AmeriGas Reports Fiscal 2018 Results
Issues 2019 Guidance
VALLEY FORGE, PA - AmeriGas Propane, Inc., general partner of AmeriGas Partners, L.P. ("the Partnership," NYSE: APU), today reported financial results for the fiscal year ended September 30, 2018.
GAAP net income of $190.5 million and Adjusted net income of $252.4 million
Adjusted EBITDA of $605.5 million, an increase of $54.2 million above Fiscal 2017 results
Issued Adjusted EBITDA guidance of $610 - $650 million for the fiscal year ending September 30, 2019
"Temperatures returned to normal this year after consecutive years of historically warm conditions. We delivered Adjusted EBITDA that was 10% higher than last year on weather that was 13% colder than last year," said Hugh J. Gallagher, president and chief executive officer of AmeriGas. "We maintained our unit margins despite a 19% increase in propane costs, delivered record results in our ACE and National Accounts programs, and continued to leverage our investments in technology to enhance both our business and the customer experience. We look to build on our 2018 results as we enter the 2019 heating season."
Gallagher continued, “Our teams remain focused on our core operations, advancing our strategic initiatives and providing great customer service. I would like to thank our 7,700 employees for their energy and commitment this year."
Delivered record volume and earnings results in ACE and National Accounts programs
Completed two acquisitions, adding 3 million gallons of motor-fuel business
Completed strategic divestiture of non-core assets; proceeds of approximately $12 million
Continued to reduce distribution costs and optimize delivery routing through AmeriMobile platform; launched AmeriMobile for service business
AmeriGas provided Adjusted EBITDA guidance in the range of $610 - $650 million for the fiscal year ending September 30, 2019.1 This guidance range assumes normal weather, based upon a 15-year average, and excludes mark-to-market gains and losses on commodity derivative instruments.
EARNINGS CALL and WEBCAST
AmeriGas Partners, L.P. will hold a live Internet Audio Webcast of its conference call to discuss fiscal 2018 earnings and other current activities at 9:00 AM ET on Tuesday, November 13, 2018. Interested parties may listen to the audio webcast both live and in replay on the Internet at http://investors.amerigas.com/investor-relations/events-presentations or at the company website http://www.amerigas.com under Investor Relations. A telephonic replay will be available from 12:00 PM ET on November 13 through 11:59 PM on November 20. The replay may be accessed at (855) 859-2056, and internationally at 1-404-537-3406, conference ID 8897959.
AmeriGas is the nation’s largest retail propane marketer, serving over 1.7 million customers in all 50 states from approximately 1,900 distribution locations. UGI Corporation, through subsidiaries, is the sole General Partner and owns 26% of the Partnership and the public owns the remaining 74%. Comprehensive information about AmeriGas is available on the Internet at http://www.amerigas.com
USE OF NON-GAAP MEASURES
The Partnership’s management uses certain non-GAAP financial measures, including adjusted total margin, EBITDA, adjusted EBITDA and adjusted net income (loss) attributable to AmeriGas Partners, L.P., when evaluating the Partnership’s overall performance. These financial
The following information was filed by Amerigas Partners Lp (APU) on Tuesday, November 13, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.