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Ugi Corp (UGI) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Ugi Corp

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CIK: 866590 Ticker: UGI




ugia02.jpgPress Release


UGI Reports Third Quarter Results
August 5, 2019
 
VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended June 30, 2019.
HIGHLIGHTS
•
GAAP EPS of $(0.01) and adjusted EPS of $0.13 per diluted share compared to GAAP EPS of $0.30 and adjusted EPS of $0.09 per diluted share in the prior year.
•
The Company made substantial progress on investing our growing cash flows for the benefit of our shareholders. The previously announced acquisition of Columbia Midstream Group closed on August 1st and the merger with AmeriGas received regulatory approval and is expected to close later this quarter.
•
UGI Utilities filed a joint settlement petition with the PAPUC for a $30 million rate increase on July 22nd. The petition is currently under review by the PAPUC and is anticipated to become effective by early Fall.
"Our teams delivered a solid quarter by managing costs and optimizing operational efficiencies. Our focus on expense management was evident in the third quarter and these activities provide a foundation for significant, long-term efficiency gains. We continue to identify opportunities to grow and deliver value and expect to roll out various initiatives during our fiscal fourth quarter that will enable us to finish the year strong and benefit future performance," said John L. Walsh, president and chief executive officer of UGI Corporation. "The past several months have been transformational for our company with the announcement of the AmeriGas Merger and the closing of the Columbia Midstream Group acquisition, which enhances our geographic footprint, diversifies our network of assets, and establishes a full-scale midstream platform. These strategic investments align with our long-term strategy and position us well to deliver on our commitments to shareholders."
Based on the results of the first nine months of the fiscal year and expectations for the fourth quarter, UGI expects full year adjusted EPS to be at the lower end of its guidance range of $2.40 to $2.601 per diluted share for the fiscal year ending September 30, 20192.

KEY DRIVERS OF THIRD QUARTER RESULTS
•
AmeriGas: Retail volume down 6.7%; Cylinder Exchange and National Accounts volume increased 4.5% and 0.6%, respectively; Incremental expenses related to litigation reserves and correction of a prior-period accounting error
•
UGI International: Operating income increased due to margin management, the recovery of energy conservation compliance costs, and operating and administrative expense management
•
Midstream & Marketing: Lower baseload capacity values and lower pricing spreads between Marcellus and non-Marcellus delivery points
•
UGI Utilities: Lower operating and administrative expenses; Core market volumes decreased due to April weather that was 44% warmer than the prior-year period

1 Excluding the impacts of the AmeriGas Merger and CMG acquisition
2 See Note on Guidance and Use of Forward-Looking Statements

1
The following information was filed by Ugi Corp (UGI) on Tuesday, August 6, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Ugi Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Equity
Condensed Consolidated Statements Of Changes In Equity (Parenthetical)
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical)
Condensed Consolidated Statements Of Income
Accounting Changes
Accounting Changes - Narrative (Details)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Details)
Accumulated Other Comprehensive Income (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt - Narrative (Details)
Defined Benefit Pension And Other Postretirement Plans
Defined Benefit Pension And Other Postretirement Plans (Tables)
Defined Benefit Pension And Other Postretirement Plans - Components Of Net Periodic Pension Expense And Other Postretirement Benefit Costs (Details)
Defined Benefit Pension And Other Postretirement Plans - Narrative (Details)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Tables)
Derivative Instruments And Hedging Activities - Effects Of Derivative Instruments On The Condensed Consolidated Statements Of Income And Changes In Aoci (Details)
Derivative Instruments And Hedging Activities - Fair Value Of Derivative Assets And Liabilities (Details)
Derivative Instruments And Hedging Activities - Narrative (Details)
Derivative Instruments And Hedging Activities - Schedule Of Notional Amounts (Details)
Energy Services Accounts Receivable Securitization Facility
Energy Services Accounts Receivable Securitization Facility (Tables)
Energy Services Accounts Receivable Securitization Facility - Narrative (Details)
Energy Services Accounts Receivable Securitization Facility - Trade Receivables Transferred And Sold (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - (Details)
Fair Value Measurements - Financial Assets And Liabilities That Are Measured At Fair Value On A Recurring Basis (Details)
Fair Value Measurements - Nonreccuring Fair Value Measurement (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Components Of Company's Goodwill And Intangible Assets (Details)
Goodwill And Intangible Assets - Narrative (Details)
Income Taxes
Income Taxes - Narrative (Details)
Inventories
Inventories - Narrative (Details)
Inventories (Tables)
Inventories - Components Of Inventories (Details)
Nature Of Operations
Nature Of Operations (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers - Disaggregation (Details)
Revenue From Contracts With Customers (Details)
Revenue From Contracts With Customers (Tables)
Segment Information
Segment Information (Tables)
Segment Information - Narrative (Details)
Segment Information - Reconciliation Of Partnership Adjusted Ebitda (Details)
Segment Information - Schedule Of Segment Reporting Information (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - (Narrative) (Details)
Summary Of Significant Accounting Policies - Schedule Of Cash And Restricted Cash (Details)
Summary Of Significant Accounting Policies - Shares Used In Computing Basic And Diluted Earnings Per Share (Details)
Utility Regulatory Assets And Liabilities And Regulatory Matters
Utility Regulatory Assets And Liabilities And Regulatory Matters (Details)
Utility Regulatory Assets And Liabilities And Regulatory Matters (Tables)
Utility Regulatory Assets And Liabilities And Regulatory Matters - Narrative (Details)

Material Contracts, Statements, Certifications & more

Ugi Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: UGI
CIK: 884614
Form Type: 10-Q Quarterly Report
Accession Number: 0000884614-19-000036
Submitted to the SEC: Tue Aug 06 2019 12:15:04 PM EST
Accepted by the SEC: Tue Aug 06 2019
Period: Sunday, June 30, 2019
Industry: Gas And Other Services Combined

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