Ferrellgas Partners L.P. Common Units (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.
This is the annual revenues and earnings per share of FGP over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of FGP.
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