Q3 Revenue Drops 6% for Ferrellgas, Net Income Halves Amid Higher Costs
FGPR has more than doubled off its 52-week low of $8.25 on light trading volume (0.2× avg).
Summary
Ferrellgas Partners reported a 6% decline in Q3 revenue to $524.56 million, primarily due to lower propane prices and sales volumes. Net income plunged 53% to $28.18 million, largely driven by a $29 million increase in operating expenses, which included $24.7 million for legacy casualty claim settlements. This news follows the company's 8-K and 10-Q filings earlier today detailing these financial results. While the company completed a capital structure simplification by converting Class B to Class A units, the significant earnings drop and increased costs are a concern. The company expects to finish the fiscal year strong and execute on its Fiscal 2027 strategy.
At the time of this announcement, FGPR was trading at $24.35 on OTC in the Energy & Transportation sector, with a market capitalization of approximately $119.5M. The 52-week trading range was $8.25 to $27.29. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.