Ferrellgas Partners (FGP) Tops Q1 EPS by 6c
Ferrellgas Partners (NYSE: FGP) reported Q1 EPS of ($0.44), $0.06 better than the analyst estimate of ($0.50). Revenue for the quarter came in at $379.5 million versus the consensus estimate of $376.33 million.
“While unusually warm weather conditions – including temperatures during our first quarter that were 35% higher than normal – continued to negatively impact our propane revenue, we are taking aggressive actions to position Ferrellgas for long-term growth and profitability,” said James E. Ferrell, the Company’s interim President and Chief Executive Officer. “This quarter’s results include a 9% reduction in operating expenses, reflecting our ongoing efforts to meaningfully reduce costs. We also remain focused on growing our customer base, and are very pleased with our success winning new customers and retaining existing customers during the quarter.”
Mr. Ferrell continued, “Although the termination of the Jamex contract impacted our crude oil logistics segment, we believe in the potential of this business and are taking steps to maximize profitability by increasing utilization of our assets. We remain confident in the upside potential of our company and believe we are taking the right steps to advance the long-term interests of our unitholders, employees and other stakeholders.”
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