UGI Corporation (UGI) has reported an 101.31 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $230.70 million, or $1.30 a share in the quarter, compared with $114.60 million, or $0.65 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $160.90 million, or $0.91 a share compared with $112.40 million or $0.64 a share, a year ago. Revenue during the quarter grew 4.54 percent to $1,679.50 million from $1,606.60 million in the previous year period. Total expenses were 72.24 percent of quarterly revenues, down from 80.98 percent for the same period last year. This has led to an improvement of 874 basis points in operating margin to 27.76 percent.
Operating income for the quarter was $466.20 million, compared with $305.50 million in the previous year period.
John L. Walsh, president and chief executive officer of UGI, commented, "This was a very strong quarter for the company as all of our businesses contributed higher adjusted net income than in the prior year. Our adjusted earnings of $0.91 per share were 42% higher than the first quarter of fiscal year 2016, primarily reflecting the contributions from the strategic investments made in recent years, as well as the impact of weather that was colder than the prior-year period. We continue to see the benefits from our recent investments and marked significant milestones for several current growth projects."
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