Ferrellgas Partners Posts Wider Loss In Q4 - Update

(RTTNews) - Propane distributor Ferrellgas Partners, L.P. (FGP) Monday reported a wider loss for the fourth quarter, reflecting higher operating expenses, despite rise in revenues.

For the fourth quarter ended July 31, net loss attributable to the company widened to $47.8 million or $0.58 per unit from $28.8 million or $0.36 per unit in the previous year.

On average, four analysts polled by Thomson Reuters expected the company to report a loss per share of $0.31 for the quarter. Analysts' estimates typically exclude one-time items.

Total revenues for the quarter rose to $399.03 million from $350.67 million a year ago, but came below analysts' estimate of $422.22 million.

For fiscal 2014, net earnings attributable to the company were $33.21 million or $0.41 per unit, lower than $56.43 million or $0.71 per unit in the prior year, including a loss on the early extinguishment of debt associated with refinancing of the partnership's senior notes.

Excluding this non-recurring expense, net earnings per unit were $0.67, compared to $0.71 in fiscal 2013.

Annual revenues climbed to $2.41 billion from $1.98 billion in the preceding year. Propane sales volumes for the year grew 5 percent to 946.6 million gallons.

Ferrelgas said including the full-year impact from its midstream operations and the seven propane operations acquired in fiscal 2014, it anticipates adjusted EBITDA to range between $300 million and $320 million in fiscal 2015.

For fiscal 2014, the partnership posted adjusted EBITDA of $288.1 million, meeting management's previously provided guidance of $285 million to $290 million.

President and Chief Executive Officer Steve Wambold stated, "Fiscal 2014 represents our sixth record Adjusted EBITDA performance in the last nine years and we intend to build upon our success in fiscal 2015."

FGP closed Friday's trading at $28.14.