Ferrellgas' Q3 Profit Dips; Shares Down

Ferrellgas Partners LP (FGP - Analyst Report) reported a drop in year-over-year fiscal third-quarter profit today as revenue declined significantly.

The company's earnings of 51 cents per share came in 14 cents behind analysts' expectations. Revenue slipped 21% to $561.1 million.

Shares of Ferrellgas are down by more than 4% today.

The propane distributor now expects adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of approximately $250 million for the current fiscal year, down from its prior view of $255 million.

The average forecast for the fiscal year ending in July is pegged at 90 cents per share, which is unchanged over the past 2 months.

So far, about 172,000 shares of this Zacks #3 Rank ("Hold") company, have changed hands, against the daily average volume of 250,167.