December 31, 2013.

Operating income for the first quarter ended December 31, 2014 was $83.3 million, compared to $363.7 million for the same quarter ended December 31, 2013.

Income before income taxes for the first quarter ended December 31, 2014 was $23.3 million, compared to $304.4 million for the same quarter ended December 31, 2013.

John Walsh, president and CEO of UGI, said: "Our business units performed well despite challenges posed by warmer weather in all regions. The solid performance is the result of robust demand in our natural gas businesses and the positive contributions from new investments that came on-stream in the past year. Our propane distribution businesses had a solid quarter as we focused on unit margins, working capital and operating expense management.

"The significant drop in commodity prices during the quarter was a positive development for the company as lower energy prices will be appreciated by our customers and will generate demand. We continued to make progress on our core strategic initiatives, including our participation in the PennEast pipeline and the Totalgaz acquisition, which we still expect to close in the first half of calendar year 2015. The second quarter is off to a good start with weather returning to more normal levels, and we are reiterating our adjusted EPS guidance of $1.88 to $1.98 for the fiscal year ending September 30, 2015."

Source: MarketLine

More Gas News

More LPG News

Recent news