Ferrellgas Partners Q2 Profit Rises - Quick Facts

(RTTNews) - Propane distributor Ferrellgas Partners, L.P. (FGP) reported higher results for the second quarter of fiscal 2014, helped by increased sales volumes and operational efficiencies.

For the quarter, common unitholders' interest in net earnings totaled $56.8 million, or $0.72 per share, an increase, compared with $55.07 million, or $0.70 per share, last year. On an adjusted basis, net earnings per unit available to common unitholders were $0.76 in the recent quarter. On average, 6 analysts polled by Thomson Reuters expected earnings per share of $0.85 for the quarter. Analysts' estimates typically exclude one-time items.

The firm clocked revenues of $869.68 million in the period, versus the prior-year figure of $658.87 million. Analysts estimated revenues of $722.07 million for the quarter. Second-quarter sales volumes grew by 15% to 342.9 million gallons, reflecting nationwide temperatures that were 18% colder than in the unusually mild prior-year quarter.

Correspondingly, gross profit advanced by 15% to $269.5 million, reflecting these increased sales volumes, as margins matched the prior-year quarter at $0.79 per gallon sold.