UGI 2Q profit tops Wall Street's expectations

UGI 2nd-quarter profit beats Wall Street's expectations, helped by cold winter weather

Associated Press

VALLEY FORGE, Pa. (AP) -- Propane distributor UGI said Wednesday that cold winter weather helped push its net income higher in its fiscal second quarter.

The company on Wednesday revised the results for the quarter that it initially reported on April 30. The new results reflect an accounting adjustment for some customer credits in its part-owned AmeriGas unit, which lowered earnings by about 2 cents per share.

UGI now says it earned $171.9 million, or $1.49 per share, for the three months ended March 31. That's up 29 percent from $133.4 million, or $1.18 per share, a year earlier.

On April 30, UGI said its revenue for the quarter rose 5 percent to $2.55 billion, from $2.43 billion a year ago. It did not revise its revenue in the latest report.

The company still expects fiscal 2013 earnings in a range of $2.40 to $2.50 per share, but it anticipates the results will probably be more toward the lower half of the range.

Analysts, on average, expect full-year earnings of $2.47 per share, according to FactSet.

UGI's stock shed 10 cents to $40.47 in morning trading.

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