UPDATE: Ferrellgas Partners Misses Q2 Views

reported weaker-than-expected earnings for the second quarter on Wednesday. The Overland Park, Kansas-based company posted a quarterly profit of $86.4 million, or $1.02 per unit, versus a year-ago profit of $61.1 million, or $0.76 per unit. Its revenue slipped 23% to $666 million. However, analysts were expecting earnings of $1.07 per unit on revenue of $812.86 million. Propane sales dropped to 216 million gallons for the quarter, compared to 247 million gallons, in the year-ago period. Combined propane and other gas liquid sales shrank 29% to $560 million in the quarter. Operating expenses declined more than 8% to $107.1 million in the quarter, while general and administrative expense slipped 12% to $10.6 million. "We're quite pleased with our second-quarter results," commented President and Chief Executive Officer Steve Wambold. "Improved propane margins and lower expenses in our retail operations more than offset the negative effects of Mother Nature and the effect lower commodity costs had on our midstream operations. We're seeing the strategic initiatives we've undertaken over the last three years targeting operational discipline and flexibility having their desired effect in our propane operations." Ferrellgas Partners shares closed at $22.93 yesterday.