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Ferrellgas Partners LP Message Board

  • infinitidrivr infinitidrivr Dec 10, 2012 12:02 PM Flag

    Why I like the 1st Quarter Report

    Gross margins and Adjusted Ebidta have dramatically improved. This is the second consecutive quarter of margin improvement. Variable costs of delivery strongly appear to be built into cost of goods sold, so one is looking at about $480 million in cash operating costs annually that varies little quarter to quarter. This means that the higher seasonal volume sales will flow to distributable cash. Since about 30% are employee/insider held, only about 70% receive actual cash distributions.

    Accordingly, I'm optimistic the quarterly distribution will be maintained.

 
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