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Ferrellgas Partners' (FGP) Q1 Loss Narrows, Revenues Drop Y/Y

Zacks Equity Research

Ferrellgas Partners FGP 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 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 WPX third-quarter 2019 earnings of 9 cents per share missed the Zacks Consensus Estimate of 11 cents by 18.2%.

Murphy Oil Corporation MUR 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 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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