UGI's 2Q profit falls on weak heating-gas demand

AP News
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Posted: Apr 26, 2012 5:09 PM
UGI's 2Q profit falls on weak heating-gas demand

Propane distributor UGI Corp. said Thursday its fiscal second-quarter earnings fell 11 percent as a mild winter lowered demand for heating fuel.

UGI expected earnings of between $1.65 and $1.75 per share for its fiscal year ending in September. Analysts were expecting $1.90 per share.

The company's stock price fell 34 cents to $27.51 in afternoon trading.

Net income totaled $133.4 million, or $1.18 per share, compared with $149.4 million, or $1.32 per share, a year earlier. The latest results included an expense of 2 cents per share for acquisition-related costs and 2 cents per share for early retirement of debt.

Analysts, who usually exclude items, expected the company to earn $1.28 per share, according to FactSet.

Revenue rose to $2.43 billion from $2.18 billion a year earlier, helped by acquisitions.