UGI Corp.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 7 May 2026: press release. Guidance figures: 1 lowered, 1 new. The quarter’s numbers.

Key takeaways

Q2 GAAP diluted EPS rose to $2.33: GAAP diluted EPS was $2.33 against $2.19, and net income attributable to UGI was $520 million against $479 million. Adjusted diluted EPS was $2.09 against $2.21. Source
Utilities revenue and margin rose: Utilities revenue rose 14% to $880 million, total margin rose 6% to $408 million, and EBIT rose 4% to $250 million, with higher Pennsylvania gas base rates offset in part by weather normalization. Source
Midstream revenue up, EBIT down: Midstream & Marketing revenue rose 22% to $715 million, total margin was $203 million against $202 million, and EBIT fell 3% to $150 million. Source
AmeriGas retail gallons down 5%: AmeriGas retail gallons fell to 256 million from 269 million, reflecting a much warmer western U.S. and continuing customer attrition. Source
Liquidity about $2.1 billion, leverage 3.7x: As of March 31, 2026, available liquidity was about $2.1 billion and net leverage was 3.7 times. Source
Electric division sale agreed: The company signed a definitive agreement to sell its electric division for about $470 million, subject to a working capital adjustment, after the quarter ended. Source

“Although near-term Fiscal 2026 earnings expectations have softened due to timing of growth investments in Midstream & Marketing and steady progression of the AmeriGas transformation, we remain firmly committed to our long-term trajectory and growth targets.”
Bob Flexon, President and Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Adjusted diluted EPS Source	Fiscal 2026	$2.75 - $2.90	Lowered
Natural gas demand from Prime Data Centers partnership Source	Within three to five years	exceeding 100,000 dekatherms per day	New

What changed from last quarter

Guidance lowered: Fiscal 2026 adjusted diluted EPS guidance was updated, and management said near-term Fiscal 2026 earnings expectations had softened. Source
New: Subsequent to the quarter, the company agreed to sell its electric division for approximately $470 million, subject to a working capital adjustment. Source
New: Subsequent to the quarter, the company announced a partnership with Prime Data Centers to develop natural gas supply infrastructure in Pennsylvania's northern tier. Source
New: AmeriGas began online sale of propane cylinders in selected cities on Amazon, using its existing direct-to-consumer delivery infrastructure. Source

Results and earnings per share

Q2 GAAP diluted EPS rose to $2.33: GAAP diluted EPS was $2.33 against $2.19, and net income attributable to UGI was $520 million against $479 million. Adjusted diluted EPS was $2.09 against $2.21. Source
Year-to-date segment EBIT edged up: Year-to-date reportable segment EBIT was $1,129 million against $1,112 million. Year-to-date GAAP diluted EPS was $3.68 against $3.93. Source
Commodity gain removed from adjusted EPS: Adjusted results remove a $109 million after-tax net gain on commodity derivatives not tied to current-period transactions, and add back a $62 million after-tax loss on disposals of businesses. Source
Corporate & Other EBIT rose: Corporate & Other EBIT was $83 million in the quarter against $4 million. Total EBIT was $771 million against $696 million. Source

Segment results

Utilities revenue and margin rose: Utilities revenue rose 14% to $880 million, total margin rose 6% to $408 million, and EBIT rose 4% to $250 million, with higher Pennsylvania gas base rates offset in part by weather normalization. Source
Midstream revenue up, EBIT down: Midstream & Marketing revenue rose 22% to $715 million, total margin was $203 million against $202 million, and EBIT fell 3% to $150 million. Source
International EBIT fell on FX contract gains: UGI International revenue fell 4% to $621 million and EBIT fell 8% to $132 million, mainly from lower realized foreign currency contract gains and reduced total margin. Source
AmeriGas revenue down, EBIT slightly up: AmeriGas Propane revenue fell 10% to $759 million, while EBIT rose 1% to $156 million on lower depreciation and amortization and higher total margin. Source

“Looking beyond the quarter, I am increasingly confident in our ability to create long-term value.”
Bob Flexon, President and Chief Executive Officer

Products and customers

AmeriGas retail gallons down 5%: AmeriGas retail gallons fell to 256 million from 269 million, reflecting a much warmer western U.S. and continuing customer attrition. Source
Utilities returned $25 million to customers: The company returned about $25 million to Utilities customers through the Pennsylvania weather normalization rider during the period. Source
AmeriGas customer spending rose: AmeriGas operating and administrative expenses rose $2 million, mainly from customer-facing initiatives that increased compensation and advertising costs. Source

Costs, margins and pricing

Utilities costs rose on personnel: Utilities operating and administrative expenses rose $8 million to $111 million, and depreciation rose $4 million from continued distribution capital spending. Source
AmeriGas margin flat on LPG unit margins: AmeriGas total margin was $448 million against $446 million. Higher average LPG unit margins and fee income offset lower retail gallons. Source
Stronger euro lifted International margin: Currency translation added about $30 million to International total margin at average euro rates of $1.17 against $1.05, but divestitures and warmer weather left total margin down $4 million. Source

“At AmeriGas, we made tangible progress on our operational turnaround, including on-shoring our call center”
Bob Flexon, President and Chief Executive Officer

Demand, weather and throughput

Utility throughput nearly flat: Gas Utility total throughput was 129 billion cubic feet against 128 billion. Core market throughput was flat at 53 billion cubic feet. Source
Weather differed across segments: The Gas Utility territory was 4% colder than the prior-year period, while AmeriGas was 5% warmer and International was 5% warmer. Source
International volumes fell on divestitures: International retail volumes fell 8% from the prior year, largely from divesting LPG businesses in Italy and Austria and from warmer weather. Source

Capital, cash and liquidity

Liquidity about $2.1 billion, leverage 3.7x: As of March 31, 2026, available liquidity was about $2.1 billion and net leverage was 3.7 times. Source
Utilities capital spending rose: Utilities capital expenditures were $127 million against $100 million. Midstream & Marketing capital expenditures fell to $5 million from $27 million. Source
International cash flow and operating environment: Management said UGI International kept generating strong free cash flow while operating in a dynamic environment. Source

Strategy and investment

AmeriGas turnaround progressing: Management reported on-shoring of the AmeriGas call center and year-over-year gains in safety, customer satisfaction, and routing and logistics efficiency. Source
Midstream growth investment timing: Management tied softer near-term fiscal 2026 earnings expectations to the timing of Midstream & Marketing growth investments and the AmeriGas transformation. Source
Capital discipline and leverage as foundation: Management cited the AmeriGas transformation, disciplined capital allocation, and improved leverage and liquidity as strengthening the company's foundation. Source

Portfolio changes and partnerships

Electric division sale agreed: The company signed a definitive agreement to sell its electric division for about $470 million, subject to a working capital adjustment, after the quarter ended. Source

Coming up, as management said on 7 May 2026

Electric division sale closing: The electric division sale is expected to close in the first quarter of calendar 2027, subject to closing conditions and regulatory approvals. Source
AmeriGas positioned for heating season: Management said the AmeriGas changes are meant to position the business for the upcoming heating season. Source

Figures management reported

Figure	Reported
Pennsylvania gas base rates (Utilities total margin effect) Source	Higher gas base rates in effect; total margin up $23 million
Pennsylvania weather normalization rider returned to customers Source	approximately $25 million
Gas Utility system throughput Source	Total 129 billion cubic feet (prior 128); core market 53 billion cubic feet (prior 53)
Utilities capital expenditures Source	$127 million (prior $100 million)

Risks management discussed

Operational: Management tied softer near-term Fiscal 2026 earnings expectations to the timing of Midstream growth investments and the pace of the AmeriGas transformation. Source
Demand: AmeriGas retail gallons declined partly because of continuing customer attrition, in addition to warmer weather in the western U.S. Source
External: Weather was warmer than normal and than the prior year, which reduced AmeriGas volumes and margin in the quarter. Source
Financial: Management noted that gains and losses on derivatives not tied to current-period transactions can make net income volatile, and the quarter's adjustments reflect this. Source
Regulatory: Closing of the electric division sale depends on customary closing conditions and applicable regulatory approvals. Source

Earlier plans management reported on

Not stated: Management said consolidated leverage ended the quarter below the targeted range for Fiscal 2026. Source
Not stated: Management said it remains committed to its long-term trajectory and growth targets despite softer near-term Fiscal 2026 expectations. Source
Not stated: Management said the Amazon cylinder service is being phased in across existing home-delivery markets during Fiscal 2026. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

UGI Reports Second Quarter Results

VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended March 31, 2026.

HIGHLIGHTS

Q2 GAAP diluted earnings per share ("EPS") of $2.33 and adjusted diluted EPS of $2.09 compared to GAAP diluted EPS of $2.19 and adjusted diluted EPS of $2.21 in the prior-year period.
Year-to-date (YTD) GAAP diluted EPS of $3.68 and adjusted diluted EPS of $3.35 compared to GAAP diluted EPS of $3.93 and adjusted diluted EPS of $3.58 in the prior-year period.
YTD reportable segments earnings before interest expense and income taxes ("EBIT") of $1,129 million compared to $1,112 million in the prior-year period.
Available liquidity of approximately $2.1 billion and net leverage of 3.7x as of March 31, 2026.
Subsequent to the quarter,
Announced a strategic partnership with Prime Data Centers to develop major natural gas supply infrastructure in Pennsylvania's northern tier, with expected demand exceeding 100,000 dekatherms per day within three to five years.
Executed a definitive agreement to sell our electric division for approximately $470 million, subject to working capital adjustment. The transaction is expected to close in the first quarter of calendar year 2027, subject to customary closing conditions and applicable regulatory approvals.
Launched online sale of AmeriGas propane cylinders in selected cities on Amazon, phasing in service across existing home-delivery markets during Fiscal 2026 and leveraging our established direct-to-consumer delivery infrastructure.
Updates Fiscal 2026 adjusted diluted EPS guidance to a range of $2.75 - $2.90 per share.

"Our year-to-date results reflect the continued execution of our strategic priorities, with reportable segment EBIT ahead of the prior year," said Bob Flexon, President and Chief Executive Officer. "Our natural gas businesses delivered a solid performance, supported by higher gas base rates at our Utilities where we have also returned approximately $25 million to customers through our Pennsylvania weather normalization rider. UGI International continued to generate strong free cash flow while navigating a dynamic operating environment. At AmeriGas, we made tangible progress on our operational turnaround, including on-shoring our call center and driving year-over-year improvement in safety, customer satisfaction, routing and logistics efficiencies, as we better position the business for the upcoming heating season. We were also pleased to end the quarter with consolidated leverage below our targeted range for Fiscal 2026.

"Looking beyond the quarter, I am increasingly confident in our ability to create long-term value. Although near-term Fiscal 2026 earnings expectations have softened due to timing of growth investments in Midstream & Marketing and steady progression of the AmeriGas transformation, we remain firmly committed to our long-term trajectory and growth targets. We are optimally situated to serve the growing demand for safe, reliable and affordable energy solutions across our service territories, reinforced by our recent strategic partnerships. At the same time, the transformation underway at AmeriGas, disciplined capital allocation approach and continued improvement in leverage and liquidity are strengthening our foundation. Together, these advantages position UGI to deliver sustainable returns for our shareholders over the long-term."

EARNINGS CALL AND WEBCAST

UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss the quarterly earnings and other current activities at 9:00 AM ET on Thursday, May 7, 2026. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://www.ugicorp.com/investors/financial-reports/presentations or by visiting the company website at https://www.ugicorp.com and clicking on Investors and then Presentations. A replay of the webcast will be available after the event until 11:59 PM ET May 6, 2027.

CONTACT INVESTOR RELATIONS

Tel: +1 610-337-1000

Tameka Morris, ext. 6297

Arnab Mukherjee, ext. 7498

ABOUT UGI

UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the US and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing, and energy marketing services.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

USE OF NON-GAAP MEASURES

Management uses "adjusted net income attributable to UGI Corporation" and "adjusted diluted EPS", each of which are non-GAAP financial measures, when evaluating UGI's overall performance. Management believes that these non-GAAP measures provide meaningful information to investors about UGI’s performance because they eliminate the impacts of (1) gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions and (2) other significant discrete items that can affect the comparison of period-over-period results. Volatility in net income attributable to UGI can occur as a result of gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions but included in earnings in accordance with U.S. generally accepted accounting principles ("GAAP").

Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures.

The tables on the last page of this press release reconcile net income attributable to UGI Corporation, the most directly comparable GAAP measure to adjusted net income attributable to UGI Corporation, and diluted EPS, the most comparable GAAP measure to adjusted diluted EPS, to reflect the adjustments referred to above.

Reportable segments' EBIT represents an aggregate of our reportable operating segment level EBIT, as determined in accordance with GAAP.

Because we are unable to predict certain potentially material items affecting diluted EPS on a GAAP basis, principally mark-to-market gains and losses on commodity and certain foreign currency derivative instruments, we cannot reconcile fiscal year 2026 adjusted diluted EPS, a non-GAAP measure, to diluted EPS, the most directly comparable GAAP measure, in reliance on the “unreasonable efforts” exception set forth in SEC rules.

USE OF FORWARD-LOOKING STATEMENTS

Forward-looking statements notice

This press release contains statements, estimates and projections that are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended). Such statements use forward-looking words such as “believe,” “plan,” “anticipate,” “continue,” “estimate,” “expect,” “may,” or other similar words and terms of similar meaning, although not all forward-looking statements contain such words. These statements discuss plans, strategies, events or developments that we expect or anticipate will or may occur in the future. Management believes that these are reasonable as of today’s date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management’s control; accordingly, there is no assurance that results will be realized. You should read UGI’s Annual Report on Form 10-K for a more extensive list of factors that could affect results. We undertake no obligation (and expressly disclaim any obligation) to update publicly any forward-looking statement, whether as a result of new information or future events, except as required by the federal securities laws.

SEGMENT RESULTS ($ in millions, except where otherwise indicated)

Utilities

For the fiscal quarter ended March 31,		2026		2025	(Decrease) Increase
Revenues	$880		$773		$107	14%
Total margin (a)	$408		$385		$23	6%
Operating and administrative expenses	$111		$103		$8	8%
Operating income	$249		$240		$9	4%
Earnings before interest expense and income taxes	$250		$241		$9	4%
Gas Utility system throughput - billions of cubic feet
Core market	53		53		-	- %
Total	129		128		1	1%
Gas Utility degree days - % colder than normal (b)	7.1%		0.3%
Capital expenditures	$127		$100		$27	27%

Gas Utility service territory experienced temperatures that were 4% colder than the prior-year period.
Total margin increased $23 million primarily due to the effect of higher gas base rates that went into effect in PA which was partially offset by the impact of the weather normalization adjustment mechanism ($19 million).
Operating and administrative expenses increased $8 million primarily reflecting, among other things, higher personnel and uncollectible account expenses.
Operating income increased $9 million as higher total margin ($23 million) was partially offset by higher operating and administrative expenses ($8 million) and increased depreciation expense ($4 million) from continued distribution system capital expenditure activity.

Midstream & Marketing

For the fiscal quarter ended March 31,		2026		2025	(Decrease) Increase
Revenues	$715		$587		$128	22%
Total margin (a)	$203		$202		$1	- %
Operating and administrative expenses	$36		$31		$5	16%
Operating income	$145		$151		$(6)	(4)%
Earnings before interest expense and income taxes	$150		$154		$(4)	(3)%
Heating degree days - % colder than normal (b)	8.5%		2.5%
Capital expenditures	$5		$27		$(22)	(81)%

Temperatures were 3% colder than the prior-year period.
Total margin was comparable with the prior-year period as higher peaking margins were substantially offset by lower margin from capacity management activities.
Operating and administrative expenses increased $5 million primarily due to plants placed in service last year.
Operating income decreased $6 million largely reflecting higher operating and administrative expenses.

UGI International

For the fiscal quarter ended March 31,		2026		2025	(Decrease) Increase
Revenues	$621		$650		$(29)	(4)%
Total margin (a)	$298		$302		$(4)	(1)%
Operating and administrative expenses (a)	$141		$142		$(1)	(1)%
Operating income	$136		$139		$(3)	(2)%
Earnings before interest expense and income taxes	$132		$143		$(11)	(8)%
LPG retail gallons sold (millions)	197		213		(16)	(8)%
Heating degree days - % (warmer) than normal (b)	(6.0)%		(2.2)%
Capital expenditures	$19		$17		$2	12%

UGI International base-currency results are translated into U.S. dollars based upon exchange rates experienced during the reporting periods. Differences in these translation rates affect the comparison of line item amounts presented in the table above. The functional currency of a significant portion of our UGI International results is the euro and, to a much lesser extent, the British pound sterling. During the 2026 and 2025 three-month periods, the average unweighted euro-to-dollar translation rates were approximately $1.17 and $1.05, respectively, and the average unweighted British pound sterling-to-dollar translation rates were approximately $1.35 and $1.26, respectively.

Temperatures were 5% warmer than the prior-year period.
Retail volumes were 8% lower than the prior-year period largely due to divesting the LPG businesses in Italy and Austria and the effects of warmer weather.
Total margin decreased $4 million as the translation effects of the stronger foreign currencies (~$30 million) was more than offset by the impact of the divestitures and the warmer weather.
Operating and administrative expenses were comparable to the prior-year period as the impact of the aforementioned divestitures, as well as lower distribution expenses, were largely offset by the translation effects of the stronger foreign currencies (~$15 million).
EBIT decreased $11 million largely reflecting lower realized gains on foreign currency exchange contracts ($8 million) and reduced total margin ($4 million).

AmeriGas Propane

For the fiscal quarter ended March 31,		2026		2025	(Decrease) Increase
Revenues	$759		$848		$(89)	(10)%
Total margin (a)	$448		$446		$2	- %
Operating and administrative expenses	$259		$257		$2	1%
Operating income / earnings before interest expense and income taxes	$156		$154		$2	1%
Retail gallons sold (millions)	256		269		(13)	(5)%
Heating degree days - % colder (warmer) than normal (b)	(2.4)%		2.8%
Capital expenditures	$29		$16		$13	81%

Temperatures were 2% warmer than normal and 5% warmer than the prior-year period.
Retail gallons decreased 5%, primarily reflecting temperatures that were 12% warmer than the prior year in the western U.S. and continuing customer attrition. On a weather-adjusted basis and excluding the Hawaii divestiture, retail gallons were comparable to the prior-year period.
Total margin increased $2 million as the impact of higher average LPG unit margins and increased fee income were largely offset by lower retail gallons.
Operating and administrative expenses increased $2 million largely due to continued investment in customer-facing initiatives resulting in higher compensation and advertising expenses.
EBIT increased $2 million as lower depreciation and amortization expenses and higher total margin were partially offset by higher operating and administrative expenses and lower gain from asset sales.

(a)Total margin represents total revenue less total cost of sales. In the case of Utilities, total margin is also reduced by certain revenue-related taxes.

(b)Deviation from average heating degree days is determined on a 10-year period utilizing volume-weighted weather data.

REPORT OF EARNINGS - UGI CORPORATION

(Millions of dollars, except per share)

(Unaudited)

	Three Months Ended March 31,		Six Months Ended March 31,		Twelve Months Ended March 31,
	2026	2025	2026	2025	2026	2025
Revenues:
Utilities	$880	$773	$1,471	$1,258	$1,974	$1,717
Midstream & Marketing	715	587	1,142	954	1,671	1,446
UGI International	621	650	1,196	1,288	2,027	2,169
AmeriGas Propane	759	848	1,359	1,475	2,160	2,322
Corporate & Other (a)	(290)	(192)	(400)	(279)	(473)	(336)
Total revenues	$2,685	$2,666	$4,768	$4,696	$7,359	$7,318
Earnings before interest expense and income taxes:
Utilities	$250	$241	$407	$382	$428	$421
Midstream & Marketing	150	154	238	249	282	307
UGI International	132	143	256	253	317	328
AmeriGas Propane	156	154	228	228	166	161
Total reportable segments	688	692	1,129	1,112	1,193	1,217
Corporate & Other (a)	83	4	104	103	(68)	(217)
Total earnings before interest expense and income taxes	771	696	1,233	1,215	1,125	1,000
Interest expense:
Utilities	(30)	(25)	(59)	(51)	(108)	(97)
Midstream & Marketing	(15)	(12)	(29)	(24)	(54)	(45)
UGI International	(11)	(11)	(22)	(21)	(47)	(43)
AmeriGas Propane	(37)	(37)	(75)	(70)	(149)	(145)
Corporate & Other, net (a)	(18)	(17)	(37)	(38)	(71)	(68)
Total interest expense	(111)	(102)	(222)	(204)	(429)	(398)
Income before income taxes	660	594	1,011	1,011	696	602
Income tax expense	(140)	(115)	(194)	(157)	(55)	(69)
Net income attributable to UGI Corporation	$520	$479	$817	$854	$641	$533
Earnings per share attributable to UGI shareholders:
Basic	$2.42	$2.23	$3.80	$3.97	$2.98	$2.49
Diluted	$2.33	$2.19	$3.68	$3.93	$2.89	$2.46
Weighted Average common shares outstanding (thousands):
Basic	214,833	214,976	214,844	214,965	214,918	213,897
Diluted	222,705	218,944	222,068	217,331	221,563	216,319
Supplemental information:
Net income attributable to UGI Corporation:
Utilities	$171	$166	$269	$255	$251	$251
Midstream & Marketing	109	150	170	239	200	265
UGI International	103	93	206	193	255	281
AmeriGas Propane	85	25	109	(21)	166	(97)
Total reportable segments	468	434	754	666	872	700
Corporate & Other (a)	52	45	63	188	(231)	(167)
Total net income attributable to UGI Corporation	$520	$479	$817	$854	$641	$533

(a) Corporate & Other includes specific items attributable to our reportable segments that are not included in profit measures used by our Chief Operating Decision Maker in assessing our reportable segments' performance or allocating resources. These specific items are shown in the section titled "Non-GAAP Financial Measures - Adjusted Net Income Attributable to UGI and Adjusted Diluted Earnings Per Share" below. Corporate & Other also includes the elimination of certain intercompany transactions.

Non-GAAP Financial Measures - Adjusted Net Income Attributable to UGI and Adjusted Diluted Earnings Per Share.

The following tables reconcile net income attributable to UGI Corporation, the most directly comparable GAAP measure, to adjusted net income attributable to UGI Corporation, and reconcile diluted EPS, the most comparable GAAP measure, to adjusted diluted EPS, to reflect the adjustments referred to previously:

		Three Months Ended March 31,		Six Months Ended March 31,		Twelve Months Ended March 31,
		2026	2025	2026	2025	2026	2025
	Net income attributable to UGI Corporation	$520	$479	$817	$854	$641	$533
	Net losses (gains) on commodity derivative instruments not associated with current-period transactions (net of tax of $25, $15, $26, $29, $(5) and $45, respectively)	(109)	(5)	(97)	(69)	(21)	(96)
	Unrealized losses (gains) on foreign currency derivative instruments (net of tax of $4, $(3), $5, $3, $(1) and $0, respectively)	(7)	10	(11)	(6)	2	3
	Loss associated with impairment of AmeriGas Propane goodwill (net of tax of $0, $0, $0, $0, $0, and $(3), respectively)	-	-	-	-	-	192
	Loss on extinguishment of debt (net of tax of $0, $0, $0, $0, $(2) and $(3), respectively)	-	-	-	-	8	6
	Impairments of equity method investments and assets (net of tax of $0, $0, $0, $0, $0 and $(1), respectively)	-	-	-	-	-	25
	Costs associated with exit of the UGI International energy marketing business (net of tax of $0, $0, $0, $0, $0 and $(1), respectively)	-	-	-	-	-	3
	Net loss (gain) on disposals of businesses (net of tax of $0, $0, $1, $0, $3 and $(11), respectively)	62	-	36	-	74	55
	Impact of change in tax law	-	-	-	-	(10)	-
	AmeriGas operations enhancement for growth project (net of tax of 0, 0, $0, $0, $0 and $(3), respectively)	-	-	-	-	-	9
	Restructuring costs (net of tax of $0, $(2), $0, $0, $0 and $(10), respectively)	-	-	-	-	-	26
	Total adjustments (1)	(54)	5	(72)	(75)	53	223
	Adjusted net income attributable to UGI Corporation	$466	$484	$745	$779	$694	$756
	UGI Corporation earnings per share - diluted	$2.33	$2.19	$3.68	$3.93	$2.89	$2.46
	Net losses (gains) on commodity derivative instruments not associated with current-period transactions	(0.49)	(0.03)	(0.44)	(0.32)	(0.09)	(0.44)
	Unrealized losses (gains) on foreign currency derivative instruments	(0.03)	0.05	(0.05)	(0.03)	0.01	0.01
	Loss associated with impairment of AmeriGas Propane goodwill	-	-	-	-	-	0.89
	Loss on extinguishment of debt	-	-	-	-	0.04	0.03
	Impairments of equity method investments and assets	-	-	-	-	-	0.12
	Costs associated with the exit of the UGI International energy marketing business	-	-	-	-	-	0.01
	Net loss (gain) on disposals of businesses	0.28	-	0.16	-	0.33	0.25
	Impact of change in tax law	-	-	-	-	(0.05)	-
	AmeriGas operations enhancement for growth project	-	-	-	-	-	0.04
	Restructuring costs	-	-	-	-	-	0.12
	Total adjustments	(0.24)	0.02	(0.33)	(0.35)	0.24	1.03
	Adjusted diluted earnings per share	$2.09	$2.21	$3.35	$3.58	$3.13	$3.49
Adjusted net income attributable to UGI Corporation (millions):
Adjusted diluted earnings per share:

(1)Income taxes associated with pre-tax adjustments determined using statutory business unit tax rates.