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Ferrellgas Partners (FGP) Lags Q3 Earnings, Sales Estimates

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Ferrellgas Partners LP FGP reported third-quarter fiscal 2018 adjusted earnings of 18 cents per unit, missing the Zacks Consensus Estimate of 26 cents by 30.8%.

Total Revenues

In the reported quarter, Ferrellgas Partners’ total revenues were $515.8 million, missing the Zacks Consensus Estimate of $621 million by 17%. The top line also declined 4.1% from $538 million in the prior-year quarter.

Revenues declined primarily due to lower sales Midstream operations segment which slumped 82%. Sales in the Propane and other gas liquids segment improved 22%. Other segment reported slightly lower sales compared with year-ago quarter’s levels.

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 246.3 million gallons of Propane were sold compared with 212.2 million gallons in the prior-year quarter. Customer base increased 1.7% year over year. Year to date company’s Blue Rhino tank exchange sales locations have increased 9.5%.

Operating expenses in the reported quarter were $116.6 million, down 11.3% from $104.8 million in the prior-year quarter.

General and administrative expenses in the quarter under review were $11.7 million, up from $9.9 million in the prior-year quarter.

Interest expenses were $40.3 million, up from $39.8 million in the prior-year quarter.

In the quarter under review, the company completed divestiture of Bridger Energy and Bridger Rail.

Financial Position

Ferrellgas Partners’ cash and cash equivalents were $9.5 million as of Apr 30, 2018, compared with $5.8 million as of Jul 31, 2017.

Long-term debt was $1,995.6 million as of Apr 30, 2018, compared with $1,995.8 million as of Jul 31, 2017.

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 From Same Space

Sunoco LP SUN reported first-quarter 2018 adjusted earnings of 10 cents per share, missing the Zacks Consensus Estimate of 57 cents by 82.5%.

Sprague Resources LP SRLP reported first-quarter earnings $3.21 per share, which surpassed the Zacks Consensus Estimate $1.54 by 108.4%.

Calumet Specialty Products Partners, L.P. CLMT reported first-quarter 2018 loss of 4 cents per share, narrower than the Zacks Consensus Estimate of 45 cents.

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