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UGI CORPORATION UGI Reports Record Second Quarter Results and Increases Fiscal 2021 Guidance May 5 , 2021 VALLEY FORGE , Pa .-- ( BUSINESS WIRE ) -- May 5 , 2021-- UGI Corporation ( NYSE : UGI ) today reported financial results for the fiscal quarter ended March 31 , 2021 . HEADLINES • Q2 GAAP diluted earnings per share ( " EPS " ) of $ 2.33 and adjusted diluted EPS of $ 1.99 compared to GAAP diluted EPS of $ 1.07 and adjusted diluted EPS of $ 1.56 in the prior - year period . • Year - to - date GAAP diluted EPS of $ 3.77 and adjusted diluted EPS of $ 3.17 compared to GAAP diluted EPS of $ 2.08 and adjusted diluted EPS of $ 2.73 in the prior - year period . • Q2 reportable segments earnings before interest expense and income taxes¹ ( " EBIT " ) of $ 630 million compared to $ 527 million in the prior - year period . • Strong results across the entire business , with each business unit delivering increased EBIT vs. prior year . These improvements were driven by colder than prior - year weather in all of UGI's service territories , higher average LPG unit margin due to strong margin management , effective operating expense management and the increase in base rates at UGI Utilities that went into effect on January 1 , 2021 . • Year - to - date cash flow from operating activities grew by 15 % compared to the prior - year period , demonstrating continued cash flow stability and growth . • On April 12 , 2021 , UGI announced that John L. Walsh , President and CEO , will retire on June 25 , 2021 , to be succeeded by Roger Perreault , current EVP , Global LPG . • On May 5 , 2021 , UGI's Board of Directors approved an increase to its quarterly dividend to $ 0.345 per share marking the 34th consecutive year of annual dividend increases . • Increased Fiscal 2021 adjusted EPS guidance to a range of $ 2.90 - $ 3.00² per share due to strong year - to - date performance , inclusive of the anticipated negative impact of the COVID - 19 pandemic and positive tax benefits . ESG HIGHLIGHTS • On January 29 , 2021 , UGI created a new employee resource group , Black Organization & Leadership Development ( BOLD ) , as a part of its continued commitment to fostering a diverse and inclusive company . • On April 6 , 2021 , UGI announced that UGI Utilities and Energy Services had joined the Natural Gas Supply Collaborative ( NGSC ) to further enhance and expand UGI's ESG initiatives aimed at lowering methane and greenhouse gas emissions , enhancing system integrity and improving safety . • On April 19 , 2021 , UGI hired a VP , Talent Management and Diversity & Inclusion to support the advancement of Belonging , Inclusion , Diversity & Equity ( BIDE ) . • On May 4 , 2021 , UGI announced that Energy Services entered into definitive agreements to develop dairy farm digester projects to produce renewable natural gas in upstate New York , through its investment in Cayuga RNG . " UGI delivered record second quarter results with GAAP diluted EPS of $ 2.33 and adjusted diluted EPS of $ 1.99 , " said John L. Walsh , President and Chief Executive Officer of UGI Corporation . " The strong performance clearly demonstrates the depth of our diversified set of businesses . While we benefited from weather that was colder than the prior year , weather was still warmer than normal , which only further highlights the strength of our performance . This strong operating performance was fueled by higher margins across our businesses , new base rates in our Gas Utility that went into effect on January 1st , and continued contributions from our growth drivers and recent investments . These factors more than offset the headwinds from the COVID - 19 pandemic . We benefited greatly from the strength of our strategic assets and diversified portfolio , disciplined capital allocation strategy and robust execution capabilities . As a result of the strong performance in the first half of the fiscal year , we have increased our fiscal 2021 guidance to a range of $ 2.90 - $ 3.00² per share . " During the quarter , our businesses continued to make progress on crucial initiatives . AmeriGas and UGI International remain on pace to deliver total ongoing annual benefits of more than $ 140 million and € 30 million , respectively , by the end of fiscal year 2022. The Midstream and Marketing team , through a joint venture , completed the acquisition of Pine Run Midstream , which operates 43 - miles of dry gas gathering pipeline and compression assets . This transaction was immediately accretive to earnings and further strengthened our foundation , which enables us to provide low - cost , environmentally responsible energy to customers . We also made significant progress in developing an exciting range of renewable solutions opportunities , with particular emphasis on renewable natural gas , bioLPG and renewable DME . These projects have strong return profiles , with attractive unlevered IRRs . Earlier this week , we announced that UGI Energy Services entered into definitive agreements to produce renewable natural gas in upstate New York , further leveraging our GHI platform . " We remain on track to close on the Mountaineer transaction in the second half of the calendar year . As previously announced , this transaction will be financed through a combination of equity - linked securities , existing liquidity and debt . This week , we received firm commitments associated with the