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Ferrellgas Partners' (FGP) Q1 Loss Narrows, Revenues Drop Y/Y
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Ferrellgas Partners delivered first-quarter fiscal 2020 adjusted loss of 46 cents per unit, which is narrower than a loss of 58 cents incurred in the prior-year quarter.
Total Revenues
In the quarter under review, Ferrellgas Partners’ total revenues amounted to $293.2 million, which declined 16.8% from $352.3 million in the prior-year quarter.
Revenues fell 18.4% year over year in the Propane and other gas liquids sales segments. Nevertheless, the same increased 14.3% in the Other segment.
Ferrellgas Partners, L.P. Price, Consensus and EPS Surprise
In the reported quarter, nearly 179.9 million gallons of propane were sold, up from178.6 million gallons in the prior-year quarter. Customer base increased 3% year over year. The partnership’s current Blue Rhino tank exchange sales locations totaled more than 55,900, up more than 4% from levels in the end of fiscal 2019.
Operating expenses amounted to $122.9 million, up from $118.2 million in the prior-year quarter.
General and administrative expenses amounted to $9.7 million, down from $14.2 million in the prior-year quarter.
Interest expenses were $45.7 million, up from $43.9 million in the prior-year quarter.
The partnership continues to expand operations through acquisitions. It completed two accretive retail acquisitions during the quarter.
Financial Position
Ferrellgas Partners’ cash and cash equivalents were $29.8 million as of Oct 31, 2019 compared with $11.1 million as of Jul 31, 2019.
Long-term debt was $1,731.9 million as of Oct 31 compared with $1,457 million as of Jul 31, 2019.
WPX Energy Inc’s third-quarter 2019 earnings of 9 cents per share missed the Zacks Consensus Estimate of 11 cents by 18.2%.
Murphy Oil Corporation (MUR - Free Report) reported third quarter 2019 adjusted earnings of 36 cents per share, which beat the Zacks Consensus Estimate of 22 cents by 63.6%.
Occidental Petroleum Corporation (OXY - Free Report) reported third-quarter 2019 earnings of 11 cents per share, lagging the Zacks Consensus Estimate of 41 cents by 73.2%.
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Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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Ferrellgas Partners' (FGP) Q1 Loss Narrows, Revenues Drop Y/Y
Ferrellgas Partners delivered first-quarter fiscal 2020 adjusted loss of 46 cents per unit, which is narrower than a loss of 58 cents incurred in the prior-year quarter.
Total Revenues
In the quarter under review, Ferrellgas Partners’ total revenues amounted to $293.2 million, which declined 16.8% from $352.3 million in the prior-year quarter.
Revenues fell 18.4% year over year in the Propane and other gas liquids sales segments. Nevertheless, the same increased 14.3% in the Other segment.
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 179.9 million gallons of propane were sold, up from178.6 million gallons in the prior-year quarter. Customer base increased 3% year over year. The partnership’s current Blue Rhino tank exchange sales locations totaled more than 55,900, up more than 4% from levels in the end of fiscal 2019.
Operating expenses amounted to $122.9 million, up from $118.2 million in the prior-year quarter.
General and administrative expenses amounted to $9.7 million, down from $14.2 million in the prior-year quarter.
Interest expenses were $45.7 million, up from $43.9 million in the prior-year quarter.
The partnership continues to expand operations through acquisitions. It completed two accretive retail acquisitions during the quarter.
Financial Position
Ferrellgas Partners’ cash and cash equivalents were $29.8 million as of Oct 31, 2019 compared with $11.1 million as of Jul 31, 2019.
Long-term debt was $1,731.9 million as of Oct 31 compared with $1,457 million as of Jul 31, 2019.
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.
Other Releases
WPX Energy Inc’s third-quarter 2019 earnings of 9 cents per share missed the Zacks Consensus Estimate of 11 cents by 18.2%.
Murphy Oil Corporation (MUR - Free Report) reported third quarter 2019 adjusted earnings of 36 cents per share, which beat the Zacks Consensus Estimate of 22 cents by 63.6%.
Occidental Petroleum Corporation (OXY - Free Report) reported third-quarter 2019 earnings of 11 cents per share, lagging the Zacks Consensus Estimate of 41 cents by 73.2%.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>