UGI Corp.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 6 August 2026: press release. Guidance figures: 1 new, 1 kept. The quarter’s numbers.

Key takeaways

Q3 GAAP and adjusted EPS both negative: Q3 GAAP diluted EPS was $(0.62) against $(0.76) a year earlier. Adjusted diluted EPS was $(0.20) against $(0.01). Net loss attributable to UGI was $(133) million against $(163) million. Source
Utility operating income rose $10 million: Utilities operating income rose to $39 million from $29 million. Higher total margin of $13 million was partly offset by $3 million of extra depreciation from distribution spending. Source
AmeriGas operating loss widened: AmeriGas revenue fell 14% to $372 million. Total margin fell $26 million to $201 million, and the operating loss was $(53) million against $(28) million. Source
Gallons fell on weather and attrition: Retail gallons fell 10% to 124 million. The company attributed the decline mainly to April temperatures and continuing customer attrition. Source
Midstream margin rose on capacity timing: Midstream total margin rose $13 million to $90 million, largely on timing of capacity margin and pipeline cost recovery. Revenue fell 10% to $249 million. Source
Debt transactions cut borrowing costs: Several debt transactions extended maturities and reduce borrowing costs by about $30 million annualized across three businesses. Source

“With rising natural gas demand across our regions driven by economic development and load growth from data centers and power generation, we see meaningful opportunities ahead.”
Bob Flexon, President and Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Adjusted diluted EPS Source	Fiscal 2026	$2.75 - $2.90	Kept
Pennsylvania gas distribution rate increase (settlement) Source	October 2026 and October 2027	$65 million in two phases: $40 million, then $25 million; stay-out through January 2029	New

What changed from last quarter

Guidance kept: Fiscal 2026 adjusted diluted EPS range of $2.75 to $2.90 was reaffirmed, the same range as in the previous release. Source
New: Gas base rate case settled, subject to final PA PUC approval. The previous release did not include this settlement. Source

Quarter and year-to-date results

Q3 GAAP and adjusted EPS both negative: Q3 GAAP diluted EPS was $(0.62) against $(0.76) a year earlier. Adjusted diluted EPS was $(0.20) against $(0.01). Net loss attributable to UGI was $(133) million against $(163) million. Source
Year-to-date EPS below prior year: Year-to-date GAAP diluted EPS was $3.08 against $3.16, and adjusted diluted EPS was $3.17 against $3.55. Source
Segment EBIT edged up year-to-date: Reportable segment EBIT was $1,187 million against $1,184 million year-to-date, despite about $40 million from LPG divestitures and warmer weather. Source

Pennsylvania gas utility

Utility operating income rose $10 million: Utilities operating income rose to $39 million from $29 million. Higher total margin of $13 million was partly offset by $3 million of extra depreciation from distribution spending. Source
Core gas volumes held flat: Gas Utility core market throughput was 12 billion cubic feet in both periods; total throughput fell to 73 from 82 billion cubic feet. Source

“At AmeriGas, the transformation is taking hold and this is driving improved volume retention and favorable trends across several leading indicators, including safety, net promoter score, zero fills, and out-of-gas incidents.”
UGI Corp., press release

AmeriGas Propane

AmeriGas operating loss widened: AmeriGas revenue fell 14% to $372 million. Total margin fell $26 million to $201 million, and the operating loss was $(53) million against $(28) million. Source
Gallons fell on weather and attrition: Retail gallons fell 10% to 124 million. The company attributed the decline mainly to April temperatures and continuing customer attrition. Source
Ex-Hawaii, weather-adjusted gallons down: Excluding the Hawaii divestiture and adjusting for weather, retail gallons fell 6% for the quarter and 2% year-to-date. Source

UGI International

International EBIT slipped on divestitures: International total margin fell $6 million to $186 million, and EBIT fell $2 million to $41 million, largely from divested LPG businesses. Source
Stronger euro partly offset divestitures: Stronger foreign currencies added about $5 million to total margin, and the average euro rate was about $1.16 against $1.13. Source
Retail volumes lower after divestitures: LPG retail gallons were 125 million against 139 million, down 10%, reflecting the divested businesses in Italy, Austria and Eastern Europe. Source

“our focus is on being fully prepared for the upcoming winter heating season across all segments, and at AmeriGas in particular.”
UGI Corp., press release

Midstream and Marketing

Midstream margin rose on capacity timing: Midstream total margin rose $13 million to $90 million, largely on timing of capacity margin and pipeline cost recovery. Revenue fell 10% to $249 million. Source
Operating costs up on new plants: Operating and administrative expenses rose $8 million to $40 million, mainly from plants placed in service last year, and operating income rose $4 million to $31 million. Source
Midstream capital spending cut: Midstream capital expenditures were $16 million against $30 million a year earlier, a 47% decline. Source

Weather across segments

Gas Utility temperatures colder: Gas Utility temperatures ran 6% colder than the prior-year quarter. International and Midstream temperatures were warmer, and AmeriGas was comparable. Source
AmeriGas weather comparable overall: Temperatures for AmeriGas in the quarter were comparable to the prior year, so the gallon decline came mainly from April and attrition. Source
Midstream temperatures warmer: Midstream temperatures were 5% warmer than the prior year; heating degree days were 10.2% warmer than normal against 5.4% a year earlier. Source

Debt, interest and capital spending

Debt transactions cut borrowing costs: Several debt transactions extended maturities and reduce borrowing costs by about $30 million annualized across three businesses. Source
Utilities capital spending rose: Utilities capital expenditures were $150 million against $146 million, a 3% increase. Source
Interest expense rose: Total interest expense was $109 million against $101 million for the quarter, and $331 million against $305 million year-to-date. Source

ESG report and tax

All 2025 ESG commitments achieved: The eighth annual ESG report says UGI achieved all of its 2025 ESG commitments, a milestone year for the company. Source
Emissions and safety goals surpassed: The company said it surpassed goals for Scope 1 emissions, Total Recordable Injuries and Accountable Vehicle Incidents. Source
Tax benefit smaller than last year: Q3 income tax benefit was $28 million against $65 million a year earlier; nine-month tax expense was $166 million against $92 million. Source

Coming up, as management said on 6 August 2026

Final PA PUC decision on rate case: Management expects a final PA PUC decision on the gas rate settlement no later than October 2026. Source

In management's words

“UGI International offset the impact of divestitures to deliver comparable year-to-date EBIT on a year-over-year basis, while continuing to generate top-tier return on capital employed and free cash flow conversion.”
UGI Corp., press release

Figures management reported

Figure	Reported
Gas base rate increase Source	$65 million, two-phase, pending PA PUC approval
Utilities capital expenditures (quarter) Source	$150 million vs $146 million
Load growth Source	Rising demand cited; no figure given
EPS growth target (FY2026 adjusted EPS guidance) Source	$2.75 - $2.90 per share

Risks management discussed

Regulatory: The gas rate settlement still needs PA PUC approval before the increase takes effect. Source
Demand: AmeriGas retail gallons fell with April temperatures and continuing customer attrition, which management identified as drivers. Source
Financial: Certain GAAP EPS items, mainly mark-to-market gains and losses on commodity and FX derivatives, cannot be predicted, which management said affects reported EPS. Source
External: Stronger foreign currencies raised International margin about $5 million, but divestitures outweighed that effect. Source

Earlier plans management reported on

Met: Management said UGI achieved all of its 2025 ESG commitments in the year covered by the report. Source
On track: The Midstream margin rise came from timing that management had previously anticipated. Source
Not stated: Management reaffirmed the fiscal 2026 adjusted diluted EPS range; the release does not state progress against it. Source
Not stated: Management referred to previously announced LPG divestitures as affecting year-to-date results. 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 Third Quarter Results

VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended June 30, 2026.

HIGHLIGHTS

Q3 GAAP diluted earnings per share ("EPS") of $(0.62) and adjusted diluted EPS of $(0.20) compared to GAAP diluted EPS of $(0.76) and adjusted diluted EPS of $(0.01) in the prior-year period.
Year-to-date (YTD) GAAP diluted EPS of $3.08 and adjusted diluted EPS of $3.17 compared to GAAP diluted EPS of $3.16 and adjusted diluted EPS of $3.55 in the prior-year period.
YTD reportable segments earnings before interest expense and income taxes ("EBIT") of $1,187 million compared to $1,184 million in the prior-year period, despite the ~$40 million impact of both the previously announced LPG divestitures and warmer than prior year weather.
On July 31, 2026, the Administrative Law Judges to the gas base rate proceeding issued a Recommended Decision accepting the joint petition for settlement of the gas rate case with no modifications. Pending approval by the PA Public Utility Commission ("PA PUC"), the settlement would permit a two-phase, $65 million distribution rate increase, with the first phase of $40 million effective in October 2026 and a second phase of $25 million effective in October 2027, with a stay-out through January 2029. A final PA PUC decision is expected no later than October 2026.
Completed several debt transactions to extend maturities and reduce borrowing costs by approximately $30 million on an annualized basis at UGI International, AmeriGas Propane and UGI Energy Services.
Released the eighth annual ESG report, "Together for a Safe, Reliable, and Sustainable Future," marking a milestone year in which UGI achieved all of its 2025 ESG commitments, including surpassing its goals to reduce Scope 1 emissions by 55%, Total Recordable Injuries by 35%, and Accountable Vehicle Incidents by 50%.
Reaffirming the revised fiscal 2026 adjusted diluted EPS guidance range of $2.75 - $2.90 per share.

Bob Flexon, President and Chief Executive Officer, said, "The fundamentals across our businesses remain strong. With rising natural gas demand across our regions driven by economic development and load growth from data centers and power generation, we see meaningful opportunities ahead. At our PA Gas Utility, we reached a settlement in the gas base rate case, subject to final approval, which reinforces the focus of our business on customer affordability and investments that drive safety and reliability."

"UGI International offset the impact of divestitures to deliver comparable year-to-date EBIT on a year-over-year basis, while continuing to generate top-tier return on capital employed and free cash flow conversion. At AmeriGas, the transformation is taking hold and this is driving improved volume retention and favorable trends across several leading indicators, including safety, net promoter score, zero fills, and out-of-gas incidents."

“As we finish fiscal 2026, our focus is on being fully prepared for the upcoming winter heating season across all segments, and at AmeriGas in particular. With our portfolio of well-positioned businesses and through disciplined execution, we are building a more resilient and profitable UGI that will create long-term value for shareholders."

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, August 6, 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 August 5, 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 and Quarterly Reports on Form 10-Q 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 June 30,		2026		2025	(Decrease) Increase
Revenues	$302		$287		$15	5%
Total margin (a)	$181		$168		$13	8%
Operating and administrative expenses	$96		$96		$ -	- %
Operating income	$39		$29		$10	34%
Earnings before interest expense and income taxes	$40		$30		$10	33%
Gas Utility system throughput - billions of cubic feet
Core market	12		12		-	- %
Total	73		82		(9)	(11)%
Gas Utility degree days - % (warmer) than normal (b)	(4.1)%		(8.9)%
Capital expenditures	$150		$146		$4	3%

Gas Utility service territory experienced temperatures that were 6% colder than the prior-year period.
Notwithstanding the colder weather, Gas Utility core market volumes were comparable to the prior-year period.
Total margin increased $13 million primarily due to the effect of higher gas base rates that went into effect in PA.
Operating income increased $10 million as higher total margin ($13 million) was partially offset by increased depreciation expense ($3 million) from continued distribution system capital expenditure activity.

Midstream & Marketing

For the fiscal quarter ended June 30,		2026		2025	(Decrease) Increase
Revenues	$249		$278		$(29)	(10)%
Total margin (a)	$90		$77		$13	17%
Operating and administrative expenses	$40		$32		$8	25%
Operating income	$31		$27		$4	15%
Earnings before interest expense and income taxes	$30		$27		$3	11%
Heating degree days - % (warmer) than normal (b)	(10.2)%		(5.4)%
Capital expenditures	$16		$30		$(14)	(47)%

Temperatures were 5% warmer than the prior-year period.
Total margin increased $13 million largely due to the timing of capacity margin and recovery of higher pipeline costs, as previously anticipated.
Operating and administrative expenses increased $8 million primarily due to plants placed in service last year.
Operating income increased $4 million as higher total margin ($13 million) was partially offset by increased operating and administrative expenses.

UGI International

For the fiscal quarter ended June 30,		2026		2025	(Decrease) Increase
Revenues	$436		$437		$(1)	- %
Total margin (a)	$186		$192		$(6)	(3)%
Operating and administrative expenses (a)	$126		$129		$(3)	(2)%
Operating income	$41		$43		$(2)	(5)%
Earnings before interest expense and income taxes	$41		$43		$(2)	(5)%
LPG retail gallons sold (millions)	125		139		(14)	(10)%
Heating degree days - % (warmer) than normal (b)	(23.1)%		(20.8)%
Capital expenditures	$26		$24		$2	8%

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 $1.16 and $1.13, respectively, and the average unweighted British pound sterling-to-dollar translation rates were approximately $1.34 in both periods.

Temperatures were 2% warmer than the prior-year period.
Retail volumes were 10% lower than the prior-year period due to divesting the LPG businesses in Italy, Austria and Eastern Europe.
Total margin decreased $6 million as the effects of higher average unit margins and the translation effects of the stronger foreign currencies (~$5 million) were more than offset by the impact of the divestitures.
Operating and administrative expenses decreased $3 million as the impact of the aforementioned divestitures, as well as lower personnel expenses, were largely offset by the translation effects of the stronger foreign currencies (~$3 million).
EBIT decreased $2 million largely reflecting the effects of the aforementioned divestitures.

AmeriGas Propane

For the fiscal quarter ended June 30,		2026		2025	(Decrease) Increase
Revenues	$372		$434		$(62)	(14)%
Total margin (a)	$201		$227		$(26)	(11)%
Operating and administrative expenses	$220		$220		$ -	- %
Operating loss / loss before interest expense and income taxes	$(53)		$(28)		$(25)	(89)%
Retail gallons sold (millions)	124		138		(14)	(10)%
Heating degree days - % colder (warmer) than normal (b)	1.9%		(0.1)%
Capital expenditures	$27		$20		$7	35%

Temperatures for the quarter were comparable to the prior-year period.
Retail gallons decreased 10%, primarily reflecting April temperatures that were 16% warmer than the prior year and continuing customer attrition. On a weather-adjusted basis and excluding the Hawaii divestiture, retail gallons decreased 6% versus the prior-year period and 2% on a year-to-date basis when compared to the prior year.
Total margin decreased $26 million largely due to lower retail gallons and reduced fee income.
EBIT decreased $25 million largely reflecting lower total margin.

(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 June 30,		Nine Months Ended June 30,		Twelve Months Ended June 30,
	2026	2025	2026	2025	2026	2025
Revenues:
Utilities	$302	$287	$1,773	$1,545	$1,989	$1,747
Midstream & Marketing	249	278	1,391	1,232	1,642	1,471
UGI International	436	437	1,632	1,725	2,026	2,151
AmeriGas Propane	372	434	1,731	1,909	2,098	2,311
Corporate & Other (a)	(28)	(42)	(428)	(321)	(459)	(348)
Total revenues	$1,331	$1,394	$6,099	$6,090	$7,296	$7,332
Earnings (loss) before interest expense and income taxes:
Utilities	$40	$30	$447	$412	$438	$412
Midstream & Marketing	30	27	268	276	285	291
UGI International	41	43	297	296	315	314
AmeriGas Propane	(53)	(28)	175	200	141	160
Total reportable segments	58	72	1,187	1,184	1,179	1,177
Corporate & Other (a)	(110)	(199)	(6)	(96)	21	(345)
Total earnings (loss) before interest expense and income taxes	(52)	(127)	1,181	1,088	1,200	832
Interest expense:
Utilities	(29)	(24)	(88)	(75)	(113)	(99)
Midstream & Marketing	(15)	(11)	(44)	(35)	(58)	(47)
UGI International	(11)	(13)	(33)	(34)	(45)	(45)
AmeriGas Propane	(35)	(36)	(110)	(106)	(148)	(140)
Corporate & Other, net (a)	(19)	(17)	(56)	(55)	(73)	(72)
Total interest expense	(109)	(101)	(331)	(305)	(437)	(403)
Income (loss) before income taxes	(161)	(228)	850	783	763	429
Income tax benefit (expense)	28	65	(166)	(92)	(92)	(11)
Net income (loss) attributable to UGI Corporation	$(133)	$(163)	$684	$691	$671	$418
Earnings (loss) per share attributable to UGI shareholders:
Basic	$(0.62)	$(0.76)	$3.18	$3.22	$3.12	$1.95
Diluted	$(0.62)	$(0.76)	$3.08	$3.16	$3.03	$1.92
Weighted Average common shares outstanding (thousands):
Basic	214,690	214,813	214,789	214,896	214,868	214,899
Diluted	214,690	214,813	221,787	218,423	221,686	217,661
Supplemental information:
Net income (loss) attributable to UGI Corporation:
Utilities	$9	$5	$278	$260	$255	$243
Midstream & Marketing	12	19	182	258	193	262
UGI International	18	36	224	229	237	278
AmeriGas Propane	(62)	37	47	16	67	(24)
Total reportable segments	(23)	97	731	763	752	759
Corporate & Other (a)	(110)	(260)	(47)	(72)	(81)	(341)
Total net income (loss) attributable to UGI Corporation	$(133)	$(163)	$684	$691	$671	$418

(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 June 30,		Nine Months Ended June 30,		Twelve Months Ended June 30,
		2026	2025	2026	2025	2026	2025
	Net income (loss) attributable to UGI Corporation	$(133)	$(163)	$684	$691	$671	$418
	Net losses (gains) on commodity derivative instruments not associated with current-period transactions (net of tax of $(15), $(31), $11, $(2), $11 and $(1), respectively)	76	81	(21)	12	(26)	18
	Unrealized losses (gains) on foreign currency derivative instruments (net of tax of $1, $(7), $6, $(4), $7 and $(8), respectively)	(6)	18	(17)	12	(22)	21
	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 $(4), $(2), $(4), $(2), $(4) and $(3), respectively)	11	8	11	8	11	9
	Costs associated with exit of the UGI International energy marketing business (net of tax of $0, $0, $0, $0, $0 and $(1), respectively)	-	-	-	-	-	1
	Net loss (gain) on disposals of businesses (net of tax of $(2), $(1), $(1), $(1), $2 and $5, respectively)	5	53	41	53	26	63
	Impact of change in tax law	-	-	-	-	(10)	-
	Restructuring costs (net of tax of $(2), $0, $(2), $0, $(2) and $(8), respectively)	4	-	4	-	4	19
	Total adjustments (1)	90	160	18	85	(17)	323
	Adjusted net income (loss) attributable to UGI Corporation	$(43)	$(3)	$702	$776	$654	$741
	UGI Corporation earnings per share - diluted	$(0.62)	$(0.76)	$3.08	$3.16	$3.03	$1.92
	Net losses (gains) on commodity derivative instruments not associated with current-period transactions	0.36	0.38	(0.08)	0.06	(0.12)	0.08
	Unrealized losses (gains) on foreign currency derivative instruments	(0.03)	0.08	(0.08)	0.05	(0.10)	0.10
	Loss associated with impairment of AmeriGas Propane goodwill	-	-	-	-	-	0.88
	Loss on extinguishment of debt	0.05	0.04	0.05	0.04	0.05	0.04
	Costs associated with the exit of the UGI International energy marketing business	-	-	-	-	-	-
	Net loss (gain) on disposals of businesses	0.02	0.25	0.18	0.24	0.12	0.29
	Impact of change in tax law	-	-	-	-	(0.05)	-
	Restructuring costs	0.02	-	0.02	-	0.02	0.09
	Total adjustments	0.42	0.75	0.09	0.39	(0.08)	1.48
	Adjusted diluted earnings per share	$(0.20)	$(0.01)	$3.17	$3.55	$2.95	$3.40
Adjusted net income (loss) 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.