AmeriGas Partners L.P. Common Units (APU, Financial) filed Annual Report for the period ended 2010-09-30.
Amerigas Partners L.p. Common Units has a market cap of $2.71 billion; its shares were traded at around $47.52 with a P/E ratio of 25.6 and P/S ratio of 1.2. The dividend yield of Amerigas Partners L.p. Common Units stocks is 5.9%. Amerigas Partners L.p. Common Units had an annual average earning growth of 4.8% over the past 10 years. GuruFocus rated Amerigas Partners L.p. Common Units the business predictability rank of 4-star.APU is in the portfolios of Jim Simons of Renaissance Technologies LLC.
The Partnership has over 250 domestic and international sources of supply, including the spot market. Supplies of propane from the Partnerships sources historically have been readily available. During the year ended September 30, 2010, approximately 90% of the Partnerships propane supply was purchased under supply agreements with terms of 1 to 3 years. The availability of propane supply is dependent upon, among other things, the severity of winter weather, the price and availability of competing fuels such as natural gas and crude oil, and the amount and availability of imported supply. Although no assurance can be given that supplies of propane will be readily available in the future, management currently expects to be able to secure adequate supplies during fiscal year 2011. If supply from major sources were interrupted, however, the cost of procuring replacement supplies and transporting those supplies from alternative locations might be materially higher and, at least on a short-term basis, margins could be affected. BP Products North America Inc. and BP Canada Energy Marketing Corp. (collectively), Enterprise Products Operating LP and Targa Midstream Services LP, supplied approximately 43% of the Partnerships Fiscal 2010 propane supply. No other single supplier provided more than 10% of the Partnerships total propane supply in Fiscal 2010. In certain areas, however, a single supplier provides more than 50% of the Partnerships requirements. Disruptions in supply in these areas could also have an adverse impact on the Partnerships margins.
Because many customers use propane for heating purposes, the Partnerships retail sales volume is seasonal. Approximately 65% to 70% of the Partnerships retail sales volume occurs, and substantially all of the Partnerships operating income is earned, during the peak heating season from October through March. As a result of this seasonality, sales are higher in the Partnerships first and second fiscal quarters (October 1 through March 31). Cash receipts are generally greatest during the second and third fiscal quarters when customers pay for propane purchased during the winter heating season.
Because many of our customers rely on propane as a heating fuel, our results of operations are adversely affected by warmer-than-normal heating season weather. Weather conditions have a significant impact on the demand for propane for both heating and agricultural purposes. Accordingly, the volume of propane sold is at its highest during the peak heating season of October through March and is directly affected by the severity of the winter weather. For example, historically approximately 65% to 70% of our annual retail propane volumes are sold during these months. There can be no assurance that normal winter weather in our service territories will occur in the future.
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Amerigas Partners L.p. Common Units has a market cap of $2.71 billion; its shares were traded at around $47.52 with a P/E ratio of 25.6 and P/S ratio of 1.2. The dividend yield of Amerigas Partners L.p. Common Units stocks is 5.9%. Amerigas Partners L.p. Common Units had an annual average earning growth of 4.8% over the past 10 years. GuruFocus rated Amerigas Partners L.p. Common Units the business predictability rank of 4-star.APU is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
The Partnership sells propane primarily to residential, commercial/industrial, motor fuel, agricultural and wholesale customers. The Partnership distributed over one billion gallons of propane in Fiscal 2010. Approximately 87% of the Partnerships Fiscal 2010 sales (based on gallons sold) were to retail accounts and approximately 13% were to wholesale customers. Sales to residential customers in Fiscal 2010 represented approximately 40% of retail gallons sold; commercial/industrial customers 37%; motor fuel customers 13%; and agricultural customers 5%. Transport gallons, which are large-scale deliveries to retail customers other than residential, accounted for 5% of Fiscal 2010 retail gallons. No single customer represents, or is anticipated to represent, more than 5% of the Partnerships consolidated revenues.The Partnership has over 250 domestic and international sources of supply, including the spot market. Supplies of propane from the Partnerships sources historically have been readily available. During the year ended September 30, 2010, approximately 90% of the Partnerships propane supply was purchased under supply agreements with terms of 1 to 3 years. The availability of propane supply is dependent upon, among other things, the severity of winter weather, the price and availability of competing fuels such as natural gas and crude oil, and the amount and availability of imported supply. Although no assurance can be given that supplies of propane will be readily available in the future, management currently expects to be able to secure adequate supplies during fiscal year 2011. If supply from major sources were interrupted, however, the cost of procuring replacement supplies and transporting those supplies from alternative locations might be materially higher and, at least on a short-term basis, margins could be affected. BP Products North America Inc. and BP Canada Energy Marketing Corp. (collectively), Enterprise Products Operating LP and Targa Midstream Services LP, supplied approximately 43% of the Partnerships Fiscal 2010 propane supply. No other single supplier provided more than 10% of the Partnerships total propane supply in Fiscal 2010. In certain areas, however, a single supplier provides more than 50% of the Partnerships requirements. Disruptions in supply in these areas could also have an adverse impact on the Partnerships margins.
Because many customers use propane for heating purposes, the Partnerships retail sales volume is seasonal. Approximately 65% to 70% of the Partnerships retail sales volume occurs, and substantially all of the Partnerships operating income is earned, during the peak heating season from October through March. As a result of this seasonality, sales are higher in the Partnerships first and second fiscal quarters (October 1 through March 31). Cash receipts are generally greatest during the second and third fiscal quarters when customers pay for propane purchased during the winter heating season.
Because many of our customers rely on propane as a heating fuel, our results of operations are adversely affected by warmer-than-normal heating season weather. Weather conditions have a significant impact on the demand for propane for both heating and agricultural purposes. Accordingly, the volume of propane sold is at its highest during the peak heating season of October through March and is directly affected by the severity of the winter weather. For example, historically approximately 65% to 70% of our annual retail propane volumes are sold during these months. There can be no assurance that normal winter weather in our service territories will occur in the future.
Read the The complete Report
