Ferrellgas Partners 1Q losses rose 16 pct
OVERLAND PARK, Kan.—Ferrellgas Partners said Friday that its loss grew by 16 percent in its first fiscal quarter as propane costs rose.
The Overland Park, Kan., propane gas distributor reported losses of $32.3 million, or 42 cents per unit, for the three months ended Oct. 31. That compares with a loss of $27.8 million, or 40 cents per unit, for the same part of 2010.
Revenue rose 34.5 percent to $538.4 million in the quarter.
Analysts had expected a narrower loss of 30 cents per share on revenue of $450.4 million, according to FactSet.
Quarterly revenue rose as the company sold more propane to its customers and charged higher prices. But losses grew anyway as the cost of the propane that Ferrellgas sold increased 57.2 percent, the company said.