UGI posts fiscal 4Q loss, full-year profit rises

posted: 16 DAYS AGO

Text SizeAAA

VALLEY FORGE, Pa. -Utility and energy holding company UGI Corp. on Wednesday said its fiscal fourth-quarter loss widened and, even though it predicted weak economic conditions ahead, it held to its 2010 estimates.

UGI said the recession and consumer conservation hurt results, slashing sales volumes in all business units and squeezing margins in its electricity generation and distribution businesses.

The company posted a loss of $11 million, or 10 cents per share, compared with a loss of $6.3 million, or 6 cents per share, during the same period last year.

Analysts polled by Thomson Reuters estimated a loss of 12 cents per share, on average. Analysts typically exclude one-time items.

Revenue declined 28 percent to $859.3 million from $1.19 billion in the prior-year period. Analysts forecast revenue of $1.08 billion, on average.

For all of 2009, the company said its profit gained 20 percent to $258.5 million, or $2.36 per share, compared with $215.5 million, or $1.99 per share, during the same period last year. Results for the latest year include a $10.4 million gain from the sale of a storage terminal. Revenue for the year dropped 14 percent to $5.74 billion, down from $6.65 billion in 2008.

The company maintained its previous full-year profit estimates in a range between $2.20 per share and $2.30 per share.

"Although we expect to encounter sluggish economic conditions in fiscal 2010, we expect to build on the progress we made in 2009 and continue our pursuit of internally generated capital investments and acquisition opportunities," said Lon Greenberg, CEO.

Shares of the company rose 3 cents to $24.10 in afternoon trading.

2009-11-11 15:00:36