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Ferrellgas Partners Q1 2014 revenues grew to $415m

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Staff writer ▼ | December 9, 2013
Ferrellgas Partners reported results for the fiscal 2014 first quarter ended October 31. The partnership reported adjusted EBITDA of $26.4 million and distributable cash flow of $3 million producing trailing 12 month distributable cash flow coverage of 1.08x on cash distributions paid to unitholders.
Ferrellgas Partners
Ferrellgas PartnersFerrellgas Partners reported results for the fiscal 2014 first quarter ended October 31. The partnership reported adjusted EBITDA of $26.4 million and distributable cash flow of $3 million producing trailing 12 month distributable cash flow coverage of 1.08x on cash distributions paid to unitholders.


Revenues grew to $415 million, up 14% from $362.9 million in the prior-year quarter, reflecting both an increase in wholesale propane costs and sales volumes.

Gross profit rose 2% to a near record $142.9 million from $140.1 million a year earlier on increased sales volumes partially offset by lower retail margins adversely affected by the higher wholesale cost of propane that rose 20% over the year before.

Propane sales grew 6% to 191 million gallons based upon increased wholesale and agricultural demand in the quarter. Correspondingly, operating expense increased to $103 million, from $96.4 million the year before, each representing $0.54 per gallon sold.

General and administrative expense was $9.5 million, compared to $8.1 million in the year prior, each excluding nonrecurring litigation reserve and related legal fees that totaled $1.3 million and $0.7 million, respectively. The partnership also expensed $0.3 million in the quarter associated with corporate development activities that ultimately did not result in a transaction. The seasonal first-quarter loss was $25.1 million, or $0.31 per unit, compared to $17.8 million, or $0.22 per unit.

Ferrellgas Partners, L.P., through its operating partnership Ferrellgas L.P., serves customers in all 50 states, the District of Columbia and Puerto Rico. Ferrellgas employees indirectly own more than 21 million common units of the partnership through an employee stock ownership plan


 

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