Ferrellgas Partners L.P. Common Units (NYSE:FGP) filed Quarterly Report for the period ended 2010-10-31.
Ferrellgas Partners L.p. Common Units has a market cap of $1.81 billion; its shares were traded at around $26.01 with a P/E ratio of 42.7 and P/S ratio of 0.9. The dividend yield of Ferrellgas Partners L.p. Common Units stocks is 7.7%. Ferrellgas Partners L.p. Common Units had an annual average earning growth of 1.8% over the past 5 years.FGP is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:The wholesale market price at one of the major supply points, Mt. Belvieu, Texas, during the three months ended October 31, 2010, averaged 20% more than the prior year period. The wholesale market price averaged $1.14 and $0.95 per gallon during the three months ended October 31, 2010 and 2009, respectively.
Retail sales increased $16.2 million compared to the prior year period. This increase resulted primarily from a $34.7 million increase in sales price per gallon which was driven by the increase in the wholesale market price of propane as discussed above, partially offset by a $21.7 million decrease due primarily to lower propane sales volumes, as discussed above.
Other gas sales increased $15.5 million compared to the prior year period. This increase resulted primarily from an $11.3 million increase due to higher propane sales volumes and a $6.1 million increase in sales price per gallon.
Retail sales gross margin decreased $10.2 million compared to the prior year period. This decrease resulted from an $8.6 million decrease in propane sales volumes as discussed above and a $2.6 million decrease in gross margin per gallon.
Adjusted EBITDA decreased $11.7 million compared to the prior year period primarily due to a $14.6 million decrease in gross margin from Gross margin: Propane and other gas liquids sales as discussed above, which was somewhat offset by a $1.4 million decrease in General and administrative expense and a $0.9 million decrease in Operating expense. General and administrative expense decreased primarily due to a decrease of $1.5 million of performance based incentive expense. Operating expense decreased primarily due to a $1.9 million decrease in performance based incentive expense, partially offset by $0.9 million of increased fuel costs.
Operating income (loss) decreased $8.4 million compared to the prior year period primarily due to the $11.7 million decrease in Adjusted EBITDA as discussed above, partially offset by a $1.9 million decrease in Loss (gain) on disposal of assets and other and a decrease of $1.7 mi
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