AmeriGas Partners, L.P. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended September 30, 2018; Provides Earnings Guidance for the Year Ending September 30, 2019
November 12, 2018 at 05:15 pm EST
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AmeriGas Partners, L.P. reported unaudited earnings results for the fourth quarter and full year ended September 30, 2018. For the quarter, the company reported revenue of $466,947,000 against $445,173,000 a year ago. Operating income was $10,399,000 against $21,500,000 a year ago. Loss before income taxes was $30,705,000 against $18,130,000 a year ago. Net loss attributable to company was $31,327,000 or $0.46 per basic and diluted share against $18,231,000 or $0.32 per basic and diluted share a year ago. EBITDA was $57,119,000 against $76,045,000 a year ago. Adjusted EBITDA was $34,737,000 against $36,533,000 a year ago. Adjusted net loss attributable to company was $53,709,000 against $57,743,000 a year ago. Maintenance capital expenditures were $17,594,000 against $12,180,000 a year ago. Growth capital expenditures were $10,774,000 against $11,473,000 a year ago.
For the full year, the company reported revenue of $2,822,978,000 against $2,453,495,000 a year ago. Operating income was $361,342,000 against $387,858,000 a year ago. Income before income taxes was $198,217,000 against $167,903,000 a year ago. Net income attributable to company was $190,522,000 or $1.54 per basic and diluted share against $162,059,000 or $1.25 per basic and diluted share a year ago. EBITDA was $543,615,000 against $514,824,000 a year ago. Adjusted EBITDA was $605,510,000 against $551,274,000 a year ago. Adjusted net income attributable to company was $252,417,000 against $198,509,000 a year ago. Maintenance capital expenditures were $52,936,000 against $52,034,000 a year ago. Growth capital expenditures were $48,325,000 against $46,130,000 a year ago.
The company provided earnings guidance for the year ending September 30, 2019. For the period, the company expects adjusted EBITDA of $610,000,000 to $650,000,000. This guidance range assumes normal weather, based upon a 15-year average, and excludes mark-to-market gains and losses on commodity derivative instruments. The company expects interest expense of $162,000,000 to $162,000,000, income tax expense of $3,500,000 to $3,500,000, depreciation of $149,000 to $149,000, amortization of $40,000 to $40,000.
AmeriGas Partners, L.P. is a holding company. The Company is a retail propane distributor in the United States. It serves approximately two million residential, commercial, industrial, agricultural, wholesale and motor fuel customers in all 50 states from approximately 2,000 propane distribution locations. It operates through the segment that engages in the distribution of propane and related equipment and supplies. The Company conducts its business through its subsidiary, AmeriGas Propane, L.P. The Partnership also sells, installs and services propane appliances, including heating systems, and operates a residential heating, ventilation, air conditioning, plumbing, and related services business in certain counties of Pennsylvania, Delaware, and Maryland. The Partnership operates as an interstate carrier in all states across the continental United States. The Company's AmeriGas Cylinder Exchange program enables consumers to purchase or exchange propane cylinders at retail locations.
AmeriGas Partners, L.P. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended September 30, 2018; Provides Earnings Guidance for the Year Ending September 30, 2019