Ferrellgas Partners (NYSE:FGP) delivered second-quarter fiscal 2019 adjusted earnings of 44 cents per unit, which missed the Zacks Consensus Estimate of 57 cents by 22.8%. The partnership incurred a loss of 2 cents in the prior-year quarter.
Total Revenues
In the quarter under review, Ferrellgas Partners’ total revenues amounted to $573.4 million, which lagged the Zacks Consensus Estimate of $605 million by 5.2%. Also, the top line declined 24% from $755.2 million in the prior-year quarter.
Revenues fell 7% year over year in the Propane and other gas liquids sales segments and plunged 49% 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. Quote
Highlights of the Release
In the reported quarter, nearly 309.7 million gallons of propane were sold, down from 310 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 53,700, up more than 10% from levels in the beginning of fiscal 2018.
Total Retail propane sales volume increased approximately 2% in the quarter under review.
Operating expenses amounted to $121.2 million, down from $123.7 million in the prior-year quarter.
General and administrative expenses amounted to $16.3 million, up from $14.8 million in the prior-year quarter.
Interest expenses were $44.8 million, up from $42.7 million in the prior-year quarter.
The partnership continues to expand operations through acquisitions. It completed five accretive acquisitions of Blue Rhino independent distributors on a year-to-date basis.
Financial Position
Ferrellgas Partners’ cash and cash equivalents were $40.6 million as of Jan 31, 2019 compared with $119.3 million as of Jul 31, 2018.
Long-term debt was $2,081 million as of Dec 31, 2019 compared with $2,078.6 million as of Jul 31, 2018.
Zacks Rank
Ferrellgas Partners currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Oils-Energy Releases
Murphy Oil Corporation (NYSE:MUR) delivered fourth-quarter 2018 adjusted earnings of 31 cents per share, which beat the Zacks Consensus Estimate of 26 cents by 19.2%.
CNX Resources Corporation (NYSE:CNX) delivered adjusted earnings of 67 cents per share in fourth-quarter 2018, which beat the Zacks Consensus Estimate of 28 cents by 139.3%.
Anadarko Petroleum Corporation’s (NYSE:APC) fourth-quarter 2018 adjusted earnings of 38 cents per share missed the Zacks Consensus Estimate of 57 cents by 33.33%.
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