AmeriGas Partners, L.P. (APU) said that it revised its second-quarter earnings results. Net income attributable to the company for the latest-year period was revised to reflect the impact of an $8.7 million adjustment to correct the Partnership's method of accounting for certain customer credits. Net income attributable to the company for the latest-year period also included the impact of $5.4 million in acquisition and transition expenses associated with Heritage Propane.
Net income attributable to the company for the prior-year quarter included the impact of a $13.4 million loss on extinguishment of debt and $8.1 million in acquisition and transition expenses.
The company reported revised net income attributable to the company for the second quarter of Fiscal 2013 ended March 31, 2013 of $213.2 million compared to $133.9 million for the same period last year. Revised income per limited partner for the quarter was $1.56, compared to $1.26 last year.
In April, AmeriGas Partners had reported that its second-quarter net income was $221.8 million up from $133.9 million last year. Net income was $1.61 per unit, compared to $1.26 per unit last year.
Adjusted earnings before interest expense, income taxes, depreciation and amortization or Adjusted EBITDA increased to $309.0 million for the second quarter of fiscal 2013 compared to $246.0 million for the same period last year. The improved results for the latest-year period reflected winter weather that was markedly colder than the record warmth experienced during the prior-year period and, to a much lesser extent, the full-period effects of Heritage Propane, which was acquired January 12, 2012.
Jerry Sheridan, chief executive officer of AmeriGas, said, "Given our results thus far and our current assessment of business conditions for the remainder of the fiscal year, we continue to anticipate Adjusted EBITDA for fiscal 2013 to be near the midpoint of our previously-stated guidance of $620 million to $645 million."
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