For the fourth quarter of 2007, the company recorded net income of $0.10 per diluted share, compared to a seasonal loss of $0.04 per diluted share for the same period in 2006.
Net income from electric utility increased to $13.7 million in fiscal 2007, from $10.5 million in fiscal 2006. Sales volumes of 1,011GWh were approximately 1% higher than fiscal 2006. Operating income increased $5.3 million to $26 million, primarily due to higher rates charged partially offset by higher per-unit purchased power costs and slightly higher operating expenses.
Lon Greenberg, chairman and CEO of UGI, said: Results for fiscal 2007 demonstrated that the diversification inherent in our energy distribution and marketing businesses benefited our shareholders in the form of reduced earnings volatility. With a return to more normal winter weather, especially in Europe, we expect to report consolidated earnings of approximately $1.95 to $2.05 per diluted share for fiscal 2008 as previously announced.
