Net profits in the fiscal third quarter more than doubled for UGI Corp., the company said late Tuesday.
Net profits for the period ended June 30 were $20.6 million (18 cents a share), up 126.4 percent from $9.1 million (8 cents a share) in 2013’s fiscal third quarter.
Revenues grew 8.2 percent to $1.49 billion from $1.37 billion.
Lifting the bottom line were higher operating profits at UGI’s AmeriGas Propane, gas utility and midstream and marketing operations.
(Midstream and marketing includes electric generation, underground natural gas storage, pipelines and natural gas liquefaction).
These gains more than offset a slump at its UGI International division, which was blamed on significantly warmer spring weather.
In other financial news, UGI declared a three-for-two stock split, effective Sept. 5 to shareholders of record Aug. 22.
UGI also raised its common stock dividend by 10.1 percent, to 87 cents per share annually after the split from 79 cents. This will be payable Oct. 1 to shareholders of record Sept. 15.