Ferrellgas Partners LP reported third-quarter fiscal 2017 adjusted earnings of 7 cents per unit, lagging the Zacks Consensus Estimate of 10 cents by 30.0%. Further, quarterly earnings were 63.1% lower than the year-ago earnings of 19 cents.
Total Revenue
In the reported quarter, Ferrellgas Partners’ total revenue came in at $538.1 million, missing the Zacks Consensus Estimate of $573 million by 6.1%.
However on a year-over-year basis, the partnership’s top line improved 5.6% primarily owing to better contribution from Propane and other gas liquids sales, as well as Midstream operations. Meanwhile the Other segment plunged 46.4% year over year.
Highlights of the Release
In the reported quarter, 212.2 million gallons of Propane were sold compared with 223.4 million gallons in the prior-year quarter.
Operating expenses in the reported quarter were $104.7 million, down 9.1% from the prior-year level.
General and administrative expenses for the quarter decreased 20.2% to $9.9 million from $12.4 million in the prior-year period.
Operating income in the reported quarter was $46.2 million, down 14.8% year over year. Despite a higher sales volume, margins in the reported quarter were lower due to customer mix.
Interest expenses increased to $39.9 million in the quarter from $34.7 million a year ago, reflecting an increase of 16.3%.
Financial Position
Ferrellgas Partners’ cash and cash equivalents were $9.5 million as of Apr 30, 2017, compared with $4.9 million as of Jul 31, 2016.
Long-term debt was $1,984.2 million as of Apr 30, 2017, up from $1,941.3 million as of Jul 31, 2016.
Peer Releases
Sunoco LP (SUN - Free Report) reported first-quarter 2017 loss of 22 cents per unit, lagging the Zacks Consensus Estimate of earnings of 6 cents by 466.67%.
Genesis Energy LP (GEL - Free Report) reported first-quarter 2017 earnings of 23 cents per unit, beating the Zacks Consensus Estimate of 22 cents by 4.55%.
AmeriGas Partners LP reported first-quarter 2017 earnings of $1.68 per unit, lagging the Zacks Consensus Estimate of $2.16 by 22.22%.
Zacks Rank
Ferrellgas Partners currently carries 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 third-quarter fiscal 2017 adjusted earnings of 7 cents per unit, lagging the Zacks Consensus Estimate of 10 cents by 30.0%. Further, quarterly earnings were 63.1% lower than the year-ago earnings of 19 cents.
Total Revenue
In the reported quarter, Ferrellgas Partners’ total revenue came in at $538.1 million, missing the Zacks Consensus Estimate of $573 million by 6.1%.
However on a year-over-year basis, the partnership’s top line improved 5.6% primarily owing to better contribution from Propane and other gas liquids sales, as well as Midstream operations. Meanwhile the Other segment plunged 46.4% year over year.
Highlights of the Release
In the reported quarter, 212.2 million gallons of Propane were sold compared with 223.4 million gallons in the prior-year quarter.
Operating expenses in the reported quarter were $104.7 million, down 9.1% from the prior-year level.
General and administrative expenses for the quarter decreased 20.2% to $9.9 million from $12.4 million in the prior-year period.
Operating income in the reported quarter was $46.2 million, down 14.8% year over year. Despite a higher sales volume, margins in the reported quarter were lower due to customer mix.
Interest expenses increased to $39.9 million in the quarter from $34.7 million a year ago, reflecting an increase of 16.3%.
Financial Position
Ferrellgas Partners’ cash and cash equivalents were $9.5 million as of Apr 30, 2017, compared with $4.9 million as of Jul 31, 2016.
Long-term debt was $1,984.2 million as of Apr 30, 2017, up from $1,941.3 million as of Jul 31, 2016.
Peer Releases
Sunoco LP (SUN - Free Report) reported first-quarter 2017 loss of 22 cents per unit, lagging the Zacks Consensus Estimate of earnings of 6 cents by 466.67%.
Genesis Energy LP (GEL - Free Report) reported first-quarter 2017 earnings of 23 cents per unit, beating the Zacks Consensus Estimate of 22 cents by 4.55%.
AmeriGas Partners LP reported first-quarter 2017 earnings of $1.68 per unit, lagging the Zacks Consensus Estimate of $2.16 by 22.22%.
Zacks Rank
Ferrellgas Partners currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020. Click here for the 6 trades >>
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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