Ferrellgas Partners (FGP) Acquires Propane Assets of Western Petroleum; Boosts Outlook
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Ferrellgas Partners, L.P. (NYSE: FGP) announced the acquisition of the propane operation of Western Petroleum of Roosevelt, Utah. The acquisition, which is Ferrellgas' fifth in its fiscal year that began August 1, 2012, will be immediately accretive. Terms were not disclosed.
Thanks to its solid residential and industrial customer base in northeast Utah, northwest Colorado and Wyoming, Western Petroleum strengthens Ferrellgas' presence in portions of the country it has long targeted for growth.
Wambold also provided updated financial guidance for fiscal 2013 in light of strong February and March results. "Adjusted EBITDA in the first two months of the quarter increased at a double-digit pace over year-ago levels on strong business fundamentals that more than offset nationwide temperatures that still were 7.6% warmer than normal through February." He concluded, "With four months still remaining in the fiscal year, we anticipate financial results nearing the upper end of our previously provided guidance by the end of the third quarter." The partnership previously provided Adjusted EBITDA guidance of $245 to $260 million for fiscal 2013. The partnership's fiscal third quarter ends April 30.
Thanks to its solid residential and industrial customer base in northeast Utah, northwest Colorado and Wyoming, Western Petroleum strengthens Ferrellgas' presence in portions of the country it has long targeted for growth.
Wambold also provided updated financial guidance for fiscal 2013 in light of strong February and March results. "Adjusted EBITDA in the first two months of the quarter increased at a double-digit pace over year-ago levels on strong business fundamentals that more than offset nationwide temperatures that still were 7.6% warmer than normal through February." He concluded, "With four months still remaining in the fiscal year, we anticipate financial results nearing the upper end of our previously provided guidance by the end of the third quarter." The partnership previously provided Adjusted EBITDA guidance of $245 to $260 million for fiscal 2013. The partnership's fiscal third quarter ends April 30.
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