Monday, propane distributor Ferrellgas Partners, L.P. (FGP) reported a narrower loss for the fourth quarter, reflecting primarily a 7% increase in total propane sales volumes.
The Overland Park, Kansas-based company's net loss available to common unit holders narrowed to $34.71 million or basic loss of $0.51 per unit from $38.39 million or basic loss of $0.61 per unit in the previous year.
On average, five analysts polled by Thomson Reuters expected the company to report a loss of $0.46 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter declined to $312.69 million from $419.71 million in the same period last year. Three analysts estimated revenues of $382.2 million for the quarter.
Propane and other gas liquids sales were $283.38 million, compared to $390.55 million in the year earlier. The company said its retail propane sales increased nearly 8% during the quarter.
Operating loss for the quarter was $15.37 million, compared to a loss of $16.91 million in the year-ago quarter.
For the full year, the company posted net earnings available to common unit holders of $52.05 million or basic earnings of $0.79 per unit, compared to net earnings of $24.44 million or basic earnings of $0.39 per unit in the prior year. Annual revenues declined to $2.07 billion from $2.29 billion a year ago.
Steve Wambold, chief executive officer and president commented, "Our dedicated focus to our strategic plan of disciplined growth and cost containment played a significant role in this year's performance."
FGP closed Friday's regular trading at $19.68 on the NYSE.
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