UGI Corporation reported earnings results for the first quarter of 2013. For the period, reported net income of $102.6 million or $0.90 per diluted share compared to $87 million or $0.77 per share for the first quarter last year. Adjusted EBITDA for the first quarter of $193 million was significantly higher than the $87 million reported last year due really to the addition of Heritage Propane and the related synergies. Volume for the quarter was up 59%. Total revenues were up a $193 million or 28%. Turning to adjusted EBITDA, the prior period pro forma net income of $58 million and add back taxes, interest, depreciation and amortization and the acquisition and transition expenses, adjusted EBITDA for the prior year period was approximately $158 million on a pro forma basis. Therefore, the $193 million of adjusted EBITDA reported in first quarter of 2013 is $35 million or 22% above what the two companies recorded on a pro forma basis during the same period last year. This significant improvement in earnings given weather that was only about 3% colder than the prior year, clearly demonstrates the benefits of the Heritage acquisition.

The company is adjusting its 2013 guidance down $0.05. So the new range for earnings is $2.40 to $2.50 per share.