Ferrellgas Partners LP
) reported earnings per unit of 59 cents for the third quarter of
fiscal 2013, ending Apr 30, up 15.9% from the Zacks Consensus
Estimate of 51 cents. Earnings in the quarter were substantially
higher than the prior-year figure of 27 cents.
ALON USA ENERGY (ALJ): Free Stock Analysis
DELEK US HLDGS (DK): Free Stock Analysis
FERRELLGAS -LP (FGP): Free Stock Analysis
SUBURB PROPANE (SPH): Free Stock Analysis
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Ferrellgas Partners' total revenue of $603 million in the quarter
was 4.2% lower than $629.6 million reported in the comparable
The lower propane price impacted propane and other gas liquids
sales, which decreased 8.6% to $508.4 million while Other
revenues increased 29.8% to $94.6 million.
Revenues were higher than the Zacks Consensus Estimate of $589
The gross profit of the partnership in the reported quarter
improved 24.7% to $223.1 million. The solid performance
encouraged the partnership to make an upward revision in its
EBITDA guidance for fiscal 2013. The new expectation is in a
range of $270 million to $275 million.
Operating income in the reported quarter was $69.1 million, up
51.9% from $45.5 million reported in the prior-year period.
The low cost of borrowing benefited the partnership. Interest
expenses decreased 5.9% to $22.1 million.
Cash and cash equivalents as of Apr 30, 2013, were $12.3 million
versus $8.4 million as of Jul 31, 2012.
The partnership's long-term debt as of Apr 30, 2013, was $1.07
billion, increasing marginally from $1.05 billion as of Jul 31,
Other Company Releases
Suburban Propane Partners LP (
) reported second quarter fiscal 2013 earnings per unit of $2.37,
lagging the Zacks Consensus Estimate of $2.49 by 4.8%.
Delek US Holdings, Inc. (
) announced first quarter operating earnings of $1.28 per share,
up 7.6% from the Zacks Consensus Estimate of $1.19.
Alon USA Energy, Inc.
) announced first quarter operating earnings of 80 cents per
share, beating the Zacks Consensus Estimate by 63.3%.
The partnership continued to reap the benefits of an
acquisition-based growth strategy. Ferrellgas completed the
acquisition of Mr. Bar-B-Q, in the third quarter of fiscal 2013.
This acquisition will help in further expansion of its Blue Rhino
The overall results of the partnership in the first nine months
of the fiscal were better than the comparable prior-year period.
The operational efficiency of the partnership resulted in
reduction in fixed overhead expenses. In addition, the return of
normal weather boosted the demand for propane.
Overland Park, Ks. based Ferrellgas Partners LP is a leading
distributor of propane and related equipment in the U.S. The
partnership provides propane services to Residential, Industrial,
Portable Tank Exchange, Agricultural and Wholesale customers.
Ferrellgas Partners currently has a Zacks Rank #2 (Buy).