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06-20 | Earnings Flash (FGPR) FERRELLGAS PARTNERS L.P. Posts Q3 Revenue $515.8M | MT |
06-19 | Transcript : Ferrellgas Partners, L.P., Q3 2024 Earnings Call, Jun 19, 2024 |
June 19, 2024 at 01:35 pm
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Adjusted EBITDA, a non-GAAP financial measure, decreased by
In sharing fiscal third quarter results,
The
Margin per gallon for the Company increased 4% for the third fiscal quarter of 2024 compared to the prior year period. The favorable increase was primarily due to segment mix, our Platinum Plus fixed cost program for residential customers and national account pricing improvement.
Operating income per gallon decreased 10% for the third fiscal quarter of fiscal 2024 compared to the prior year period. We recognized net earnings attributable to
As previously announced, on
The warmer than normal temperatures and continued focus on strategic initiatives drove a 19% increase during the third fiscal quarter in Blue Rhino’s EBITDA compared to the prior year period. Consumer demand surged as the warmer weather prompted an early kick-off to the grilling season. Additionally,
As grilling season arrives, consumers now have even more convenient options to get a
Investing in technology is one of our key strategic initiatives. We’ve reduced costs over
As an active member of the
On
About
Cautionary Note Regarding Forward-Looking Statements
Statements included in this release concerning current estimates, expectations, projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are forward-looking statements as defined under federal securities laws. These statements often use words such as “anticipate,” “believe,” “intend,” “plan,” “projection,” “forecast,” “strategy,” “position,” “continue,” “estimate,” “expect,” “may,” “will,” or the negative of those terms or other variations of them or comparable terminology. A variety of known and unknown risks, uncertainties and other factors could cause results, performance, and expectations to differ materially from anticipated results, performance, and expectations, including the effect of weather conditions on the demand for propane; the prices of wholesale propane, motor fuel and crude oil; disruptions to the supply of propane; competition from other industry participants and other energy sources; energy efficiency and technology advances; significant delays in the collection of accounts or notes receivable; customer, counterparty, supplier or vendor defaults; changes in demand for, and production of, hydrocarbon products; inherent operating and litigation risks in gathering, transporting, handling and storing propane; costs of complying with, or liabilities imposed under, environmental, health and safety laws; the impact of pending and future legal proceedings; the interruption, disruption, failure or malfunction of our information technology systems including due to cyber-attack; economic and political instability, particularly in areas of the world tied to the energy industry, including the ongoing conflict between
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except unit data) | ||||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents (including | $ | 73,645 | $ | 137,347 | ||||
Accounts and notes receivable, net | 178,163 | 159,379 | ||||||
Inventories | 91,275 | 98,104 | ||||||
Price risk management asset | 5,398 | 11,966 | ||||||
Prepaid expenses and other current assets | 28,270 | 29,135 | ||||||
Total current assets | 376,751 | 435,931 | ||||||
Property, plant and equipment, net | 622,524 | 615,174 | ||||||
257,006 | 257,006 | |||||||
Intangible assets (net of accumulated amortization of | 114,531 | 106,615 | ||||||
Operating lease right-of-use assets | 56,040 | 57,839 | ||||||
Other assets, net | 60,840 | 58,838 | ||||||
Total assets | $ | 1,487,692 | $ | 1,531,403 | ||||
LIABILITIES, MEZZANINE AND EQUITY (DEFICIT) | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 47,742 | $ | 35,115 | ||||
Current portion of long-term debt | 2,620 | 2,597 | ||||||
Current operating lease liabilities | 24,098 | 24,600 | ||||||
Other current liabilities | 153,945 | 197,030 | ||||||
Total current liabilities | 228,405 | 259,342 | ||||||
Long-term debt | 1,459,856 | 1,456,184 | ||||||
Operating lease liabilities | 33,387 | 34,235 | ||||||
Other liabilities | 28,741 | 29,084 | ||||||
Contingencies and commitments | ||||||||
Mezzanine equity: | ||||||||
Senior preferred units, net of issue discount and offering costs (700,000 units outstanding at | 651,349 | 651,349 | ||||||
Equity (Deficit): | ||||||||
Limited partner unitholders | ||||||||
Class A (4,857,605 Units outstanding at | (1,221,021 | ) | (1,205,103 | ) | ||||
Class B (1,300,000 Units outstanding at | 383,012 | 383,012 | ||||||
General partner Unitholder (49,496 Units outstanding at | (69,716 | ) | (70,566 | ) | ||||
Accumulated other comprehensive income | 1,018 | 1,059 | ||||||
(906,707 | ) | (891,598 | ) | |||||
Noncontrolling interest | (7,339 | ) | (7,193 | ) | ||||
Total deficit | (914,046 | ) | (898,791 | ) | ||||
Total liabilities, mezzanine and deficit | $ | 1,487,692 | $ | 1,531,403 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||
(in thousands, except per unit data) (unaudited) | ||||||||||||||||||||||||
Three months ended | Nine months ended | Twelve months ended | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Propane and other gas liquids sales | $ | 490,057 | $ | 559,047 | $ | 1,413,200 | $ | 1,596,777 | $ | 1,733,315 | $ | 1,962,237 | ||||||||||||
Other | 25,717 | 28,300 | 83,464 | 87,802 | 105,235 | 109,895 | ||||||||||||||||||
Total revenues | 515,774 | 587,347 | 1,496,664 | 1,684,579 | 1,838,550 | 2,072,132 | ||||||||||||||||||
Cost of sales: | ||||||||||||||||||||||||
Propane and other gas liquids sales | 240,281 | 291,826 | 690,299 | 852,399 | 841,257 | 1,059,694 | ||||||||||||||||||
Other | 3,195 | 3,673 | 11,366 | 12,692 | 14,587 | 14,858 | ||||||||||||||||||
Gross profit | 272,298 | 291,848 | 794,999 | 819,488 | 982,706 | 997,580 | ||||||||||||||||||
Operating expense - personnel, vehicle, plant & other | 150,629 | 147,477 | 454,913 | 434,572 | 597,861 | 562,757 | ||||||||||||||||||
Operating expense - equipment lease expense | 5,275 | 5,861 | 15,994 | 17,471 | 21,775 | 23,078 | ||||||||||||||||||
Depreciation and amortization expense | 25,340 | 23,753 | 74,179 | 69,453 | 98,096 | 94,044 | ||||||||||||||||||
General and administrative expense | 13,305 | 16,213 | 43,321 | 54,161 | 59,898 | 67,620 | ||||||||||||||||||
Non-cash employee stock ownership plan compensation charge | 880 | 767 | 2,500 | 2,212 | 3,223 | 2,946 | ||||||||||||||||||
Loss on asset sales and disposals | 130 | 958 | 1,847 | 2,928 | 4,610 | 2,876 | ||||||||||||||||||
Operating income | 76,739 | 96,819 | 202,245 | 238,691 | 197,243 | 244,259 | ||||||||||||||||||
Interest expense | (24,685 | ) | (24,297 | ) | (73,205 | ) | (72,483 | ) | (98,434 | ) | (98,077 | ) | ||||||||||||
Other income, net | 1,324 | 852 | 3,509 | 1,865 | 4,269 | 2,292 | ||||||||||||||||||
Earnings before income tax expense | 53,378 | 73,374 | 132,549 | 168,073 | 103,078 | 148,474 | ||||||||||||||||||
Income tax expense | 240 | 367 | 711 | 888 | 804 | 1,044 | ||||||||||||||||||
Net earnings | 53,138 | 73,007 | 131,838 | 167,185 | 102,274 | 147,430 | ||||||||||||||||||
Net earnings attributable to noncontrolling interest (1) | 372 | 580 | 839 | 1,203 | 376 | 840 | ||||||||||||||||||
Net earnings attributable to | $ | 52,766 | $ | 72,427 | $ | 130,999 | $ | 165,982 | $ | 101,898 | $ | 146,590 | ||||||||||||
Class A unitholders' interest in net (loss) earnings | $ | (63,802 | ) | $ | 6,115 | $ | (18,853 | ) | $ | 16,608 | $ | (25,290 | ) | $ | (18,830 | ) | ||||||||
Net (loss) earnings per unitholders' interest | ||||||||||||||||||||||||
Basic and diluted net (loss) earnings per Class A Unit | $ | (13.13 | ) | $ | 1.26 | $ | (3.88 | ) | $ | 3.42 | $ | (5.21 | ) | $ | (3.88 | ) | ||||||||
Weighted average Class A Units outstanding - basic and diluted | 4,858 | 4,858 | 4,858 | 4,858 | 4,858 | 4,858 |
(1) Amounts allocated to the general partner for its 1.0101% interest (excluding the economic interest attributable to the preferred unitholders) in the operating partnership,
Supplemental Data and Reconciliation of Non-GAAP Items: | ||||||||||||||||||||||||
Three months ended | Nine months ended | Twelve months ended | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Net earnings attributable to | $ | 52,766 | $ | 72,427 | $ | 130,999 | $ | 165,982 | $ | 101,898 | $ | 146,590 | ||||||||||||
Income tax expense | 240 | 367 | 711 | 888 | 804 | 1,044 | ||||||||||||||||||
Interest expense | 24,685 | 24,297 | 73,205 | 72,483 | 98,434 | 98,077 | ||||||||||||||||||
Depreciation and amortization expense | 25,340 | 23,753 | 74,179 | 69,453 | 98,096 | 94,044 | ||||||||||||||||||
EBITDA | 103,031 | 120,844 | 279,094 | 308,806 | 299,232 | 339,755 | ||||||||||||||||||
Non-cash employee stock ownership plan compensation charge | 880 | 767 | 2,500 | 2,212 | 3,223 | 2,946 | ||||||||||||||||||
Loss on asset sales and disposal | 130 | 958 | 1,847 | 2,928 | 4,610 | 2,876 | ||||||||||||||||||
Other income, net | (1,324 | ) | (852 | ) | (3,509 | ) | (1,865 | ) | (4,269 | ) | (2,292 | ) | ||||||||||||
Severance costs | — | — | — | 644 | - | 676 | ||||||||||||||||||
Legal fees and settlements related to non-core businesses | 323 | 3,295 | 1,480 | 17,274 | 5,957 | 20,577 | ||||||||||||||||||
Business transformation costs (1) | 591 | — | 1,556 | — | 3,644 | — | ||||||||||||||||||
Net earnings attributable to noncontrolling interest (2) | 372 | 580 | 839 | 1,203 | 376 | 840 | ||||||||||||||||||
Adjusted EBITDA (3) | 104,003 | 125,592 | 283,807 | 331,202 | 312,773 | 365,378 | ||||||||||||||||||
Net cash interest expense (4) | (21,240 | ) | (21,426 | ) | (63,411 | ) | (64,297 | ) | (85,809 | ) | (91,270 | ) | ||||||||||||
Maintenance capital expenditures (5) | (5,383 | ) | (5,208 | ) | (13,952 | ) | (15,415 | ) | (18,706 | ) | (19,318 | ) | ||||||||||||
Cash paid for income taxes | (136 | ) | (217 | ) | (495 | ) | (713 | ) | (874 | ) | (1,081 | ) | ||||||||||||
Proceeds from certain asset sales | 589 | 591 | 1,969 | 2,079 | 2,042 | 2,824 | ||||||||||||||||||
Distributable cash flow attributable to equity investors (6) | 77,833 | 99,332 | 207,918 | 252,856 | 209,426 | 256,533 | ||||||||||||||||||
Less: Distributions accrued or paid to preferred unitholders | 16,045 | 15,590 | 48,546 | 48,063 | 64,797 | 64,313 | ||||||||||||||||||
Distributable cash flow attributable to general partner and non-controlling interest | (1,557 | ) | (1,986 | ) | (4,159 | ) | (5,056 | ) | (4,190 | ) | (5,130 | ) | ||||||||||||
Distributable cash flow attributable to Class A and B Unitholders (7) | 60,231 | 81,756 | 155,213 | 199,737 | 140,439 | 187,090 | ||||||||||||||||||
Less: Distributions paid to Class A and B Unitholders (8) | 99,996 | 49,998 | 99,996 | 49,998 | 99,996 | 99,996 | ||||||||||||||||||
Distributable cash flow (shortage) excess (9) | $ | (39,765 | ) | $ | 31,758 | $ | 55,217 | $ | 149,739 | $ | 40,443 | $ | 87,094 | |||||||||||
Propane gallons sales | ||||||||||||||||||||||||
Retail - Sales to End Users | 162,282 | 182,937 | 479,776 | 514,995 | 566,924 | 609,427 | ||||||||||||||||||
Wholesale - Sales to Resellers | 47,102 | 51,015 | 152,845 | 155,829 | 202,906 | 203,390 | ||||||||||||||||||
Total propane gallons sales | 209,384 | 233,952 | 632,621 | 670,824 | 769,830 | 812,817 | ||||||||||||||||||
(1) Non-recurring costs included in “Operating, general and administrative expense” primarily related to the implementation of an ERP system as part of our business transformation initiatives.
(2) Amounts allocated to the general partner for its 1.0101% interest (excluding the economic interest attributable to the preferred unitholders) in the operating partnership,
(3) Adjusted EBITDA is calculated as net earnings attributable to
(4) Net cash interest expense is the sum of interest expense less non-cash interest expense and other income, net.
(5) Maintenance capital expenditures include capitalized expenditures for betterment and replacement of property, plant and equipment, and may from time to time include the purchase of assets that are typically leased.
(6) Distributable cash flow attributable to equity investors is calculated as Adjusted EBITDA minus net cash interest expense, maintenance capital expenditures and cash paid for income taxes plus proceeds from certain asset sales. Management considers distributable cash flow attributable to equity investors a meaningful measure of the partnership’s ability to declare and pay quarterly distributions to equity investors, including holders of the operating partnership’s Preferred Units. Distributable cash flow attributable to equity investors, as management defines it, may not be comparable to similarly titled measurements used by other companies. Items added into our calculation of distributable cash flow attributable to equity investors that will not occur on a continuing basis may have associated cash payments. Distributable cash flow attributable to equity investors should be viewed in conjunction with measurements that are computed in accordance with GAAP.
(7) Distributable cash flow attributable to Class A and B Unitholders is calculated as Distributable cash flow attributable to equity investors minus distributions accrued or paid on the Preferred Units and distributable cash flow attributable to general partner and noncontrolling interest. Management considers distributable cash flow attributable to Class A and B Unitholders a meaningful measure of the partnership’s ability to declare and pay quarterly distributions to Class A and B Unitholders. Distributable cash flow attributable to Class A and B Unitholders, as management defines it, may not be comparable to similarly titled measurements used by other companies. Items added to our calculation of distributable cash flow attributable to Class A and B Unitholders that will not occur on a continuing basis may have associated cash payments. Distributable cash flow attributable to Class A and B Unitholders should be viewed in conjunction with measurements that are computed in accordance with GAAP.
(8) The Company did not pay any distributions to Class A Unitholders during any of the periods in fiscal 2024 or fiscal 2023.
(9) Distributable cash flow (shortage) excess is calculated as Distributable cash flow attributable to Class A and B Unitholders minus Distributions paid to Class A and B Unitholders. Distributable cash flow excess, if any, is retained to establish reserves, to reduce debt, to fund capital expenditures and for other partnership purposes, and any shortage is funded from previously established reserves, cash on hand or borrowings under our Credit Facility. Management considers Distributable cash flow (shortage) excess a meaningful measure of the partnership’s ability to effectuate those purposes. Distributable cash flow (shortage) excess, as management defines it, may not be comparable to similarly titled measurements used by other companies. Items added into our calculation of distributable cash flow excess that will not occur on a continuing basis may have associated cash payments. Distributable cash flow excess should be viewed in conjunction with measurements that are computed in accordance with GAAP.
ContactsInvestor Relations– InvestorRelations@ferrellgas.com
Source:
2024 GlobeNewswire, Inc., source
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Company Profile
Ferrellgas Partners, L.P. is a holding company. The Company is primarily engaged in the retail distribution of propane and related equipment sales, through its subsidiaries, Ferrellgas Partners Finance Corp. and Ferrellgas, L.P. (operating partnership). Its operations primarily include the distribution and sale of propane and related equipment and supplies in approximately 50 states, the District of Columbia and Puerto Rico. The Company serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers. The Company delivers propane to its industrial/commercial and portable tank exchange customers using its fleet of portable tank and portable tank exchange delivery trucks, truck tractors and portable tank exchange delivery trailers.
Sector
Corporate Financial Services
Calendar
26/09/2024 - Q4 2024 Earnings Release (Projected)
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