The document provides details on UGI Corporation's Q2 2015 earnings conference call held on May 5, 2015. It includes an overview of the company's financial results, operating performance across different business segments, and strategic initiatives. UGI reported adjusted EPS of $1.23 for Q2 2015, increased its full-year 2015 adjusted EPS guidance range to $2.00-$2.10, and discussed progress on various capital projects and acquisition opportunities.
The document provides an earnings presentation for UGI Corporation's Q1 2015 results. It includes a discussion of financial results for each of UGI's business segments, including adjusted EPS of $0.66 compared to $0.71 in Q1 2014. Operational highlights are provided for each segment, noting the impact of warmer weather on volumes. The presentation concludes with an update on Q2 and reaffirmation of the FY2015 adjusted EPS guidance range of $1.88-$1.98.
- Broadwind obtained industry data from various third party sources but does not guarantee its accuracy. Forward-looking statements are subject to risks and uncertainties.
- Tower production is returning to normal levels at the Abilene plant. Continuous improvement efforts continue to increase productivity. Strong performance at the Manitowoc plant has increased section production by 25% versus Q1 2014.
- A $50M tower order was received in Q2 2015 for 2016 production. Gearing orders were weak due to depressed oil & gas and mining markets but services orders rebounded. Over 90% of expected H2 2015 revenue was in backlog at the end of Q2 2015.
- Broadwind's Q1 2015 earnings conference call discussed lower than expected revenue and earnings due to production issues at its Abilene plant and delays receiving inventory at West Coast ports.
- Production has returned to normal levels at Abilene and inventory levels increased due to deferred deliveries, which will be consumed later in the year.
- Order backlog remains solid at $174M, providing visibility for the majority of revenue through Q4 2015. Management expects significant new orders in Q2 2015.
- UGI Corporation held a conference call on May 8, 2014 to discuss Q2 2014 earnings results.
- Adjusted EPS for Q2 2014 was $1.90, a 26% increase over the prior year period. FY2014 adjusted EPS guidance was increased to a range of $2.95 to $3.05.
- Results were driven by colder than normal weather in key regions, increasing natural gas demand, and strategic investments and acquisitions across UGI's businesses. However, significant supply issues and infrastructure constraints also increased costs.
- Operating income was up 22% to SEK 405m and the operating margin improved 0.6 percentage points to 5.5% due to continued success of the Accelerated Improvement Program.
- High margin divisions like Gardena and Construction grew net sales while Consumer Brands mitigated the impact of lower volumes.
- An increasingly challenging currency headwind was noted along with additional measures to mitigate the currency impact and fund growth investments beyond 2016.
This document summarizes Broadwind's 2014 earnings conference call. It discusses Broadwind's financial results for 2014, including improved sales and narrowed operating losses. It also provides an overview of the wind industry market conditions and Broadwind's priorities for 2015, which include growing sales, achieving profitability, and margin improvement through initiatives like restoring tower production capacity. The document contains forward-looking statements and disclaimers about the accuracy of industry data.
- The document discusses Greif's Q3 2016 earnings conference call. It provides an overview of Greif's financial performance in Q3 2016 including net sales, operating profit, net income, and free cash flow.
- Greif's strategic priorities are building engaged teams, customer service excellence, and achieving transformational performance. In Q3 2016, Greif saw improvements in customer satisfaction scores.
- Rigid Industrial Packaging & Services saw revenue growth excluding divestitures. Gross profit margin increased significantly driven by price/mix management and production efficiencies.
- Paper Packaging & Services increased volumes to offset lower prices while specialty sales expanded 10%. Flexible Products & Services showed a 15% improvement in gross
- UGI's Q1 2016 earnings were impacted by significantly warmer weather compared to the prior year period, which lowered volumes. However, this was partially offset by benefits from investments in Midstream & Marketing and the acquisition of Finagaz.
- AmeriGas saw lower volumes due to weather that was nearly 17% warmer than the prior year, but achieved higher unit margins and lower operating expenses.
- UGI International saw higher total margin and earnings due to the Finagaz acquisition, partially offset by warmer weather impacts. Integration is progressing on or ahead of schedule.
- Utilities saw lower throughput from warmer weather, but customer additions partially offset this impact. A rate case was filed in Q2 2016.
The document provides an earnings presentation for UGI Corporation's Q1 2015 results. It includes a discussion of financial results for each of UGI's business segments, including adjusted EPS of $0.66 compared to $0.71 in Q1 2014. Operational highlights are provided for each segment, noting the impact of warmer weather on volumes. The presentation concludes with an update on Q2 and reaffirmation of the FY2015 adjusted EPS guidance range of $1.88-$1.98.
- Broadwind obtained industry data from various third party sources but does not guarantee its accuracy. Forward-looking statements are subject to risks and uncertainties.
- Tower production is returning to normal levels at the Abilene plant. Continuous improvement efforts continue to increase productivity. Strong performance at the Manitowoc plant has increased section production by 25% versus Q1 2014.
- A $50M tower order was received in Q2 2015 for 2016 production. Gearing orders were weak due to depressed oil & gas and mining markets but services orders rebounded. Over 90% of expected H2 2015 revenue was in backlog at the end of Q2 2015.
- Broadwind's Q1 2015 earnings conference call discussed lower than expected revenue and earnings due to production issues at its Abilene plant and delays receiving inventory at West Coast ports.
- Production has returned to normal levels at Abilene and inventory levels increased due to deferred deliveries, which will be consumed later in the year.
- Order backlog remains solid at $174M, providing visibility for the majority of revenue through Q4 2015. Management expects significant new orders in Q2 2015.
- UGI Corporation held a conference call on May 8, 2014 to discuss Q2 2014 earnings results.
- Adjusted EPS for Q2 2014 was $1.90, a 26% increase over the prior year period. FY2014 adjusted EPS guidance was increased to a range of $2.95 to $3.05.
- Results were driven by colder than normal weather in key regions, increasing natural gas demand, and strategic investments and acquisitions across UGI's businesses. However, significant supply issues and infrastructure constraints also increased costs.
- Operating income was up 22% to SEK 405m and the operating margin improved 0.6 percentage points to 5.5% due to continued success of the Accelerated Improvement Program.
- High margin divisions like Gardena and Construction grew net sales while Consumer Brands mitigated the impact of lower volumes.
- An increasingly challenging currency headwind was noted along with additional measures to mitigate the currency impact and fund growth investments beyond 2016.
This document summarizes Broadwind's 2014 earnings conference call. It discusses Broadwind's financial results for 2014, including improved sales and narrowed operating losses. It also provides an overview of the wind industry market conditions and Broadwind's priorities for 2015, which include growing sales, achieving profitability, and margin improvement through initiatives like restoring tower production capacity. The document contains forward-looking statements and disclaimers about the accuracy of industry data.
- The document discusses Greif's Q3 2016 earnings conference call. It provides an overview of Greif's financial performance in Q3 2016 including net sales, operating profit, net income, and free cash flow.
- Greif's strategic priorities are building engaged teams, customer service excellence, and achieving transformational performance. In Q3 2016, Greif saw improvements in customer satisfaction scores.
- Rigid Industrial Packaging & Services saw revenue growth excluding divestitures. Gross profit margin increased significantly driven by price/mix management and production efficiencies.
- Paper Packaging & Services increased volumes to offset lower prices while specialty sales expanded 10%. Flexible Products & Services showed a 15% improvement in gross
- UGI's Q1 2016 earnings were impacted by significantly warmer weather compared to the prior year period, which lowered volumes. However, this was partially offset by benefits from investments in Midstream & Marketing and the acquisition of Finagaz.
- AmeriGas saw lower volumes due to weather that was nearly 17% warmer than the prior year, but achieved higher unit margins and lower operating expenses.
- UGI International saw higher total margin and earnings due to the Finagaz acquisition, partially offset by warmer weather impacts. Integration is progressing on or ahead of schedule.
- Utilities saw lower throughput from warmer weather, but customer additions partially offset this impact. A rate case was filed in Q2 2016.
Solid finish to fiscal 2014
Core sales growth +4%
Adjusted net income +62%
Adjusted EBITDA margin of 21.0%
Adjusted EPS +56% year over year to $0.50
Water Management growth accelerating as expected
+6% core growth … strong momentum in both Zurn and VAG
Acquired Green Turtle in April … proprietary products expand Zurn portfolio
Process & Motion Control end markets stable/improving
+3% core growth with strong performance in U.S. OEM/Distribution
Adjusted EBITDA increases to 29.2% … 300 basis point improvement year over year
Fiscal 2015 guidance of +3% to +5% core sales growth … adjusted EPS growth
of +20% to +28%
Electrical Products Group 2015 Annual Spring ConferenceInvestors_3M
3M reported strong financial results in 2014, meeting or exceeding its financial objectives. It achieved 4.9% organic sales growth, 22% return on invested capital, 104% free cash flow conversion, and 11.5% earnings per share growth. 3M invested $1.5 billion in capital expenditures, $1.8 billion in R&D, and $1 billion in acquisitions to further its strategies of portfolio management, investing in innovation, and business transformation.
Rockwell Collins reported financial results for the 3rd quarter of FY2015, with sales increasing 2% to $1.264 billion compared to the previous year. Income from continuing operations increased 9% to $178 million. Commercial Systems sales increased 5% and operating earnings increased 8%, while Government Systems sales decreased 1% and operating earnings decreased 4%. For the nine month period, sales increased 8% to $3.86 billion and income from continuing operations increased 15% to $510 million. The company provided guidance for FY2015 with total sales expected between $5.25-5.3 billion and earnings per share of $5.15-5.25.
UGI Corporation reported financial results for the first quarter of 2014, with adjusted earnings per share increasing 21% compared to the prior year period. Operational performance was strong across business segments due to colder weather. AmeriGas Propane saw a 19% rise in adjusted EBITDA driven by volume growth and expense control. The Gas Utility benefited from margin growth from new customers and conversions. Midstream & Marketing saw higher margins in gas marketing and electric generation, though power marketing margins declined. UGI reaffirmed full-year 2014 adjusted EPS guidance.
J.P. Morgan Global High-Yield & Leveraged Financial ConferenceAmeriGas
- AmeriGas is the largest retail propane distributor in the US, with a 15% market share. It has a nationwide distribution network and over 2,000 locations.
- The company focuses on growing through acquisitions, expanding its propane exchange business, and gaining national commercial accounts. It has achieved steady distribution growth and EBITDA growth of 3-4% annually.
- Warmer weather in Q1 2015 reduced volumes compared to the prior year, but lower propane prices are expected to benefit the company through reduced conservation and working capital needs. AmeriGas is well positioned for continued growth through its scale and integration experience.
- The company reported a 5% increase in net sales for Q1 2016 compared to Q1 2015, with increases across all divisions. Operating income increased by SEK 54m to SEK 1,166m.
- Operational improvements helped offset a SEK 215m currency headwind and additional costs for growth initiatives. The turnaround of the Consumer Brands division is proceeding as planned.
- Operating cash flow improved and net debt decreased, continuing the trend of strengthened financial performance. The priority remains offsetting further currency impacts and financing growth through operational improvements.
This document is the transcript from Rockwell Collins' 2nd Quarter FY 2015 conference call on April 23, 2015. It discusses Rockwell Collins' financial results for the second quarter and first half of FY 2015, including an 11% increase in sales and 18% increase in income from continuing operations compared to the prior year. Segment results are provided for Commercial Systems, Government Systems, and Information Management Services. The document also provides FY 2015 guidance and discusses capital structure, share repurchases, and definitions of non-GAAP financial measures.
Zep Inc. reported record first quarter revenue driven by gains in their three major North American end markets. Results were broadly in line with expectations, though gross profit margin declined slightly year-over-year. Investments were made in organic growth initiatives during the quarter. The company is recovering well from the May 2014 manufacturing facility fire and expects to achieve full production capability by the end of the second fiscal quarter. Zep provided fiscal year 2015 guidance targeting low single digit revenue growth and gross profit margins between 46-48%.
- Operating income for Q2 2015 was up 22% to SEK 1,675m compared to SEK 1,373m in Q2 2014, with the operating margin improving 1.3 percentage points to 13.7%.
- High margin divisions like Husqvarna and Gardena saw growth in net sales.
- Continued benefits from the Accelerated Improvement Program and currency exchange rates led to improved performance.
- Product mix was improved through a focus on higher profit products and reducing material costs.
- Further cost reductions planned for 2016-17 to fund growth investments and mitigate currency impacts going forward.
Afrox investor & analyst presentation half-year results 2016 Simon Miller
Afrox held its investor and analysts presentation for half-year results to 30 June 2016 at its head office at Afrox House in Johannesburg on 8 September 2016.
- Sales declined 3% for the quarter but operating income was up 22% due to a favorable sales mix between divisions and continued margin improvements from the Accelerated Improvement Program.
- While the first quarter saw strong results, currency trends are expected to negatively impact margins going forward. Additional cost-cutting measures are planned to reach the 2016 target of 10% operating margin.
- The new divisional organization structure is working well but recent currency fluctuations may make reaching financial targets difficult without further efficiency improvements.
- The presentation summarizes Husqvarna's Q2 2014 results, noting strong demand across forest and garden segments but decreasing growth rates. Operating income for the group was up 35% and the net debt to equity ratio improved.
- Husqvarna announced a new brand-driven organization to be implemented in January 2015 in order to better focus on customer needs and drive further differentiation in its business models. Key brands will become separate divisions.
- An accelerated improvement program aims to achieve a 10% operating margin by 2015 and has supported results improvement through cost reductions and prioritized product sales.
This investor presentation summarizes Watts Water Technologies, Inc.'s business and strategy. It discusses Watts' transformation to strengthen its foundation through restructuring efforts in the Americas, Asia, and Europe. Watts has a global water products portfolio serving residential and commercial markets. It is aligned with favorable macro trends in safety/regulation, energy efficiency, and water conservation. The presentation outlines Watts' goals to expand operating margins through self-help initiatives, reinvest in innovation, complete accretive acquisitions, and generate strong free cash flow conversion.
This document contains forward-looking statements and non-GAAP financial measures related to a TD Securities Forest Products Forum presentation. It outlines that all forward-looking statements are based on currently available information and are subject to certain risks and uncertainties. It also states that non-GAAP measures are used by management to evaluate performance and are indicated with footnotes, with reconciliation tables available. The document also contains regulation language regarding the use of non-GAAP measures.
This document summarizes Husqvarna Group's Q3 2016 results. Key points include:
- Operating income increased 6% to SEK 431m and operating margin increased 0.4 percentage points to 5.9% due to operational improvements.
- EBIT was higher year-to-date despite unfavorable currency impacts and additional costs for growth initiatives.
- New financial targets were announced reflecting increased focus on profitable growth, including 3-5% average net sales growth and an EBIT margin of at least 10%.
This document provides a summary of Ingersoll Rand's first quarter 2017 results. Some key points:
- Revenue increased 4% year-over-year on an organic basis to $3 billion. Adjusted EPS increased 14% to $0.57.
- Commercial and residential HVAC businesses saw strong revenue and bookings growth in the high-single digits. Industrial business bookings were up 9%.
- Adjusted operating margins improved in both the climate and industrial segments.
- Guidance for full-year 2017 revenue growth remains at 2-3% organic and adjusted EPS is increased to a range of $4.35 to $4.50.
Barnes Group Inc. Investor Overview - July 2017Barnes_Group
Barnes Group provides an investor overview of their business as of July 2017. They operate in two segments: Industrial and Aerospace. The Industrial segment focuses on highly engineered products and systems and sees opportunities in areas like healthcare, transportation, and emerging markets. The Aerospace segment provides manufacturing solutions and maintenance services to commercial airlines and jet engine manufacturers. Barnes has transformed their portfolio through acquisitions between 2010-2016, increasing revenue from $1.1 billion to $1.2 billion and adjusted operating margin from 7.6% to 16%. They aim to drive further growth and margin expansion through initiatives like the Barnes Enterprise System, productivity efforts, and capitalizing on the strong commercial aerospace market outlook.
Ugi 2015 q3 earnings call presentation v finalAmeriGas
The document provides information on UGI Corporation's Q3 2015 earnings conference call. It includes:
- UGI reported adjusted EPS of $0.03 compared to $0.10 in Q3 2014, impacted by a $0.06 loss from its Totalgaz acquisition.
- Business unit results were mixed - AmeriGas saw lower volume due to warmer weather but higher margins, while UGI International faced acquisition costs and currency impacts.
- Midstream & Marketing had higher natural gas and power margins but lower capacity management income.
- The company reiterated its FY2015 adjusted EPS guidance range of $2.00-$2.10 and provided updates on growth projects.
- UGI Corporation held a conference call on May 8, 2014 to discuss its Q2 2014 earnings results.
- Adjusted EPS for Q2 2014 was $1.90, a 26% increase over the prior year period, and full year 2014 adjusted EPS guidance was increased.
- Results were positively impacted by colder than normal weather in some regions driving higher volumes, as well as growth initiatives and acquisitions. However, operational expenses also increased due to supply issues, distribution challenges, and higher uncollectible accounts during periods of peak demand.
- UGI reported adjusted EPS of $1.24 for Q2 2016, down from $1.26 in Q2 2015. Results were impacted by significantly warmer weather.
- Weather-adjusted demand remains strong across business units. Guidance is revised to $1.95-2.05 EPS due to warm weather in Q1-Q2.
- Business units demonstrated benefits of diversification, with lower impacts from warm weather compared to prior periods. Cost controls and margin management partly offset weather impacts.
The document provides details on UGI Corporation's Q3 2014 earnings conference call. It includes:
- A 36% increase in adjusted EPS compared to the prior year period.
- Operational highlights across its business segments including volume growth, margin expansion, and progress on growth initiatives.
- Financial results for each business segment, noting the impact of warmer weather on volumes but margin expansion through pricing.
- Affirmation of the company's adjusted EPS guidance range.
- Announcement of a dividend increase, three-for-two stock split, and details on available liquidity.
AmeriGas has grown significantly through acquisitions since 1959. It provides propane service to all 50 states through over 2,000 locations and 8,500 employees. The company sells over 1.2 billion gallons of propane annually and has a fleet of over 8,000 vehicles. AmeriGas has a nationwide footprint and focuses on strategic growth initiatives like national accounts, cylinder exchange, and acquisitions to build on its competitive advantages of size, diversity, and experience.
Solid finish to fiscal 2014
Core sales growth +4%
Adjusted net income +62%
Adjusted EBITDA margin of 21.0%
Adjusted EPS +56% year over year to $0.50
Water Management growth accelerating as expected
+6% core growth … strong momentum in both Zurn and VAG
Acquired Green Turtle in April … proprietary products expand Zurn portfolio
Process & Motion Control end markets stable/improving
+3% core growth with strong performance in U.S. OEM/Distribution
Adjusted EBITDA increases to 29.2% … 300 basis point improvement year over year
Fiscal 2015 guidance of +3% to +5% core sales growth … adjusted EPS growth
of +20% to +28%
Electrical Products Group 2015 Annual Spring ConferenceInvestors_3M
3M reported strong financial results in 2014, meeting or exceeding its financial objectives. It achieved 4.9% organic sales growth, 22% return on invested capital, 104% free cash flow conversion, and 11.5% earnings per share growth. 3M invested $1.5 billion in capital expenditures, $1.8 billion in R&D, and $1 billion in acquisitions to further its strategies of portfolio management, investing in innovation, and business transformation.
Rockwell Collins reported financial results for the 3rd quarter of FY2015, with sales increasing 2% to $1.264 billion compared to the previous year. Income from continuing operations increased 9% to $178 million. Commercial Systems sales increased 5% and operating earnings increased 8%, while Government Systems sales decreased 1% and operating earnings decreased 4%. For the nine month period, sales increased 8% to $3.86 billion and income from continuing operations increased 15% to $510 million. The company provided guidance for FY2015 with total sales expected between $5.25-5.3 billion and earnings per share of $5.15-5.25.
UGI Corporation reported financial results for the first quarter of 2014, with adjusted earnings per share increasing 21% compared to the prior year period. Operational performance was strong across business segments due to colder weather. AmeriGas Propane saw a 19% rise in adjusted EBITDA driven by volume growth and expense control. The Gas Utility benefited from margin growth from new customers and conversions. Midstream & Marketing saw higher margins in gas marketing and electric generation, though power marketing margins declined. UGI reaffirmed full-year 2014 adjusted EPS guidance.
J.P. Morgan Global High-Yield & Leveraged Financial ConferenceAmeriGas
- AmeriGas is the largest retail propane distributor in the US, with a 15% market share. It has a nationwide distribution network and over 2,000 locations.
- The company focuses on growing through acquisitions, expanding its propane exchange business, and gaining national commercial accounts. It has achieved steady distribution growth and EBITDA growth of 3-4% annually.
- Warmer weather in Q1 2015 reduced volumes compared to the prior year, but lower propane prices are expected to benefit the company through reduced conservation and working capital needs. AmeriGas is well positioned for continued growth through its scale and integration experience.
- The company reported a 5% increase in net sales for Q1 2016 compared to Q1 2015, with increases across all divisions. Operating income increased by SEK 54m to SEK 1,166m.
- Operational improvements helped offset a SEK 215m currency headwind and additional costs for growth initiatives. The turnaround of the Consumer Brands division is proceeding as planned.
- Operating cash flow improved and net debt decreased, continuing the trend of strengthened financial performance. The priority remains offsetting further currency impacts and financing growth through operational improvements.
This document is the transcript from Rockwell Collins' 2nd Quarter FY 2015 conference call on April 23, 2015. It discusses Rockwell Collins' financial results for the second quarter and first half of FY 2015, including an 11% increase in sales and 18% increase in income from continuing operations compared to the prior year. Segment results are provided for Commercial Systems, Government Systems, and Information Management Services. The document also provides FY 2015 guidance and discusses capital structure, share repurchases, and definitions of non-GAAP financial measures.
Zep Inc. reported record first quarter revenue driven by gains in their three major North American end markets. Results were broadly in line with expectations, though gross profit margin declined slightly year-over-year. Investments were made in organic growth initiatives during the quarter. The company is recovering well from the May 2014 manufacturing facility fire and expects to achieve full production capability by the end of the second fiscal quarter. Zep provided fiscal year 2015 guidance targeting low single digit revenue growth and gross profit margins between 46-48%.
- Operating income for Q2 2015 was up 22% to SEK 1,675m compared to SEK 1,373m in Q2 2014, with the operating margin improving 1.3 percentage points to 13.7%.
- High margin divisions like Husqvarna and Gardena saw growth in net sales.
- Continued benefits from the Accelerated Improvement Program and currency exchange rates led to improved performance.
- Product mix was improved through a focus on higher profit products and reducing material costs.
- Further cost reductions planned for 2016-17 to fund growth investments and mitigate currency impacts going forward.
Afrox investor & analyst presentation half-year results 2016 Simon Miller
Afrox held its investor and analysts presentation for half-year results to 30 June 2016 at its head office at Afrox House in Johannesburg on 8 September 2016.
- Sales declined 3% for the quarter but operating income was up 22% due to a favorable sales mix between divisions and continued margin improvements from the Accelerated Improvement Program.
- While the first quarter saw strong results, currency trends are expected to negatively impact margins going forward. Additional cost-cutting measures are planned to reach the 2016 target of 10% operating margin.
- The new divisional organization structure is working well but recent currency fluctuations may make reaching financial targets difficult without further efficiency improvements.
- The presentation summarizes Husqvarna's Q2 2014 results, noting strong demand across forest and garden segments but decreasing growth rates. Operating income for the group was up 35% and the net debt to equity ratio improved.
- Husqvarna announced a new brand-driven organization to be implemented in January 2015 in order to better focus on customer needs and drive further differentiation in its business models. Key brands will become separate divisions.
- An accelerated improvement program aims to achieve a 10% operating margin by 2015 and has supported results improvement through cost reductions and prioritized product sales.
This investor presentation summarizes Watts Water Technologies, Inc.'s business and strategy. It discusses Watts' transformation to strengthen its foundation through restructuring efforts in the Americas, Asia, and Europe. Watts has a global water products portfolio serving residential and commercial markets. It is aligned with favorable macro trends in safety/regulation, energy efficiency, and water conservation. The presentation outlines Watts' goals to expand operating margins through self-help initiatives, reinvest in innovation, complete accretive acquisitions, and generate strong free cash flow conversion.
This document contains forward-looking statements and non-GAAP financial measures related to a TD Securities Forest Products Forum presentation. It outlines that all forward-looking statements are based on currently available information and are subject to certain risks and uncertainties. It also states that non-GAAP measures are used by management to evaluate performance and are indicated with footnotes, with reconciliation tables available. The document also contains regulation language regarding the use of non-GAAP measures.
This document summarizes Husqvarna Group's Q3 2016 results. Key points include:
- Operating income increased 6% to SEK 431m and operating margin increased 0.4 percentage points to 5.9% due to operational improvements.
- EBIT was higher year-to-date despite unfavorable currency impacts and additional costs for growth initiatives.
- New financial targets were announced reflecting increased focus on profitable growth, including 3-5% average net sales growth and an EBIT margin of at least 10%.
This document provides a summary of Ingersoll Rand's first quarter 2017 results. Some key points:
- Revenue increased 4% year-over-year on an organic basis to $3 billion. Adjusted EPS increased 14% to $0.57.
- Commercial and residential HVAC businesses saw strong revenue and bookings growth in the high-single digits. Industrial business bookings were up 9%.
- Adjusted operating margins improved in both the climate and industrial segments.
- Guidance for full-year 2017 revenue growth remains at 2-3% organic and adjusted EPS is increased to a range of $4.35 to $4.50.
Barnes Group Inc. Investor Overview - July 2017Barnes_Group
Barnes Group provides an investor overview of their business as of July 2017. They operate in two segments: Industrial and Aerospace. The Industrial segment focuses on highly engineered products and systems and sees opportunities in areas like healthcare, transportation, and emerging markets. The Aerospace segment provides manufacturing solutions and maintenance services to commercial airlines and jet engine manufacturers. Barnes has transformed their portfolio through acquisitions between 2010-2016, increasing revenue from $1.1 billion to $1.2 billion and adjusted operating margin from 7.6% to 16%. They aim to drive further growth and margin expansion through initiatives like the Barnes Enterprise System, productivity efforts, and capitalizing on the strong commercial aerospace market outlook.
Ugi 2015 q3 earnings call presentation v finalAmeriGas
The document provides information on UGI Corporation's Q3 2015 earnings conference call. It includes:
- UGI reported adjusted EPS of $0.03 compared to $0.10 in Q3 2014, impacted by a $0.06 loss from its Totalgaz acquisition.
- Business unit results were mixed - AmeriGas saw lower volume due to warmer weather but higher margins, while UGI International faced acquisition costs and currency impacts.
- Midstream & Marketing had higher natural gas and power margins but lower capacity management income.
- The company reiterated its FY2015 adjusted EPS guidance range of $2.00-$2.10 and provided updates on growth projects.
- UGI Corporation held a conference call on May 8, 2014 to discuss its Q2 2014 earnings results.
- Adjusted EPS for Q2 2014 was $1.90, a 26% increase over the prior year period, and full year 2014 adjusted EPS guidance was increased.
- Results were positively impacted by colder than normal weather in some regions driving higher volumes, as well as growth initiatives and acquisitions. However, operational expenses also increased due to supply issues, distribution challenges, and higher uncollectible accounts during periods of peak demand.
- UGI reported adjusted EPS of $1.24 for Q2 2016, down from $1.26 in Q2 2015. Results were impacted by significantly warmer weather.
- Weather-adjusted demand remains strong across business units. Guidance is revised to $1.95-2.05 EPS due to warm weather in Q1-Q2.
- Business units demonstrated benefits of diversification, with lower impacts from warm weather compared to prior periods. Cost controls and margin management partly offset weather impacts.
The document provides details on UGI Corporation's Q3 2014 earnings conference call. It includes:
- A 36% increase in adjusted EPS compared to the prior year period.
- Operational highlights across its business segments including volume growth, margin expansion, and progress on growth initiatives.
- Financial results for each business segment, noting the impact of warmer weather on volumes but margin expansion through pricing.
- Affirmation of the company's adjusted EPS guidance range.
- Announcement of a dividend increase, three-for-two stock split, and details on available liquidity.
AmeriGas has grown significantly through acquisitions since 1959. It provides propane service to all 50 states through over 2,000 locations and 8,500 employees. The company sells over 1.2 billion gallons of propane annually and has a fleet of over 8,000 vehicles. AmeriGas has a nationwide footprint and focuses on strategic growth initiatives like national accounts, cylinder exchange, and acquisitions to build on its competitive advantages of size, diversity, and experience.
The document is the transcript from a February 5, 2015 earnings conference call for UGI Corporation. It provides an overview of UGI's financial results for the first quarter of 2015, including adjusted earnings per share of $0.66. Each of UGI's business segments - AmeriGas Propane, UGI International, UGI Utilities, and Midstream & Marketing - are discussed. Weather conditions were warmer than the prior year for most segments. Overall, the company reported solid performance despite the warmer weather and foreign exchange impacts. The presentation concludes with an update on growth initiatives and a reiteration of UGI's adjusted EPS guidance range for fiscal year 2015 of $1.88 to $1.98.
AmeriGas has grown significantly through acquisitions since 1959. It provides propane service to all 50 states through over 2,000 locations and 8,500 employees. The company sells over 1.2 billion gallons of propane annually and has a fleet of over 8,000 vehicles. AmeriGas has a nationwide footprint and focuses on strategic growth initiatives like national accounts, cylinder exchange, and acquisitions to build on its competitive advantages of size, diversity, and experience.
Jerry Sheridan, President and CEO of AmeriGas Partners, LP, presented at the Wells Fargo Pipeline, MLP and Energy Symposium on December 10, 2013. In his presentation, Sheridan outlined AmeriGas' competitive advantages as the largest propane distributor in the U.S., including its nationwide geographic coverage and scale benefits. He also discussed the company's strategic growth initiatives like national accounts and cylinder exchange programs, which are expected to drive earnings growth of 3-4% annually. Sheridan emphasized AmeriGas' track record of margin management and distribution growth, supported by a strong balance sheet.
The document discusses AmeriGas' business overview and growth opportunities. It notes that AmeriGas is the largest propane provider in the US with over 2 million customers and 2,000 distribution locations. The document highlights that AmeriGas has consistently met its commitments around distribution growth, synergies from acquisitions, and EBITDA growth. It identifies key growth opportunities in cylinder exchange, national commercial accounts, and local acquisitions to continue delivering 3-4% annual EBITDA growth.
Ugi 2015 q3 earnings call presentation v final finalAmeriGas
The document provides information for UGI Corporation's Q3 2015 earnings conference call, including:
- UGI reported adjusted EPS of $0.03 compared to $0.10 in Q3 2014, impacted by a $0.06 loss related to its Totalgaz acquisition.
- Business unit results were mixed - AmeriGas saw lower volume due to warmer weather but higher margins. UGI International was impacted by Totalgaz integration costs and currency effects. Midstream & Marketing saw higher margins.
- UGI reaffirmed its FY2015 adjusted EPS guidance range despite challenges. It continues investing in growth projects like pipelines and LNG facilities totaling over $600 million.
Jerry Sheridan, President and CEO of AmeriGas Partners, LP, presented at the J.P. Morgan Global High Yield & Leveraged Finance Conference on February 24-26, 2014. The presentation provided an overview of AmeriGas, including its size and scale as the largest propane distributor in the US, its competitive advantages from geographic coverage and scale benefits, end-use diversity among its customers, a track record of maintaining margins in volatile pricing environments, and growth initiatives in areas like cylinder exchange and national accounts. AmeriGas seeks to continue growing distributions to unitholders through pursuing acquisitions and organic growth opportunities while maintaining a conservative balance sheet and credit metrics.
This document summarizes UGI Corporation's 2014 Q4 earnings conference call. UGI reported adjusted EPS of $1.99 for FY2014 and issued guidance of $1.88-$1.98 for FY2015 adjusted EPS. Business segments like AmeriGas saw growth in 2014 despite warmer weather. UGI also discussed strategic initiatives including partnerships in midstream infrastructure projects and an acquisition in France. The company concluded with strong financial performance in 2014 and growth opportunities across all business segments in the coming year.
AmeriGas provides propane service to all 50 states through over 2,000 locations and 8,500 employees. It was started in 1959 and has grown significantly through 165 acquisitions since 1982, including major acquisitions such as Heritage in 2012. AmeriGas has an unmatched geographic coverage across the US and benefits from scale advantages in purchasing and synergies from acquisitions. It aims to continue growing through strategic initiatives such as national accounts, cylinder exchange, and further acquisitions.
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UGI reported record earnings for fiscal year 2016 despite warmer than normal weather. Earnings were driven by contributions from growth initiatives and acquisitions. Looking ahead, UGI expects continued earnings growth of 16% in fiscal year 2017 from ongoing organic growth, strategic investments, and a return to more normal weather. UGI has a strong balance sheet and cash flow to fund capital investments that will further expand its infrastructure and customer base.
Ugi 2015 q3 earnings call presentation v final finalUGI_Corporation
The document provides information for UGI Corporation's Q3 2015 earnings conference call, including:
- UGI reported adjusted EPS of $0.03 compared to $0.10 in Q3 2014, impacted by a $0.06 loss from its Totalgaz acquisition.
- Business segments like AmeriGas Propane, UGI International, and Midstream & Marketing saw lower earnings due to factors like warmer weather and currency impacts. The Gas Utility saw higher earnings from customer growth.
- UGI has available liquidity of $432.9 million and over $600 million in identified capital projects underway across its businesses to drive future growth.
Ugi 2015 q3 earnings call presentation v finalUGI_Corporation
The document provides information on UGI Corporation's Q3 2015 earnings conference call. It includes:
- UGI reported adjusted EPS of $0.03 compared to $0.10 in Q3 2014, impacted by a $0.06 loss from its Totalgaz acquisition.
- Business unit results were mixed - AmeriGas saw lower volume due to warmer weather but higher margins, while UGI International faced acquisition costs and currency impacts.
- Midstream & Marketing had higher natural gas and power margins but lower capacity management income.
- The company reiterated its FY2015 adjusted EPS guidance range despite the Totalgaz impact.
This document summarizes key points from Broadwind's Q3 2015 earnings conference call:
- Broadwind discussed challenges in ramping up full tower production capacity and solutions being implemented around procurement processes and capital investments.
- The wind market continues to be driven by a large pipeline of projects under construction, particularly in Texas and the Midwest.
- Tower orders and backlog were down compared to Q3 2014 but are expected to increase in Q4 2015 with significant order announcements.
- Financial results showed declines in revenue and margins compared to Q3 2014 due to unfavorable tower mix. Liquidity improved with declining working capital and inventory levels projected to decrease further.
This document provides a summary of UGI's financial results for fiscal year 2015 and guidance for fiscal year 2016. Key highlights include record earnings per share for FY2015 despite warmer weather. Growth was driven by acquisitions including Finagaz in France and organic projects. FY2016 guidance forecasts continued earnings growth of 11% driven by projects expanding infrastructure and services.
This document provides a summary of UGI's financial results for fiscal year 2015 and guidance for fiscal year 2016. Key highlights include record earnings per share for FY2015 despite warmer weather. Growth was driven by acquisitions including Finagaz in France and organic projects. FY2016 guidance forecasts continued earnings growth of 11% driven by projects expanding infrastructure and services.
The document is Broadwind Energy's investor presentation from May 14, 2015. It summarizes Broadwind's business segments, including towers, gearing, and services. It discusses industry drivers like declining costs of wind energy. Broadwind has improved financial metrics like SG&A costs and EBITDA over recent years. The presentation provides an outlook for 2015 with goals of increasing tower production and expanding gearing and services customers.
The document provides an investor presentation by Broadwind Energy Inc. It includes an overview of Broadwind's business segments including towers, gearing, and services which make up 73%, 17%, and 7% of revenue respectively. It summarizes Broadwind's financial performance over the past 5 years, current order backlog, and objectives to improve profitability in 2015 by selling 2016 tower capacity and expanding gearing sales. Broadwind aims to benefit from the resurgence in US manufacturing by diversifying into industrial markets with its gearing and welding capabilities.
The document is Broadwind Energy's investor presentation from June 2, 2015. It discusses Broadwind's industry positioning in wind energy and other industrial markets. Broadwind produces wind towers, gearing products, and services for wind turbine maintenance. It is executing a plan to diversify its revenue sources and improve profitability. The presentation provides an overview of Broadwind's business segments and financial performance with the goal of demonstrating its strengths and growth opportunities to investors.
- UGI reported adjusted EPS of $1.24 for Q2 2016, down from $1.26 in Q2 2015 due to significantly warmer weather. Weather was 24-25% warmer than the prior year across UGI's businesses.
- Despite the warm weather, results demonstrated benefits of a diversified portfolio through cost controls and margin management. Guidance was revised to $1.95-2.05 per share.
- Key accomplishments included a rate case filing at UGI Utilities and strong integration of the Finagaz acquisition. Strategic investments continued in midstream infrastructure and the utilities business.
UGI Corporation reported financial results for the first quarter of fiscal year 2014, ended December 31, 2013. Adjusted earnings per share increased 21% compared to the prior year period, driven by colder weather, strong operational performance, and strategic milestones including placing a new pipeline into service. All of UGI's business segments experienced higher adjusted operating income compared to the first quarter of fiscal year 2013. UGI reaffirmed its fiscal year 2014 adjusted earnings per share guidance range despite warmer than expected weather at some international operations.
The document provides an overview of UGI Corporation, which distributes energy products including natural gas, propane, butane, and electricity. It discusses UGI's strategy of capitalizing on synergies across its businesses to grow earnings through acquisitions, capital projects, and organic growth. Key takeaways include UGI delivering outstanding shareholder returns through 6-10% annual EPS growth and a 4% annual dividend growth rate, with a track record of disciplined capital deployment and strong free cash flow generation. Business segments like UGI Utilities and UGI Energy Services are positioned for continued growth through infrastructure investments and opportunities from the Marcellus Shale.
- UGI reported first quarter fiscal 2016 results, with adjusted EPS of $0.64 compared to $0.68 in the prior year period. Results were impacted by significantly warmer weather, partially offset by benefits from midstream and marketing investments and the Finagaz acquisition.
- AmeriGas saw lower volumes due to weather that was nearly 17% warmer than the prior year, but higher unit margins and $16 million in cost reductions partially offset the weather impact.
- UGI International benefited from the Finagaz acquisition but saw mixed weather impacts, while UGI Utilities experienced lower volumes from unusually warm temperatures. Midstream and marketing saw higher gathering margins and peaking activity.
- Management expects growth investments since
Masco Corporation reported first quarter 2015 earnings. Total sales increased 7% excluding foreign currency effects. All segments saw sales growth in local currencies, with plumbing products seeing 10% international sales growth. Operating profit increased 15% due to cost productivity and operating leverage gains. The company repurchased around 4 million shares in the quarter and acquired Endless Pools, Inc. Management expects full year sales and profit growth to continue.
This document summarizes UGI Corporation's 2014 Q4 earnings conference call. UGI reported adjusted EPS of $1.99 for FY2014 and issued guidance of $1.88-$1.98 for FY2015 adjusted EPS. Business segments like AmeriGas and Midstream & Marketing achieved strong growth in 2014 despite warmer weather. UGI also discussed strategic acquisitions and growth initiatives across its business units positioning the company for continued growth.
This document provides an overview and financial update of JP Energy Partners. In Q3 2015, Adjusted EBITDA was $10.4 million, an 8% increase over Q3 2014. Distribution coverage was approximately 0.7x for common units. Recent projects like the Reagan Lateral expansion and Magellan interconnect were completed on time and under budget. Cost reduction initiatives are expected to provide $2-2.5 million in savings in 2016. The company is focused on growing fee-based cash flows through organic projects and potential drop-downs in its core Permian Basin footprint.
- Third quarter earnings results presentation from Masco Corporation dated October 27, 2015
- Sales increased 4% excluding foreign currency effects, with North American sales up 3% and international up 4%
- Improved demand, operating leverage, cost control and cost productivity drove profit margin expansion and earnings growth despite currency headwinds
- All business segments showed strong profitability with margins expanding across most segments
Masco Corporation reported first quarter 2014 results, with sales increasing 5% year-over-year to $1.965 billion. Operating profit grew 12% to $157 million. International sales increased 7% in local currency, helping to offset weather impacts in North America. The company also reiterated its priorities of growing market-leading brands, penetrating international markets, and strengthening its balance sheet.
The document provides details of UGI Corporation's Q3 2014 earnings conference call. It summarizes key financial results including a 36% increase in adjusted EPS compared to the prior year period. Operational highlights are presented for each business segment showing performance against the prior year. Weather impacts, margin and expense drivers are discussed. The document concludes with an update on liquidity, dividend increases, and affirmed guidance for the year.
UGI reported record fiscal year 2016 earnings despite warm weather. Earnings were driven by contributions from growth initiatives and acquisitions. Looking ahead, UGI expects continued earnings growth of 16% in fiscal year 2017 from ongoing organic growth, strategic investments, and a return to more normal weather. UGI is well positioned for further growth with a strong balance sheet and cash flows.
This presentation discusses advancing semiconductor manufacturing technology. It provides an overview of the company, highlighting its focus on the growing semiconductor market, flexible vertically integrated business model, and key customers. The company has seen strong financial growth in recent years, with revenues increasing 97% and non-GAAP EPS growing 631% from 2015 to 2017. Management believes the company is well-positioned to capitalize on opportunities in the fastest growing segments of the semiconductor market.
Similar to Ugi 2015 q2 earnings call presentation v final (20)
The document provides a summary of UGI Corporation's fiscal third quarter results for 2018. Some key points:
1) Adjusted EPS for Q3 2018 was $0.09, nearly doubling the results from Q3 2017, excluding a $0.09 per share reserve related to a PA PUC order requiring utilities to establish a regulatory liability for tax benefits.
2) Business units like AmeriGas, UGI International, and Midstream & Marketing performed strongly in Q3 2018 compared to the prior year, benefiting from factors like warmer weather, acquisitions, and new investments.
3) However, earnings at UGI Utilities were negatively impacted by the $22.7 million revenue reduction required
Jerry E. Sheridan, President and CEO of AmeriGas Partners, provided a recap of the company's fiscal 2018 first quarter results. Volume was flat compared to the prior year quarter due to uneven weather. Adjusted EBITDA was down 10.3% to $194.1 million compared to the prior year, impacted by late-December weather experienced after the quarter ended. Despite average propane costs being 64% higher than the prior year, unit margins were up approximately $0.01. The company's transport fleet responded well to ensure security of supply during the quarter. Growth initiatives in national accounts and cylinder exchange saw volume increases of 7% and 9% respectively compared to the prior year quarter.
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The document is a presentation by AmeriGas Partners about its business. It discusses AmeriGas' position as the largest propane distributor in the US, with over 1.8 million customers. It highlights key aspects of AmeriGas' business such as its competitive advantages, growth accomplishments, technology investments, and financial objectives. AmeriGas aims for 3-4% annual EBITDA growth through programs like national accounts and acquisitions, while maintaining its distribution growth and coverage ratios.
This document summarizes AmeriGas Partners' fiscal year 2017 results and provides an outlook for fiscal year 2018. In FY2017, AmeriGas achieved adjusted EBITDA of $551 million despite warmer-than-normal weather and higher propane costs. Growth drivers like national accounts, cylinder exchange, and acquisitions delivered record results. For FY2018, AmeriGas expects adjusted EBITDA between $650-690 million based on normal weather. Additionally, the company secured a standby equity commitment of up to $225 million to fund strategic growth investments if needed.
The document summarizes AmeriGas Partners' fiscal 2017 third quarter results. Weather was warmer than the prior year, lowering propane demand and volumes by 4%, though margins increased due to higher average propane costs. Adjusted EBITDA was $58.4 million compared to $64.6 million last year. Cylinder exchange and national accounts volumes grew. Guidance for full year fiscal 2017 Adjusted EBITDA remains at $550 million. Acquisitions and debt refinancing were also discussed.
The second quarter results presentation covered AmeriGas's performance in the fiscal year 2017 second quarter. Key points included:
- The quarter was warmer than normal and last year, leading to a 6% decline in retail propane volume sold. However, unit margins increased 2% despite higher propane costs.
- Adjusted EBITDA was $271.2 million, down 8% from the prior year second quarter.
- Growth initiatives such as cylinder exchange and national accounts saw increased volume, and the company expects to complete 3 acquisitions in the coming months.
- AmeriGas refinanced its long term debt, reducing interest rates and extending maturities with no significant debt due until 2024.
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2. May 5, 2015 2
This presentation contains certain forward-looking statements that management
believes to be 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. 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. Among them are adverse weather conditions, cost volatility
and availability of all energy products, including propane, natural gas, electricity and
fuel oil, increased customer conservation measures, the impact of pending and
future legal proceedings, domestic and international political, regulatory and
economic conditions in the United States and in foreign countries, including the
current conflicts in the Middle East and those involving Russia, and currency
exchange rate fluctuations (particularly the euro), the timing of development of
Marcellus Shale gas production, the timing and success of our acquisitions,
commercial initiatives and investments to grow our business, and our ability to
successfully integrate acquired businesses and achieve anticipated synergies. UGI
undertakes no obligation to release revisions to its forward-looking statements to
reflect events or circumstances occurring after today.
About This Presentation
3. May 5, 2015
John Walsh
President & CEO, UGI
Kirk Oliver
Chief Financial Officer, UGI
Jerry Sheridan
President & CEO, AmeriGas
4. May 5, 2015 4
$1.27 $1.23
$0.00
$0.50
$1.00
$1.50
Q2-14 Q2-15
• Q2-15 GAAP EPS was $1.40
• Q2-15 Adjusted EPS includes $0.03 of acquisition related expenses
Increasing FY 2015 Adjusted EPS Guidance Range: $2.00 – $2.10
* See appendix for Adjusted EPS reconciliation.
Adjusted EPS*
2015 Q2 Results
5. May 5, 2015 5
Operating Performance & Strategic Milestones
Midstream & Marketing
• Benefited from strong capacity demand as underlying demand for natural gas
continues to outpace new pipeline capacity
• This “infrastructure gap” creates significant opportunities for UGI
• Our existing asset portfolio enables us to deliver exceptional value during
periods of volatility
International
• Solid quarter with effective unit margin and operating expense management
• Seeing benefit of lower LPG costs
UGI Utilities
• Highest quarterly operating income in its history
• Have added almost 11,000 heating customers this fiscal year
• Remain focused on our infrastructure replacement program; on track with
commitments
AmeriGas
• Record quarterly adjusted EBITDA
7. May 5, 2015 7
2015 Q2 Financial Results
Three Months Ended
March 31,
(Millions of dollars, except per share amounts) 2015 2014
Adjusted net income attributable to UGI Corporation:
Net income attributable to UGI Corporation $ 246.5 $214.4
Net after-tax (gains) losses on commodity derivative instruments not
associated with current period transactions (30.8) 7.7
Adjusted net income attributable to UGI Corporation $ 215.7 $222.1
Adjusted diluted earnings per share:
UGI Corporation earnings per share - diluted $ 1.40 $ 1.22
Net after-tax (gains) losses on commodity derivative instruments not
associated with current period transactions (0.17) 0.05
Adjusted diluted earnings per share $ 1.23 $ 1.27
8. May 5, 2015 8
Antargaz Flaga Gas UtilityAmeriGas
COLDER(WARMER)
* HDD = Percent change in Heating Degree Days versus prior year
FY Q2 Weather vs. Normal
0.3%
-0.6%
-10.9%
22.1%
8.1%
-16.5%
-18.1%
19.3%
2015 2014
(7.2%) HDD 19.0% HDD 8.8% HDD 2.3% HDD
9. May 5, 2015 9
Q2 Financial Highlights
• Very strong quarter
• High peaking and capacity management margins in
Midstream & Marketing
• Record-high throughput and margins at Utilities
• Strong unit margins in the International business
• Focus on cost management at AmeriGas
11. May 5, 2015 11
284.8 296.9
10.7 2.3
24.0
1.1
$0
$50
$100
$150
$200
$250
$300
$350
2014 Q2 Retail
Propane
Wholesale
/ Ancillary
Sales &
Svces
Opex &
Other
D&A 2015 Q2
Operating Income, $ MM
Opex includes all operating expenses, net of miscellaneous income. Excludes impact of mark-to-
market changes in commodity hedging instruments. Total Margin represents total revenues less
total cost of sales.
AmeriGas
MARGIN
Warmer weather than the prior
year led to lower volume
OPEX
Lower vehicle operating and
maintenance expenses
Lower uncollectible accounts
Lower compensation and
benefits expenses
Total Margin
12. May 5, 2015 12
UGI International
MARGIN
Weaker Euro and British Pound
Sterling
Colder weather than prior year
Increased unit margin in local
currency
OPEX
Weaker Euro and British Pound
Sterling
Expenses related to proposed
acquisition of Totalgaz in
France
* Opex includes all operating expenses, net of miscellaneous income.
Total Margin represents total revenues less total cost of sales.
56.3
58.8
3.3
1.7
7.0
0.5
$0
$10
$20
$30
$40
$50
$60
$70
2014 Q2 Total
Margin
Opex &
Other
D&A Interest
Expense
2015 Q2
Income Before Taxes, $ MM
13. May 5, 2015 13
Gas Utility
MARGIN
Colder weather
Customer Growth
OPEX
Higher distribution system
maintenance
Higher employee benefit
and information technology
expenses
Higher depreciation
expense
* Opex includes all operating expenses, net of miscellaneous income.
Total Margin represents total revenues less total cost of sales.
126.1 129.22.8 0.9 1.78.5
$0
$20
$40
$60
$80
$100
$120
$140
2014 Q2 Total Margin Opex &
Other
D&A Int. Expense 2015 Q2
Income Before Taxes, $ MM
14. May 5, 2015 14
120.4
101.4
13.2
10.3 1.04.4
0.6
0.5
$0
$25
$50
$75
$100
$125
2014 Q2 Natural
Gas
Peaking
&
Capacity
Mgmt
Retail
Power
Opex &
Other
D&A Int.
Expense
2015 Q2
Income Before Taxes, $ MM
Midstream & Marketing
MARGIN
Timing of natural gas basis
margins associated with fixed-
basis customers
Lower locational basis
differentials due to less
volatility than the prior year
Higher retail power margin
OPEX
Higher compensation
expenses
Lower business development,
and uncollectible accounts
expense
Total Margin
* Excludes impact of mark-to-market changes in commodity hedging instruments.
Total Margin represents total revenues less total cost of sales.
15. May 5, 2015 15
Liquidity and Guidance
Total AmeriGas
UGI
International Utilities Midstream
Corporate &
Other
Cash on Hand $445.6 $21.4 $189.4 $16.0 $15.0 $203.7
Revolving Credit Facilities $525.0 $105.2 $300.0 $240.0 NA
Accounts Receivable Facility NA NA NA 96.9 NA
Drawn on Facilities 55.0 0.0 30.5 0.0 NA
Letters of Credit 64.7 22.3 2.0 0.0 NA
Available Facilities $405.3 $82.9 $267.5 $336.9
Available Liquidity $426.7 $272.2 $283.5 $351.9
17. May 5, 2015 17
Q2 Adjusted EBITDA
* See appendix for Adjusted EBITDA reconciliation
$331
$342
$0
$50
$100
$150
$200
$250
$300
$350
$400
Q2 2014 Q2 2015
Adjusted EBITDA*, $ Millions
Record level of Adjusted EBITDA in Q2
18. May 5, 2015 18
• Retail volume decreased 5.7% (27 million gallons) on
weather that was 7% warmer than the prior year
• Mt. Belvieu cost was 30% lower than Q1 and 60% lower
than the prior year period
• Sold off remaining higher cost inventory and reduced
average selling price by approximately 20% while
maintaining slightly higher margins
• Operating expenses were down 9% on lower bad debt, fuel
and maintenance, and overtime expenses
Operational Highlights
19. May 5, 2015 19
Growth Initiatives
• The AmeriGas Propane Exchange program’s volume
increased 3% in the quarter
• National Accounts program increased 14% in the quarter
• Pipeline of acquisition opportunities remains strong;
completed one small scale acquisition in the quarter
• Stability of lower priced propane is good for the industry
and will promote demand
• Maintaining our previous guidance range of $635-$665
million for FY 2015
21. May 5, 2015 21
Operational Highlights
PennEast
• ~$1bn project expected to deliver one bcf of gas per day
• Currently progressing through the FERC pre-approval process
• Expected to be on-stream in late calendar year 2017
Announced Two Marcellus Pipeline Projects
• Midstream & Marketing segment announced project to supply 1000MW
plant in Sunbury, PA
• Utility segment announced project to supply natural gas to a power
generation facility operated by Invenergy
Panda Energy Project
• Nearing completion of a $25 million project to serve a 1000MW plant
operated by Panda Power Funds
Totalgaz Acquisition On Track
• Currently being reviewed by French Competition Authority; we believe
closing remains on track for the first half of this year
22. May 5, 2015 22
In Conclusion
• This quarter demonstrated the strength of our
earnings capacity across our balanced portfolio
• Made significant progress on both our capital
projects and acquisitions
• Weather, increased volatility, and focus on
operations drove this quarter’s results
• The “infrastructure gap” will remain for some
time and opens new investment opportunities
while enhancing the value of our existing assets
25. May 5, 2015 25
UGI Supplemental Information: Footnotes
Management uses "adjusted net income attributable to UGI" and "adjusted diluted earnings per share," both of
which are non-GAAP financial measures, when evaluating UGI's overall performance. Adjusted net income
attributable to UGI is net income attributable to UGI after excluding net after-tax gains and losses on commodity
derivative instruments not associated with current-period transactions and items that management regards as highly
unusual and not expected to recur. Volatility in net income at UGI can occur as a result of gains and losses on
derivative instruments not associated with current period transactions but included in earnings in accordance with
U.S. generally accepted accounting principles ("GAAP"). Midstream & Marketing records gains and losses on
commodity derivative instruments not associated with current-period transactions in cost of sales or revenues for
all periods presented. Effective October 1, 2014, UGI International determined that on a prospective basis it would
not elect cash flow hedge accounting for its commodity derivative transactions and also de-designated its then-
existing commodity derivative instruments accounted for as cash flow hedges. Also effective October 1, 2014,
AmeriGas Propane de-designated its remaining commodity derivative instruments accounted for as cash flow
hedges. Previously, AmeriGas Propane had discontinued cash flow hedge accounting for all commodity derivative
instruments entered into beginning April 1, 2014.
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. Management believes that these non-
GAAP measures provide meaningful information to investors about UGI’s performance because they eliminate the
impact of (1) gains and losses on commodity derivative instruments not associated with current-period transactions
and (2) those items that management regards as highly unusual in nature and not expected to recur.
The following table reconciles consolidated net income attributable to UGI, the most directly comparable GAAP
measure, to adjusted net income attributable to UGI, and reconciles diluted earnings per share, the most
comparable GAAP measure, to adjusted diluted earnings per share, to reflect the adjustments referred to above.
26. May 5, 2015 26
Adjusted Net Income and EPS
Three Months Ended
March 31
2015 2014
Adjusted net income attributable to UGI Corporation:
Net income attributable to UGI Corporation 246.5$ 214.4$
Net after-tax losses (gains) on commodity derivative
instruments not associated with current period
transactions (1) (30.8) 7.7
Adjusted net income attributable to UGI Corporation 215.7$ 222.1$
Three Months Ended
March 31
2015 2014
Adjusted diluted earnings per share:
UGI Corporation earnings per share - diluted 1.40$ 1.22$
Net after-tax losses (gains) on commodity derivative
instruments not associated with current period
transactions (2) (0.17) 0.05
Adjusted diluted earnings per share 1.23$ 1.27$
(1) Income taxes associated with pre-taxadjustments determined based on using business unit statutory taxrates.
(2) Includes impact of rounding
27. May 5, 2015 27
AmeriGas Supplemental Information: Footnotes
The enclosed supplemental information contains a reconciliation of earnings before interest expense, income
taxes, depreciation and amortization ("EBITDA") and Adjusted EBITDA to Net Income.
EBITDA and Adjusted EBITDA are not measures of performance or financial condition under accounting
principles generally accepted in the United States ("GAAP"). Management believes EBITDA and Adjusted
EBITDA are meaningful non-GAAP financial measures used by investors to compare the Partnership's operating
performance with that of other companies within the propane industry. The Partnership's definitions of EBITDA
and Adjusted EBITDA may be different from those used by other companies.
EBITDA and Adjusted EBITDA should not be considered as alternatives to net income (loss) attributable to
AmeriGas Partners, L.P. Management uses EBITDA to compare year-over-year profitability of the business
without regard to capital structure as well as to compare the relative performance of the Partnership to that of other
master limited partnerships without regard to their financing methods, capital structure, income taxes or historical
cost basis. Management uses Adjusted EBITDA to exclude from AmeriGas Partners’ EBITDA gains and losses
that competitors do not necessarily have to provide additional insight into the comparison of year-over-year
profitability to that of other master limited partnerships. In view of the omission of interest, income taxes,
depreciation and amortization from EBITDA and Adjusted EBITDA, management also assesses the profitability of
the business by comparing net income attributable to AmeriGas Partners, L.P. for the relevant years. Management
also uses EBITDA to assess the Partnership's profitability because its parent, UGI Corporation, uses the
Partnership's EBITDA to assess the profitability of the Partnership, which is one of UGI Corporation’s business
segments. UGI Corporation discloses the Partnership's EBITDA in its disclosures about its business segments as
the profitability measure for its domestic propane segment.
28. May 5, 2015 28
AmeriGas Partners EBITDA Reconciliation
2015 2014
EBITDA and Adjusted EBITDA:
Net income attributable to AmeriGas Partners, L.P. 326,055$ 240,103$
Income taxexpense (benefit) 806 (74)
Interest expense 41,096 42,046
Depreciation 37,402 38,353
Amortization 10,713 10,804
EBITDA 416,072 331,232
(Subtract net gains) on commodity derivative
instruments not associated with current-period
transactions (74,739) -
Noncontrolling interest in net (losses) gains on
commodity derivative instruments not associated with
current-period transactions 755 -
Adjusted EBITDA 342,088$ 331,232$
Three Months Ended
March 31
29. May 5, 2015 29
AmeriGas Partners Adj. EBITDA Guidance Reconciliation
Forecast
Fiscal Year
Ending
September 30,
2015
Adjusted net income attributable to AmeriGas Partners, L.P. (estimate) (d) 286,000$
Interest expense (estimate) 163,000
Income taxexpense (estimate) 4,000
Depreciation (estimate) 154,000
Amortization (estimate) 43,000
Adjusted EBITDA (e) 650,000$
(d)
(e) Represents the midpoint of Adjusted EBITDA guidance range for fiscal 2015.
Represents estimated net income attributable to AmeriGas Partners, L.P. after adjusting for
gains and losses on commodity derivative instruments not associated with current-period
transactions. It is impracticable to determine actual gains and losses on commodity derivative
instruments not associated with current-period transactions that will be reported in GAAP net
income as such gains and losses will depend upon future changes in commodity prices for
propane which cannot be forecasted.
30. May 5, 2015
Investor Relations:
Will Ruthrauff
610-456-6571
ruthrauffw@ugicorp.com