Friday, June 8, 2012

Ferrellgas Partners (NYSE: FGP) 3Q net income jumps

Ferrellgas Partners (NYSE: FGP) 3Q net income jumpsOrlando, 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.

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