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Ferrellgas Swings to Loss in 4th Quarter
Thursday October 12, 8:13 am ET
Ferrellgas Partners Records a 4th-Quarter Loss, Hurt in Part by Warmer Weather
OVERLAND PARK, Kan. (AP) -- Ferrellgas Partners LP, a propane distributor, recorded a loss in the fourth quarter and a sharp decline for the year, the result of warmer weather and higher commodity prices.
The loss for the quarter ended July 31 available to common unitholders was $37.8 million, or 62 cents per share, compared with a profit of $42.2 million, or 75 cents per share during the same period last year. Revenue grew 12 percent to $331.3 million, from $296.4 million last year.
Analysts predicted a loss of 50 cents on revenue of $294.3 million, according to a poll by Thomson Financial.
Ferrellgas called the loss during the summer quarter seasonal. The company would have posted a loss in the year-ago quarter, but recorded a profit due to a gain on discontinued operations. In June of 2005, it sold seven natural gas liquids plants to Enterprise Products Partners L.P. for $144 million.
For the year, profit available to common unitholders fell to $24.8 million, or 41 cents per share, from $80.7 million, or $1.50 per share. Revenue climbed 8 percent to $1.9 billion, from $1.75 billion last year.
The company blamed the decline on warmer weather and higher commodity prices. Propane sales fell 10 percent during the year to 809 million gallons, as warmer temperatures caused customers to conserve usage and wholesale propane prices jumped 25 percent.
Ferrellgas Swings to Loss in 4th Quarter
Thursday October 12, 8:13 am ET
Ferrellgas Partners Records a 4th-Quarter Loss, Hurt in Part by Warmer Weather
OVERLAND PARK, Kan. (AP) -- Ferrellgas Partners LP, a propane distributor, recorded a loss in the fourth quarter and a sharp decline for the year, the result of warmer weather and higher commodity prices.
The loss for the quarter ended July 31 available to common unitholders was $37.8 million, or 62 cents per share, compared with a profit of $42.2 million, or 75 cents per share during the same period last year. Revenue grew 12 percent to $331.3 million, from $296.4 million last year.
Analysts predicted a loss of 50 cents on revenue of $294.3 million, according to a poll by Thomson Financial.
Ferrellgas called the loss during the summer quarter seasonal. The company would have posted a loss in the year-ago quarter, but recorded a profit due to a gain on discontinued operations. In June of 2005, it sold seven natural gas liquids plants to Enterprise Products Partners L.P. for $144 million.
For the year, profit available to common unitholders fell to $24.8 million, or 41 cents per share, from $80.7 million, or $1.50 per share. Revenue climbed 8 percent to $1.9 billion, from $1.75 billion last year.
The company blamed the decline on warmer weather and higher commodity prices. Propane sales fell 10 percent during the year to 809 million gallons, as warmer temperatures caused customers to conserve usage and wholesale propane prices jumped 25 percent.