Orlando, FL 6/8/12 (StreetBeat) – Propane distributor Ferrellgas Partners LP (NYSE: FGP) said Friday that its fiscal third-quarter net income soared in comparison to a quarter last year weighed down by expenses.
The Overland Park, Kan., company earned $20.6 million, or 26 cents per unit, for the period ended April 30. That's up sharply from $3.1 million, or 4 cents per unit, a year earlier.
The results easily beat the 19 cents per share that analysts polled by FactSet forecast.
General and administrative expense declined to $9 million from $17.9 million. Last year's quarter included $10.5 million in reserves for a lawsuit and related fees.
Revenue fell 14 percent to $629.6 million from $732.4 million, pinched by warmer weather.
Wall Street expected $659.5 million in revenue.
President and CEO Steve Wambold said in a statement that the warmer weather hurt propane sales during the winter, but helped set off an early start to the grilling season.
Please contact www.thestreetbeat.com for interest in our latest investor relations platform the “CEO Interview Series” with its host Steve Kanaval. The package includes a one-on-one interview with a seasoned industry professional; published segment to our web site with embedded audio/video file; and a compressed file that can be easily e-mailed out to your current and/or potential investors. Please e-mail email@example.com or call (662) 392-0740 for pricing and scheduling.