UPDATE: Ferrellgas Partners Posts Downbeat FQ3 Earnings

Ferrellgas Partners LP FGP reported a rise in its fiscal third-quarter earnings. Ferrellgas Partners reported its quarterly earnings of $45.4 million, or $0.57 per unit, versus a year-ago profit of $44.7 million, or $0.56 per unit. Its revenue climbed to $722.1 million, while propane and other gas liquid sales jumped 23% to $625.1 million. However, analysts were expecting a profit of $0.66 per unit on revenue of $747 million. Its gross margin shrank to 31.9% from 37%, while costs for propane and other fuels gained 34%. The company's press release offered the following comment from Chief Executive Steve Wambold: "I am extremely pleased with the way our propane operations team performed during what proved to be a very challenging quarter." Ferrellgas Partners shares rose 1.60% to close at $26.71 on Friday.