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Ferrellgas Partners (FGP) Beats Q3 Earnings, Misses Revenues

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Ferrellgas Partners delivered third-quarter fiscal 2019 adjusted earnings of 21 cents per unit, which beat the Zacks Consensus Estimate of 14 cents by 50%. The partnership generated earnings of 11 cents in the prior-year quarter.

Total Revenues

In the quarter, Ferrellgas Partners’ total revenues amounted to $480 million, down 7% from $516 million in the prior-year quarter.

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

 

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

Ferrellgas Partners, L.P. price-consensus-eps-surprise-chart | Ferrellgas Partners, L.P. Quote

Highlights of the Release

In the reported quarter, nearly 264.1 million gallons of propane were sold, up 7% from 246.3 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 54,300, up more than 6% from prior-year quarter’s levels.

Total Retail propane sales volume increased approximately 8% andgross margin dollars increased nearly 7% in the quarter under review. Results improved from the prior-year quarter’s figures, courtesy of colder-than-normal weather.

Operating expenses amounted to $120 million, up from $116.5 million in the prior-year quarter.

General and administrative expenses amounted to $11.5 million compared with $11.6 million in the prior-year quarter.

Interest expenses were $44.2 million, up from $40.4 million in the prior-year quarter.

Financial Position

Ferrellgas Partners’ cash and cash equivalents were $45.4 million as of Apr 30, 2019 compared with $119.3 million as of Jul 31, 2018.

Long-term debt was $2,084.5 million as of Arp 30, 2019 compared with $2,078.6 million as of Jul 31, 2018.

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.

Oils-Energy Releases

Murphy Oil Corporation (MUR - Free Report) delivered first-quarter 2019 adjusted earnings of 15 cents per share, which beat the Zacks Consensus Estimate of 10 cents by 50%.

Anadarko Petroleum Corporation generated first-quarter 2019 adjusted earnings of 53 cents per share, which beat the Zacks Consensus Estimate of 30 cents by 76.67%.

Devon Energy Corp (DVN - Free Report) generated first-quarter 2019 adjusted earnings per share of 36 cents, which surpassed the Zacks Consensus Estimate of 30 cents by 20%.

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