We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Ferrellgas Partners (FGP) Q1 Loss Narrower than Expected
Read MoreHide Full Article
Ferrellgas Partners LP reported first-quarter fiscal 2017 adjusted loss of 44 cents per unit, narrower than the Zacks Consensus Estimate of a loss of 51 cents. Quarterly loss was also narrower than the year-ago loss of 79 cents.
The bottom line deteriorated mainly due weak demand for propone as a result of 35% warmer temperatures than usual.
Total Revenue
In the reported quarter, Ferrellgas Partners’ total revenue came in at $379.5 million, beating the Zacks Consensus Estimate of $357million by 6.2%.
However on a year-over-year basis, the partnership’s top line declined 44.2% primarily due to weak midstream operations, apart from lower sales of propane and other gas liquids, because of the adverse impact of above-average temperatures.
Operating expenses in the reported quarter were $104.9 million, down 8.7% from the prior-year level.
General and administrative expenses for the quarter under review increased 1.9% to $12.5 million from $12.3 million in the prior-year period.
Interest expenses increased to $35.4 million in the quarter from $33.8 million a year ago, reflecting increased borrowings to fund acquisitions.
Financial Position
Ferrellgas Partners’ cash and cash equivalents were $12.6 million as of Oct 31, 2016, compared with $4.9 million as of Jul 31, 2016.
Long-term debt was $1,965.2 million as of Oct 31, 2016, up from $1,941.3 million as of Jul 31, 2016.
Price Movement
Over the past one year, Ferrellgas Partners, LP has underperformed the Zacks categorized Oil Refining and Marketing MLP industry. During this period, the partnership’s units lost 62.3%, compared with the industry’s return of 1.8%.
Ferrellgas Partners’ units fell significantly during the fourth quarter of fiscal 2016 after the partnership reported a much wider-than-expected loss. It has also been facing challenging times of late due to the loss of its largest customer as well as general market conditions.
Peer Releases
Sunoco LP (SUN - Free Report) reported third-quarter 2016 earnings of 24 cents per unit, lagging the Zacks Consensus Estimate of 39 cents by 38.5%.
Genesis Energy LP (GEL - Free Report) reported third-quarter 2016 earnings of 28 cents per unit, lagging the Zacks Consensus Estimate of 31 cents by 9.7%.
Global Partners LP (GLP - Free Report) reported third-quarter 2016 earnings of 3 cents per unit, beating the Zacks Consensus Estimate of a loss of 1 cent by 400%.
Today, you are invited to download the full list of 220 Zacks Rank #1 "Strong Buy" stocks – absolutely free of charge. Since 1988, Zacks Rank #1 stocks have nearly tripled the market, with average gains of +26% per year. Plus, you can access the list of portfolio-killing Zacks Rank #5 "Strong Sells" and other private research. See these stocks free >>
See More Zacks Research for These Tickers
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Ferrellgas Partners (FGP) Q1 Loss Narrower than Expected
Ferrellgas Partners LP reported first-quarter fiscal 2017 adjusted loss of 44 cents per unit, narrower than the Zacks Consensus Estimate of a loss of 51 cents. Quarterly loss was also narrower than the year-ago loss of 79 cents.
The bottom line deteriorated mainly due weak demand for propone as a result of 35% warmer temperatures than usual.
Total Revenue
In the reported quarter, Ferrellgas Partners’ total revenue came in at $379.5 million, beating the Zacks Consensus Estimate of $357million by 6.2%.
However on a year-over-year basis, the partnership’s top line declined 44.2% primarily due to weak midstream operations, apart from lower sales of propane and other gas liquids, because of the adverse impact of above-average temperatures.
FERRELLGAS -LP Price, Consensus and EPS Surprise
FERRELLGAS -LP Price, Consensus and EPS Surprise | FERRELLGAS -LP Quote
Highlights of the Release
Operating expenses in the reported quarter were $104.9 million, down 8.7% from the prior-year level.
General and administrative expenses for the quarter under review increased 1.9% to $12.5 million from $12.3 million in the prior-year period.
Interest expenses increased to $35.4 million in the quarter from $33.8 million a year ago, reflecting increased borrowings to fund acquisitions.
Financial Position
Ferrellgas Partners’ cash and cash equivalents were $12.6 million as of Oct 31, 2016, compared with $4.9 million as of Jul 31, 2016.
Long-term debt was $1,965.2 million as of Oct 31, 2016, up from $1,941.3 million as of Jul 31, 2016.
Price Movement
Over the past one year, Ferrellgas Partners, LP has underperformed the Zacks categorized Oil Refining and Marketing MLP industry. During this period, the partnership’s units lost 62.3%, compared with the industry’s return of 1.8%.
Ferrellgas Partners’ units fell significantly during the fourth quarter of fiscal 2016 after the partnership reported a much wider-than-expected loss. It has also been facing challenging times of late due to the loss of its largest customer as well as general market conditions.
Peer Releases
Sunoco LP (SUN - Free Report) reported third-quarter 2016 earnings of 24 cents per unit, lagging the Zacks Consensus Estimate of 39 cents by 38.5%.
Genesis Energy LP (GEL - Free Report) reported third-quarter 2016 earnings of 28 cents per unit, lagging the Zacks Consensus Estimate of 31 cents by 9.7%.
Global Partners LP (GLP - Free Report) reported third-quarter 2016 earnings of 3 cents per unit, beating the Zacks Consensus Estimate of a loss of 1 cent by 400%.
Zacks Rank
Ferrellgas Partners currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Best Place to Start Your Stock Search
Today, you are invited to download the full list of 220 Zacks Rank #1 "Strong Buy" stocks – absolutely free of charge. Since 1988, Zacks Rank #1 stocks have nearly tripled the market, with average gains of +26% per year. Plus, you can access the list of portfolio-killing Zacks Rank #5 "Strong Sells" and other private research. See these stocks free >>