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AmeriGas boosts dividend on strong earnings report

AmeriGas Propane Inc. of King of Prussia today increased its quarterly distribution by 3 cents to 61 cents per limited partnership unit. The new dividend is payable May 18 to unitholders on May 10.

AmeriGas Propane Inc. of King of Prussia today increased its quarterly distribution by 3 cents to 61 cents per limited partnership unit. The new dividend is payable May 18 to unitholders on May 10.

The company is the general partner of AmeriGas Partners L.P., a publicly traded retail propane marketer.

AmeriGas Propane said the dividend hike of 5.2 percent exceeds the company's target increase of 3 percent, a step it took because of improved cash flow from what it expects to be record earnings for this fiscal year.

AmeriGas Propane today said its second-quarter profit rose 52 percent to $119.9 million.

Shares of AmeriGas Partners rose $1.20 to $35.41 in morning trading on the New York Stock Exchange.