Exhibit 99.1

 

NOT FOR IMMEDIATE RELEASE

 

FERRELLGAS PARTNERS, L.P. REPORTS FISCAL

THIRD QUARTER 2019 RESULTS

 

·                  Total Retail propane sales volume for the quarter increased approximately 8 percent leading to almost 7 percent increase in gross margin dollars over the prior year on weather that was approximately 1 percent colder than the prior year

·                  Retail customer growth of nearly 26,000, or 4 percent over prior year

·                  Tank Exchange sale locations now exceed 54,300, up 600 locations from last quarter and 6 percent compared to prior year.

 

LIBERTY, Mo., June 10, 2019 (GLOBE NEWSWIRE) — Ferrellgas Partners, L.P. (NYSE:FGP) (“Ferrellgas” or the “Company”) today reported financial results for its fiscal third quarter ended April 30, 2019.

 

For the quarter, the Company reported a net earnings attributable to Ferrellgas Partners, L.P. of $20.5 million, or $.21 per common unit, compared to prior year period net loss of $10.9 million, or $.11 per common unit.

 

Adjusted EBITDA, a non-GAAP measure, was $88.6 million compared to $86.9 million in the prior year. The following table represents the contribution to adjusted EBITDA from ongoing propane operations as well as from assets that were sold during 2018.

 

(in millions)

 

Q3 2019

 

Q3 2018

 

Propane Operations and Corporate Support

 

$

88.6

 

$

84.6

 

Results from Assets Sold in 2018

 

 

$

2.3

 

Consolidated Adjusted EBITDA

 

$

88.6

 

$

86.9

 

 

On a trailing twelve month basis, adjusted EBITDA from ongoing propane operations and corporate support as of April 30, 2019 is $234.2 million compared to $229.4 million as of January 31, 2019.

 

The Company’s propane operations reported that total gallons sold of 264.1 million were 7% higher than prior year. Margin cents per gallon were 1.7¢, or 2.2 percent higher than the prior year despite increased competitive pressure in the tank exchange business. The Company continues its aggressive approach to gaining market share.  This strategic focus resulted in nearly 26,000 new customers, or approximately 4 percent more than prior year. Additionally, the Company’s current Blue Rhino tank exchange sales locations have increased over 6 percent from prior year to over 54,300 locations. Overall, the increase in sales volume growth and margins per gallon resulted in an increase in gross margin dollars

 

1


The following information was filed by Ferrellgas Partners L P (FGP) on Monday, June 10, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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