UGI Corporation (UGI) has reported a 5.70 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $219.90 million, or $1.24 a share in the quarter, compared with $233.20 million, or $1.33 a share for the same period last year.
Revenue during the quarter grew 10.23 percent to $2,173.80 million from $1,972.10 million in the previous year period. Total expenses were 76.39 percent of quarterly revenues, up from 68.79 percent for the same period last year. That has resulted in a contraction of 760 basis points in operating margin to 23.61 percent.
Operating income for the quarter was $513.20 million, compared with $615.40 million in the previous year period.
John L. Walsh, president and chief executive officer of UGI, commented, "This quarter demonstrated the increasing resilience and strength of our business, as well as the benefits of our investments in Europe, as the company delivered strong results despite a heating season that was warmer than normal in all of our businesses."
For financial year 2017, the company forecasts diluted earnings per share to be in the range of $2.30 to $2.45 on adjusted basis.
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