Ferrellgas Partners Posts Deeper-Than-Expected Q1 Loss
Shares of Ferrellgas Partners deflated today in the wake of the company's release of its fiscal Q1 2014 results. For the quarter, revenue was just over $415 million, up sharply from the nearly $363 million in the same period the previous year. Attributable net loss deepened, however, to $24.8 million ($0.31 per diluted unit), from Q1 2014's $17.7 million ($0.22).
The shortfall was due to higher costs of the company's stock in trade, propane. These exceeded a rise in demand for the gas from the agriculture and wholesale sectors.
On average, analysts had been projecting revenue of $390 million and a per-unit loss of $0.22.
The company said that despite the losses, fiscal 2014 was "off to a solid start" with winter temperatures through the U.S. forecast at expected levels.
Following the announcement of the results, the company's stock dropped by 1.9%, or $0.44, to $22.97 in after-hours trading.
The article Ferrellgas Partners Posts Deeper-Than-Expected Q1 Loss originally appeared on Fool.com.Fool contributor Eric Volkman has no position in Ferrellgas Partners. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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