UGI Corp. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011
January 25, 2012 at 12:30 pm
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UGI Corp. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company's total revenues were $1,688.8 million compared to $1,765.6 million a year ago. Total operating income was $188.3 million compared to $252.3 million a year ago. Income before income taxes was $152.2 million compared to $218.8 million a year ago. Net income was $110.1 million compared to $155.0 million a year ago. Net income attributable to the company was $87.0 million or $0.77 per diluted share compared to $113.1 million or $1.01 per diluted share a year ago. Results for the current-year period were impacted by significantly warmer than normal weather across all of the company's business units. Total revenues decreased primarily due to lower revenues from natural gas marketing activities resulting from modestly lower volumes sold and lower average natural gas prices. Partially offsetting this decrease were increased revenues from retail power sales and gas storage services. The increase in gas storage income reflects the transfer of the storage assets to Midstream & Marketing on April 1, 2011.
For the year, the company's total revenues were $6,014.5 million compared to $5,738.2 million a year ago. Total operating income was $552.0 million compared to $668.3 million a year ago. Income before income taxes was $372.4 million compared to $533.1 million a year ago. Net income was $263.3 million compared to $365.2 million a year ago. Net income attributable to the company was $206.8 million or $1.83 per diluted share compared to $275.7 million or $2.48 per diluted share a year ago.
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.