Back to top

Ferrellgas Partners (FGP) Misses on Earnings & Revenues in Q2

Read MoreHide Full Article

Ferrellgas Partners (FGP - Free Report) delivered second-quarter fiscal 2019 adjusted earnings of 44 cents per unit, which missed the Zacks Consensus Estimate of 57 cents by 22.8%. The partnership incurred a loss of 2 cents in the prior-year quarter.

Total Revenues

In the quarter under review, Ferrellgas Partners’ total revenues amounted to $573.4 million, which lagged the Zacks Consensus Estimate of $605 million by 5.2%. Also, the top line declined 24% from $755.2 million in the prior-year quarter.

Revenues fell 7% year over year in the Propane and other gas liquids sales segments and plunged 49% in the Other segment.

Ferrellgas Partners, L.P. Price, Consensus and EPS Surprise

Ferrellgas Partners, L.P. Price, Consensus and EPS Surprise | Ferrellgas Partners, L.P. Quote

Highlights of the Release

In the reported quarter, nearly 309.7 million gallons of propane were sold, down from 310 million gallons in the prior-year quarter. Customer base increased 4% year over year. The partnership’s current Blue Rhino tank exchange sales locations totaled in excess of 53,700, up more than 10% from levels in the beginning of fiscal 2018.

Total Retail propane sales volume increased approximately 2% in the quarter under review.

Operating expenses amounted to $121.2 million, down from $123.7 million in the prior-year quarter.

General and administrative expenses amounted to $16.3 million, up from $14.8 million in the prior-year quarter.

Interest expenses were $44.8 million, up from $42.7 million in the prior-year quarter.

The partnership continues to expand operations through acquisitions. It completed five accretive acquisitions of Blue Rhino independent distributors on a year-to-date basis.

Financial Position

Ferrellgas Partners’ cash and cash equivalents were $40.6 million as of Jan 31, 2019 compared with $119.3 million as of Jul 31, 2018.

Long-term debt was $2,081 million as of Dec 31, 2019 compared with $2,078.6 million as of Jul 31, 2018.

Zacks Rank

Ferrellgas Partners currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Oils-Energy Releases

Murphy Oil Corporation (MUR - Free Report) delivered fourth-quarter 2018 adjusted earnings of 31 cents per share, which beat the Zacks Consensus Estimate of 26 cents by 19.2%.

CNX Resources Corporation (CNX - Free Report) delivered adjusted earnings of 67 cents per share in fourth-quarter 2018, which beat the Zacks Consensus Estimate of 28 cents by 139.3%.

Anadarko Petroleum Corporation’s (APC - Free Report) fourth-quarter 2018 adjusted earnings of 38 cents per share missed the Zacks Consensus Estimate of 57 cents by 33.33%.

Today's Best Stocks from Zacks

Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.

This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.

See their latest picks free >>



More from Zacks Analyst Blog

You May Like