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UGI CORPORATION UGI Reports Strong Third Quarter Results August 4 , 2021 VALLEY FORGE , Pa .-- ( BUSINESS WIRE ) -- Aug . 4 , 2021-- UGI Corporation ( NYSE : UGI ) today reported financial results for the fiscal quarter ended June 30 , 2021 . HEADLINES • Q3 GAAP diluted earnings per share ( " EPS " ) of $ 0.71 and adjusted diluted EPS of $ 0.13 compared to GAAP diluted EPS of $ 0.41 and adjusted diluted EPS of $ 0.08 in the prior - year period . • Year - to - date GAAP diluted EPS of $ 4.48 and adjusted diluted EPS of $ 3.30 compared to GAAP diluted EPS of $ 2.49 and adjusted diluted EPS of $ 2.81 in the prior - year period . • Q3 reportable segments earnings before interest expense and income taxes¹ ( " EBIT " ) of $ 98 million compared to $ 81 million in the prior - year period . • Strong results from our diversified business led by increased total margins at UGI International in comparison to the prior - year period and new base rates at UGI Utilities that went into effect on January 1 , 2021 . • Completed another key milestone in the regulatory approval process related to the pending Mountaineer acquisition . The process is progressing well and we anticipate that the acquisition could potentially close as early as this fiscal year . ESG HIGHLIGHTS • On May 14 , 2021 , UGI released its third ESG report and announced a commitment to reduce Scope I GHG Emissions by 55 % by 2025 . • On May 17 , 2021 , UGI announced that UGI International and SHV Energy intend to launch a joint venture to advance the production and use of Renewable Dimethyl Ether ( " rDME " ) in the LPG industry . • On May 19 , 2021 , UGI announced that its President and CEO signed the CEO Action for Diversity & Inclusion ™ pledge , the largest CEO - driven business commitment to advance diversity and inclusion in the workplace . • On August 4 , 2021 , UGI announced that Energy Services entered into definitive agreements to develop innovative food waste digester projects to produce RNG in Ohio and Kentucky , through its investment in Hamilton RNG . " UGI delivered strong third quarter results with GAAP diluted EPS of $ 0.71 and adjusted diluted EPS of $ 0.13 , " said Roger Perreault , President and Chief Executive Officer of UGI Corporation . " This performance was driven by higher total margins at UGI International primarily due to significantly colder than prior - year weather , new base rates in our Gas Utility that went into effect on January 1st , and execution on our key priorities , including our growth investments and business transformation initiatives . As a result of the strong year - to - date performance , we now expect the full year adjusted diluted EPS to be at the upper end of our guidance range of $ 2.90 - $ 3.00² for this fiscal year . " Our businesses progressed well on several growth initiatives during the quarter . UGI Utilities continues to see solid customer growth and is on track to deliver compound annual rate base growth in line with historical trends , through the record capital expenditure plan . In connection with the pending acquisition of Mountaineer Gas , the largest gas distribution company in West Virginia , we filed a unanimous settlement before the Public Service Commission of West Virginia ( " the Commission " ) . We provided testimony in a hearing before the Commission and expect to file a Proposed Order by August 10th . While the precise timing of the Commission's approval is uncertain , we have completed several key steps in the regulatory approval process and now expect to close well before the end of the calendar year , and even potentially within this fiscal year . The transaction remains accretive to earnings in the first full year of operation . " UGI continues to execute on the renewables strategy that we discussed during the June 2021 Investor Day . Today , we announced that UGI Energy Services entered into definitive agreements to produce renewable natural gas in Ohio and Kentucky , through the Hamilton RNG joint venture . This project aligns with our renewables strategy and our goal of providing affordable , reliable and sustainable energy solutions to our customers . Our teams continue to explore an exciting range of renewables opportunities with strong return profiles in the US and Europe . " We remain focused on execution and are confident that the company is well positioned to deliver another strong year of financial performance . We are excited about the opportunities ahead and are committed to maintaining the proven track record of delivering on our financial and strategic commitments . " KEY DRIVERS OF THIRD QUARTER RESULTS • AmeriGas : National accounts volume increased 18 % ; lower total margin was primarily due to a decrease in cylinder exchange volumes as sales normalized after the higher pandemic volumes seen in Q3 FY20 resulting in slightly lower average retail unit margins • UGI International : Retail volume increased 21 % on weather that was 54.7 % colder than the prior - year period ; Q3 FY21 EBIT of $ 41 million compared to $ 21 million in the prior - year period • Midstream & Marketing : Higher EBIT reflecting equity income from the investment in Pine Run ; Q3 FY21 EBIT of $ 21