UGI Corp. (NYSE: UGI) reported Q1 EPS of $1.17, $0.13 better than the analyst estimate of $1.04. Revenue for the quarter came in at $2.01 billion versus the consensus estimate of $2.27 billion.

HIGHLIGHTS

• GAAP EPS of $1.00 and adjusted EPS of $1.17 per diluted share compared to GAAP EPS of $0.36 and adjusted EPS of $0.81 per diluted share in the prior-year period.
• Reportable segments earnings before interest expense and income taxes of $418.7 million compared to $345.6 million in the prior-year period.
• Gas Utility's new base rates went into effect on October 11, 2019.
• Auburn IV expansion completed on time and placed into service on November 1, 2019.

"This was an important quarter for UGI as we completed our first full period of results after the AmeriGas Merger and CMG Acquisition," said John L. Walsh, president and chief executive officer of UGI Corporation. "UGI delivered GAAP earnings per share of $1.00, adjusted earnings per share of $1.17 and continued to make progress on our strategic initiatives. Gas Utility's new base rates went into effect on October 11th and on January 28th we filed a request for an overall distribution rate increase of approximately $75 million. The Midstream and Marketing team completed the expansion of our Auburn gathering system and remains on target to complete the construction of the Bethlehem LNG facility in late 2020. Additionally, we were pleased to see the CMG system deliver solid results in the quarter. The LPG businesses made good progress on business transformation initiatives and continued to deliver strong performance from our growth drivers. All of these key investments support our long-term goal to grow and deliver value for our shareholders."

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