Ferrellgas Partners LPFGP 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.
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
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.
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.
Investors can consider other stocks from the same sector that have already released quarterly results.
ConocoPhillips 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. 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. 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.
Ferrellgas Partners currently carries a Zacks Rank #3.
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