UPDATE: Ferrellgas Partners Posts Wider Q1 loss

Ferrellgas Partners

reported a wider loss for the first quarter. The Overland Park, Kansas-based company posted a quarterly loss of $33.2 million, or $0.40 per share, versus a year-ago loss of $25 million, or $0.31 per unit, in the year-ago period. Its revenue surged 6.8% to $443 million. However, analysts were expecting a loss of $0.28 per share on revenue of $432.69 million. Combined propane and other gas liquid sales jumped 3.2% to $394 million. Propane sales slipped to 186.1 million gallons from 191.0 million gallons sold in the year-ago quarter. Its operating expense came in flat at around $102 million, while the cost of propane and other gas liquids sales gained 2.3% to $265 million. Gross profit rose 8% to $154.7 million, while adjusted EBITDA jumped around 30% to $34.4 million. Ferrellgas Partners affirmed its forecast for the year. President and Chief Executive Officer Steve Wambold commented, "Fiscal 2015 is off to an excellent start with operations delivering first-quarter results in line with our expectations. November, the start of our second quarter, also looks to be in line with our expectations as seasonably cold temperatures boosted the demand for propane consumption. We remain comfortable with our previous guidance of Adjusted EBITDA in the range of $300 million to $320 million for fiscal 2015." Ferrellgas Partners shares fell 1.94% to close at $26.33 yesterday.