Ferrellgas Partners (FGP) Misses Q2 Earnings Estimates

By Zacks Investment ResearchStock MarketsMar 09, 2018 01:24AM ET

www.investing.com/analysis/ferrellgas-partners-fgp-misses-q2-earnings-estimates-200296985

Ferrellgas Partners (FGP) Misses Q2 Earnings Estimates

By Zacks Investment Research | Mar 09, 2018 01:24AM ET

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Ferrellgas Partners LP (NYSE:FGP) reported second-quarter fiscal 2018 adjusted earnings of 49 cents per unit, missing the Zacks Consensus Estimate of 61 cents by 19.7%.

Including non-cash charges, the company reported loss of 2 cents in second-quarter fiscal 2018, compared to the year-ago quarter’s earnings of 39 cents.

Total Revenues

In the reported quarter, Ferrellgas Partners’ total revenues were $755.1 million, beating the Zacks Consensus Estimate of $713 million by 5.9%. The top line also improved 30.4% from $579.2 million in the prior-year quarter.

The partnership’s revenues improved primarily on the back of higher sales from all segments — Midstream operations, Propane and other gas liquids and Other. Notably, Propane and other gas liquids sales improved 35.4%, while Midstream operations’ sales rose 21.2%. The Other segment posted a sales increase of 1.2%.

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 310 million gallons of Propane were sold compared with 267.7 million gallons in the prior-year quarter. The company’s customer base increased 1% year over year, following an addition of 8,700 customers.

Operating expenses in the reported quarter were $123.7 million, up 9.96% from $112.5 million in the prior-year quarter.

General and administrative expenses for the quarter under review were $14.9 million, up from $11.4 million in the prior-year quarter.

Interest expenses were $42.7 million in the quarter, up from $36.8 million in the year-ago quarter.

In the quarter under review, the company completed divesture of two non-core assets.

Financial Position

Ferrellgas Partners’ cash and cash equivalents were $14.2 million as of Jan 31, 2018, compared with $5.8 million as of Jul 31, 2017.

Long-term debt was $1,811.6 million as of Jan 31, 2018, down from $1,995.8 million as of Jul 31, 2017.

Peer Releases

Investors can consider other stocks from the same sector that have already released quarterly results.

ConocoPhillips (NYSE:COP) reported fourth-quarter 2017 adjusted earnings of 45 cents per share, in line with the Zacks Consensus Estimate. It sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Apache Corp. (NYSE:APA) reported fourth-quarter 2017 adjusted earnings per share of 33 cents that beat the Zacks Consensus Estimate of 21 cents. It carries a Zacks Rank #3 (Hold).

Anadarko Petroleum Corp. (NYSE:APC) reported fourth-quarter 2017 earnings of 18 cents per share, beating the Zacks Consensus Estimate of 3 cents. It carries a Zacks Rank #3.

Zacks Rank

Ferrellgas Partners currently carries a Zacks Rank #3.

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Ferrellgas Partners, L.P. (FGP): Free Stock Analysis Report

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Ferrellgas Partners (FGP) Misses Q2 Earnings Estimates

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