Ferrellgas Partners LP reported fourth-quarter fiscal 2016 adjusted loss of $2.51 per unit, significantly wider than the Zacks Consensus Estimate of a loss of 45 cents. Quarterly loss was also wider than the year-ago loss of 48 cents.
In the fiscal fourth quarter, demand for propone was hurt by warmer weather, which in turn impacted the partnership’s bottom line. To be precise, temperature was 19% warmer than normal and 16% warmer than the prior-year period.
GAAP loss in the reported quarter was $6.68 per unit, compared with the year-ago loss of 64 cents.
Total Revenue
In the reported quarter, Ferrellgas Partners’ total revenue came in at $409.5 million, lagging the Zacks Consensus Estimate of $438 million by 6.5%. However on a year-over-year basis, the partnership’s top line improved 7.1% primarily due to strong midstream operations, partially offset by lower sales of propane and other gas liquids because of warmer temperatures.
Highlights of the Release
In the fiscal fourth quarter, total propane sales volume declined 9.3% year over year to 143.7 million gallons due to lower wholesale and retail sales. Sales were hurt by warmer weather, which led to reduced demand for propane for heating purposes.
Operating expenses in the reported quarter were $111.3 million, down 3.6% from the prior-year level.
General and administrative expenses for the quarter under review decreased to $11.9 million from $26.7 million in the prior-year period.
Interest expenses increased to $35.1 million in the quarter from $28.6 million a year ago, reflecting increased borrowings to fund acquisitions.
Financial Position
Ferrellgas Partners’ cash and cash equivalents were $4.9 million as of Jul 31, 2016, compared with $7.6 million as of Jul 31, 2015.
Long-term debt was $1,941.3 million as of Jul 31, 2016, up from $1,778.1 million as of Jul 31, 2015.
Peer Releases
Sunoco LP (SUN - Free Report) reported second-quarter 2016 earnings of 53 cents per unit, beating the Zacks Consensus Estimate of 42 cents by 26.1%.
Genesis Energy LP (GEL - Free Report) reported second-quarter 2016 earnings of 22 cents per unit, lagging the Zacks Consensus Estimate of 32 cents by 31.3%.
Global Partners LP (GLP - Free Report) reported second-quarter 2016 loss of 22 cents per unit, wider than the Zacks Consensus Estimate of a loss of 18 cents.
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.
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Ferrellgas Partners LP reported fourth-quarter fiscal 2016 adjusted loss of $2.51 per unit, significantly wider than the Zacks Consensus Estimate of a loss of 45 cents. Quarterly loss was also wider than the year-ago loss of 48 cents.
In the fiscal fourth quarter, demand for propone was hurt by warmer weather, which in turn impacted the partnership’s bottom line. To be precise, temperature was 19% warmer than normal and 16% warmer than the prior-year period.
GAAP loss in the reported quarter was $6.68 per unit, compared with the year-ago loss of 64 cents.
Total Revenue
In the reported quarter, Ferrellgas Partners’ total revenue came in at $409.5 million, lagging the Zacks Consensus Estimate of $438 million by 6.5%. However on a year-over-year basis, the partnership’s top line improved 7.1% primarily due to strong midstream operations, partially offset by lower sales of propane and other gas liquids because of warmer temperatures.
Highlights of the Release
In the fiscal fourth quarter, total propane sales volume declined 9.3% year over year to 143.7 million gallons due to lower wholesale and retail sales. Sales were hurt by warmer weather, which led to reduced demand for propane for heating purposes.
Operating expenses in the reported quarter were $111.3 million, down 3.6% from the prior-year level.
General and administrative expenses for the quarter under review decreased to $11.9 million from $26.7 million in the prior-year period.
Interest expenses increased to $35.1 million in the quarter from $28.6 million a year ago, reflecting increased borrowings to fund acquisitions.
Financial Position
Ferrellgas Partners’ cash and cash equivalents were $4.9 million as of Jul 31, 2016, compared with $7.6 million as of Jul 31, 2015.
Long-term debt was $1,941.3 million as of Jul 31, 2016, up from $1,778.1 million as of Jul 31, 2015.
Peer Releases
Sunoco LP (SUN - Free Report) reported second-quarter 2016 earnings of 53 cents per unit, beating the Zacks Consensus Estimate of 42 cents by 26.1%.
Genesis Energy LP (GEL - Free Report) reported second-quarter 2016 earnings of 22 cents per unit, lagging the Zacks Consensus Estimate of 32 cents by 31.3%.
Global Partners LP (GLP - Free Report) reported second-quarter 2016 loss of 22 cents per unit, wider than the Zacks Consensus Estimate of a loss of 18 cents.
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.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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