Ferrellgas Partners LP
) reported earnings per unit of 73 cents for the second quarter
of fiscal 2013, ending Jan 31, down 8.8% from the Zacks Consensus
Estimate of 80 cents. However, the quarter's earnings were
substantially higher than the prior-year figure of 47 cents.
ALON USA ENERGY (ALJ): Free Stock Analysis
FERRELLGAS -LP (FGP): Free Stock Analysis
NGL ENERGY PART (NGL): Free Stock Analysis
SUBURB PROPANE (SPH): Free Stock Analysis
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Ferrellgas Partners' total revenue of $658.9 million in the
quarter was 20.5% lower than $829.3 million reported in the
comparable year-ago period.
The results were in line with the Zacks Consensus Estimate of
The lower wholesale propane price impacted propane and other gas
liquids sales, which decreased 25.2% to $583.1 million while
Other revenue increased 52.5% to $75.8 million.
Lower propane price boosted the gross profit of the partnership
in the reported quarter. Ferrellgas Partners' gross profit during
the quarter increased 15% from the comparable quarter last year
to $235.2 million.
Operating income in the reported quarter was $82.1 million, up
33.5% from $61.5 million reported in the prior-year period.
The low cost of borrowing benefited the partnership. Interest
expenses decreased 6.2% to $22.7 million.
Cash and cash equivalents as of Jan 31, 2013, were $12.1 million
versus $8.4 million as of Jul 31, 2012.
The partnership's long-term debt as of Jan 31, 2013, was $1.08
billion, increasing from $1.05 billion as of Jul 31, 2012.
Other Company Releases
Suburban Propane Partners LP
) reported first quarter fiscal 2013 earnings per unit of $1.04,
lagging the Zacks Consensus Estimate of $1.26 by 17.5%.
NGL Energy Partners
) announced third quarter fiscal 2013 operating earnings of 75
cents per unit, down 7.4% from the Zacks Consensus Estimate of 81
Alon USA Energy, Inc.
) announced fourth quarter operating earnings of 58 cents per
share, in line with the Zacks Consensus Estimate.
The partnership continued to reap the benefits of an
acquisition-based growth strategy. Ferrellgas has already
announced three acquisitions in the current fiscal year. Besides
the acquisition driven growth strategy, the company is also
working on its organic projects to deliver strong results.
Overland Park, Kansas-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 #3 (Hold).