Propane supplier Ferrellgas companions L.P. FGP, -1.sixty one% said Wednesday it had a internet lack of $ 654.8 million, or $ 6.68 per share, in its fiscal fourth quarter to July 31, wider than the loss of $ fifty eight.2 million, or 64 cents a share, within the yr-precedent days. earnings rose to $ 409.5 million from $ 382.5 million. The FactSet consensus used to be for a loss of forty six cents a share and earnings of $ 462 million. “As we highlighted last quarter, file temperatures throughout the nation continue to have an opposed impact on the propane sector of our company and low oil prices have critically damaged our midstream sector,” Founder and intervening time Chief executive James Ferrell stated in a commentary. “specifically, unusually warm winters over the last two years drove down propane gross sales throughout all our geographies, and low crude oil costs have negatively impacted our midstream logistics trade.” the company mentioned the increase in debt it took on to fund the acquisition of Bridger, a recent settlement with Jamex and the influence of warm weather had mixed to lift its leverage ratio to as regards to the 5.5 instances restrict on a few of its borrowing. the corporate has bought an amendment raising the maximum leverage ratio to 5.9 occasions to six.05 instances over the next six quarters. it is going to now focus on reducing debt and lowering its leverage ratio, and may just cut back its quarterly distribution to about $ 1.00 per unit vs. $ 2.05. Shares weren’t but lively in premarket alternate, however are down 0.6% in the yr thus far, while the S&P 500 SPX, +0.sixty four% has won 6%.
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