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UGI CORPORATION UGI Reports Strong First Quarter Results February 3 , 2021 VALLEY FORGE , Pa .-- ( BUSINESS WIRE ) -- Feb . 3 , 2021-- UGI Corporation ( NYSE : UGI ) today reported financial results for the fiscal quarter ended December 31 , 2020 . HEADLINES • GAAP diluted earnings per share ( " EPS " ) of $ 1.44 and adjusted diluted EPS of $ 1.18 compared to GAAP diluted EPS of $ 1.00 and adjusted diluted EPS of $ 1.17 in the prior - year period . • Reportable segments earnings before interest expense and income taxes¹ ( " EBIT " ) of $ 414 million compared to $ 419 million in the prior - year period . • Margins stronger than prior year at UGI International , continued progress on the LPG business transformation initiatives , and disciplined expense management largely offset warmer than prior - year weather at our domestic businesses and the impact of the COVID - 19 pandemic . • Through its subsidiary , UGI Energy Services , LLC ( " Energy Services " ) entered into definitive agreements to invest in New Energy One HoldCo LLC , which is part of the team developing a utility - scale renewable natural gas ( " RNG " ) project in Idaho . • On December 30 , 2020 , UGI announced that it had signed a definitive agreement to acquire Mountaineer Gas Company . ESG HIGHLIGHTS • UGI Utilities , Inc. ( " UGI Utilities " ) has executed a RNG interconnect agreement with a landfill gas developer in northeast Pennsylvania . • UGI Utilities has also commenced construction on a project to deliver natural gas to UPS Fuel Services Inc. , a subsidiary of United Parcel Services , Inc. ( " UPS " ) , for a large regional fleet of compressed natural gas ( " CNG ” ) delivery vehicles . • On February 2 , 2021 , UGI International announced a new supply and development partnership with Ekobenz , a Polish technology specialist in catalytic conversion of bioethanol to bio - gasoline and bioLPG , for exclusive rights to its supply of bioLPG . • On December 14 , 2020 , UGI Utilities and Energy Services joined the coalition Our Nation's Energy Future ( ONE Future ) to further progress their commitment toward achieving UGI's ambitious greenhouse gas emission reduction targets . • Created a dedicated ESG function to continue advancing UGI's commitment to sustainability . • Through its subsidiary , UGI Utilities , UGI supported programs promoting Belonging , Inclusion , Diversity & Equity ( BIDE ) and STEM advancement through a gift of $ 300,000 to Penn State Harrisburg . " UGI delivered a strong first quarter with GAAP diluted EPS of $ 1.44 and adjusted diluted EPS of $ 1.18 , despite weather that was warmer than normal in all of our service territories and the ongoing impact of COVID - 19 on our operations , " said John L. Walsh , President and Chief Executive Officer of UGI Corporation . " The solid results highlight the benefits of both geographic and operational diversification as the strong performance was driven by higher margins at UGI International , higher volumes from AmeriGas ' cylinder exchange program , favorable capacity management margin at our Midstream & Marketing business , continued contribution from our growth drivers and transformation initiatives , and disciplined expense management . These factors largely offset generally warmer weather in our domestic businesses and the negative impact of COVID - 19 during the quarter ; demonstrating the resiliency of our business . " The LPG businesses continue to make good progress on the business transformation initiatives . Fiscal 2021 is an important year for both businesses as we begin to execute on critical aspects of the projects and continue to build a culture of continuous improvement . AmeriGas and UGI International continue to enhance operational efficiency , improve the customer experience , and remain on pace to deliver total ongoing annual benefits of more than $ 140 million and € 30 million , respectively . " On December 30 , 2020 we announced an agreement to acquire Mountaineer Gas Company . The transaction accelerates the goal of rebalancing our portfolio and provides us with an opportunity to support our customers in West Virginia through investments that will ensure safe , reliable , affordable , and environmentally responsible natural gas services . We expect to see rate base grow by a compound annual growth rate of approximately 10 % to 12 % over the long term . The transaction is expected to be immediately accretive to adjusted diluted EPS and is expected to close in the second half of calendar year 2021 . " Lastly , we continue to make progress on our goal to be a leader in delivering renewable energy solutions for our customers . Recently , UGI Utilities executed a RNG interconnect agreement with a large landfill gas developer in northeast Pennsylvania and commenced construction on a project to deliver natural gas to UPS Fuel Services Inc. We also recently announced that UGI International entered into a supply and development partnership with Ekobenz and secured exclusive rights to Ekobenz ' supply of bioLPG , a renewable form of propane - butane produced from advanced bioethanol . " We continued to make progress on key initiatives during the first quarter and remain on track to deliver on our long - term financial commitments to shareholders . "