Inergy L.P. (NRGY, Financial) filed Annual Report for the period ended 2012-09-30.
Inergy, L.p. has a market cap of $2.33 billion; its shares were traded at around $18.36 with and P/S ratio of 1.1. The dividend yield of Inergy, L.p. stocks is 6.3%. Inergy, L.p. had an annual average earning growth of 6% over the past 10 years.
Revenues from our West Coast NGL operations were $313.7 million for the year ended September 30, 2012, an increase of $4.0 million or 1.3% from $309.7 million during the year ended September 30, 2011. West Coast facility revenues were $270.2 million for the year ended September 30, 2012 compared to $269.3 million in the prior year period, an increase of $0.9 million. This increase was primarily a result of increased throughput revenues as noted above, partially offset by lower commodity revenues resulting from lower commodity sales prices in fiscal 2012. West Coast propane revenues were $43.5 million for the year ended September 30, 2012 compared to $40.4 million for the prior year period, an increase of $3.1 million. These higher propane revenues were attributable to an increase of 8.3 million propane gallons sold at the West Coast facility for the year ended September 30, 2012, partially offset by lower sales price per gallon as a result of lower commodity costs.
Retail cost of product sold was $438.8 million for the year ended September 30, 2012, a decrease of $156.1 million, or 26.2%, when compared to $594.9 million for the year ended September 30, 2011. Retail propane cost was $341.9 million in fiscal 2012, a decrease of $129.9 million compared to $471.8 million in fiscal 2011. This decline in retail propane cost of product sold was driven by a $134.4 million decrease resulting from lower volumes sold at existing locations, coupled with a $4.2 million decline due to a lower average per gallon cost of propane. These factors were partially offset by a $1.3 million increase due to acquisition-related sales, and a $7.4 million increase due to changes in non-cash charges on derivative contracts associated with retail propane fixed price sales contracts. The increase in non-cash charges on derivative contracts primarily relates to a $9.2 million non-cash gain recognized in the fourth quarter of 2012 related to certain derivative contracts entered into with SPH on the date of the close of the sale of our retail propane operations to SPH. These derivative contracts related to the procurement of propane at fixed prices to supply the propane necessary to satisfy fixed price sales contracts with retail customers that SPH acquired as part of their acquisition of our retail propane operations. We also have a related amount recorded as of September 30, 2012 as a loss in accumulated other comprehensive income related to derivative contracts that, prior to the sale of retail to SPH, were associated with our cash flow hedging activities related to fixed price sales to retail customers. The amount recorded in accumulated other comprehensive income as of September 30, 2012 is expected to be realized in earnings during the year ended September 30, 2013. Approximately $52.1 million of the decrease attributable to volumes sold at existing locations resulted from the sale of our retail propane operations to SPH effective August 1, 2012. Other retail cost of product sold was $96.9 million for the year ended September 30, 2012, compared to $123.1 million during the year ended September 30, 2011. This $26.2 million decrease was primarily due to a $27.8 million decline in the cost for distillates and other retail sales, partially offset by a $1.6 million increase from acquisitions. The decrease in the cost of product sold for distillates and other retail sales was driven by a $12.3 million decline due to the sale of our retail propane operations with the remainder of the decline due mostly to lower volumes of distillates sold at existing locations.
Retail gross profit was $338.5 million for the year ended September 30, 2012, compared to $456.0 million for the year ended September 30, 2011, a decrease of $117.5 million, or 25.8%. Retail propane gross profit was $284.7 million in fiscal 2012, a decrease of $102.1 million compared to $386.8 million in fiscal 2011. This decrease was mostly due to a $110.8 million decline attributable to lower volumes sold at existing locations, coupled with a $7.4 million decline due to changes in non-cash charges on derivative contracts associated with retail propane fixed price sales contracts. Approximately $29.1 million of the decline from lower volumes sold at existing locations resulted from the sale of our retail propane operations to SPH effective August, 1, 2012. These factors were partially offset by an increase in retail gross profit of $14.9 million resulting from a higher cash margin per gallon and a $1.2 million increase associated with acquisitions. Other retail gross profit was $53.8 million for the year ended September 30, 2012, compared to $69.2 million for the year ended September 30, 2011. This $15.4 million decrease was due primarily to a decline in gross profit from distillate and other retail sales of $15.8 million, partially offset by an increase of $0.4 million arising from acquisition-related gross profit. Gross profit from distillate and other retail sales declined mostly due to lower volumes sold at our existing locations, approximately $9.0 million of which resulted from the sale of our retail propane operations.
Other retail cost of product sold was $136.3 million for the year ended September 30, 2011, compared to $113.1 million during fiscal 2010. This $23.2 million, or 20.5%, increase was primarily as a result of a $20.4 million increase in the cost for distillates, a $1.1 million increase in the cost of product sold associated with acquisition-related sales and a $1.7 million increase in the cost of other retail sales. The increase in the cost of product sold for distillates was driven by a $25.3 million increase due to a higher overall commodity cost, partially offset by a $4.9 million decline due to lower volumes sold at existing locations.
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Inergy, L.p. has a market cap of $2.33 billion; its shares were traded at around $18.36 with and P/S ratio of 1.1. The dividend yield of Inergy, L.p. stocks is 6.3%. Inergy, L.p. had an annual average earning growth of 6% over the past 10 years.
Highlight of Business Operations:
Revenues from retail sales were $777.3 million for the year ended September 30, 2012, compared to $1,050.9 million during the year ended September 30, 2011, a decrease of $273.6 million, or 26.0%. Retail propane revenues were $626.6 million in fiscal 2012, a decrease of $232.0 million compared to $858.6 million in fiscal 2011. This decrease was primarily due to a $245.2 million decline arising from lower retail propane volumes sold to existing customers as described above, partially offset by a $10.7 million increase due to a higher overall average selling price of propane and a $2.5 million increase resulting from acquisition-related retail propane sales. Approximately $81.2 million of the decrease attributable to lower volumes sold to existing customers resulted from the sale of our retail propane operations to SPH effective August 1, 2012. The overall average selling price of propane was higher than the same prior year period due to our ability to pass on to the customer at least a portion of the higher average wholesale cost of propane experienced during the primary heating season. Other retail sales, which primarily includes distillates, service, rental, and appliance sales, decreased $41.6 million to $150.7 million for the year ended September 30, 2012 from $192.3 million during the year ended September 30, 2011. Revenue from other retail sales declined $43.6 million, mostly as a result of lower distillate volumes sold at existing locations, of which approximately $21.3 million resulted from the sale of our retail propane operations to SPH. This decline was partially offset by a $2.0 million increase in other retail revenues as a result of acquisitions.Revenues from our West Coast NGL operations were $313.7 million for the year ended September 30, 2012, an increase of $4.0 million or 1.3% from $309.7 million during the year ended September 30, 2011. West Coast facility revenues were $270.2 million for the year ended September 30, 2012 compared to $269.3 million in the prior year period, an increase of $0.9 million. This increase was primarily a result of increased throughput revenues as noted above, partially offset by lower commodity revenues resulting from lower commodity sales prices in fiscal 2012. West Coast propane revenues were $43.5 million for the year ended September 30, 2012 compared to $40.4 million for the prior year period, an increase of $3.1 million. These higher propane revenues were attributable to an increase of 8.3 million propane gallons sold at the West Coast facility for the year ended September 30, 2012, partially offset by lower sales price per gallon as a result of lower commodity costs.
Retail cost of product sold was $438.8 million for the year ended September 30, 2012, a decrease of $156.1 million, or 26.2%, when compared to $594.9 million for the year ended September 30, 2011. Retail propane cost was $341.9 million in fiscal 2012, a decrease of $129.9 million compared to $471.8 million in fiscal 2011. This decline in retail propane cost of product sold was driven by a $134.4 million decrease resulting from lower volumes sold at existing locations, coupled with a $4.2 million decline due to a lower average per gallon cost of propane. These factors were partially offset by a $1.3 million increase due to acquisition-related sales, and a $7.4 million increase due to changes in non-cash charges on derivative contracts associated with retail propane fixed price sales contracts. The increase in non-cash charges on derivative contracts primarily relates to a $9.2 million non-cash gain recognized in the fourth quarter of 2012 related to certain derivative contracts entered into with SPH on the date of the close of the sale of our retail propane operations to SPH. These derivative contracts related to the procurement of propane at fixed prices to supply the propane necessary to satisfy fixed price sales contracts with retail customers that SPH acquired as part of their acquisition of our retail propane operations. We also have a related amount recorded as of September 30, 2012 as a loss in accumulated other comprehensive income related to derivative contracts that, prior to the sale of retail to SPH, were associated with our cash flow hedging activities related to fixed price sales to retail customers. The amount recorded in accumulated other comprehensive income as of September 30, 2012 is expected to be realized in earnings during the year ended September 30, 2013. Approximately $52.1 million of the decrease attributable to volumes sold at existing locations resulted from the sale of our retail propane operations to SPH effective August 1, 2012. Other retail cost of product sold was $96.9 million for the year ended September 30, 2012, compared to $123.1 million during the year ended September 30, 2011. This $26.2 million decrease was primarily due to a $27.8 million decline in the cost for distillates and other retail sales, partially offset by a $1.6 million increase from acquisitions. The decrease in the cost of product sold for distillates and other retail sales was driven by a $12.3 million decline due to the sale of our retail propane operations with the remainder of the decline due mostly to lower volumes of distillates sold at existing locations.
Retail gross profit was $338.5 million for the year ended September 30, 2012, compared to $456.0 million for the year ended September 30, 2011, a decrease of $117.5 million, or 25.8%. Retail propane gross profit was $284.7 million in fiscal 2012, a decrease of $102.1 million compared to $386.8 million in fiscal 2011. This decrease was mostly due to a $110.8 million decline attributable to lower volumes sold at existing locations, coupled with a $7.4 million decline due to changes in non-cash charges on derivative contracts associated with retail propane fixed price sales contracts. Approximately $29.1 million of the decline from lower volumes sold at existing locations resulted from the sale of our retail propane operations to SPH effective August, 1, 2012. These factors were partially offset by an increase in retail gross profit of $14.9 million resulting from a higher cash margin per gallon and a $1.2 million increase associated with acquisitions. Other retail gross profit was $53.8 million for the year ended September 30, 2012, compared to $69.2 million for the year ended September 30, 2011. This $15.4 million decrease was due primarily to a decline in gross profit from distillate and other retail sales of $15.8 million, partially offset by an increase of $0.4 million arising from acquisition-related gross profit. Gross profit from distillate and other retail sales declined mostly due to lower volumes sold at our existing locations, approximately $9.0 million of which resulted from the sale of our retail propane operations.
Other retail cost of product sold was $136.3 million for the year ended September 30, 2011, compared to $113.1 million during fiscal 2010. This $23.2 million, or 20.5%, increase was primarily as a result of a $20.4 million increase in the cost for distillates, a $1.1 million increase in the cost of product sold associated with acquisition-related sales and a $1.7 million increase in the cost of other retail sales. The increase in the cost of product sold for distillates was driven by a $25.3 million increase due to a higher overall commodity cost, partially offset by a $4.9 million decline due to lower volumes sold at existing locations.
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