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Ferrellgas Partners, L.P. reports developments tied to its propane distribution business, which serves customers through Ferrellgas, L.P. and subsidiaries across all 50 states, the District of Columbia, and Puerto Rico. Recurring updates include fiscal operating results, weather-driven heating demand, propane sales volumes, expenses, and distributions on partnership units.
Company news also covers financing actions such as senior notes and revolving credit facilities, fleet logistics, telematics, routing optimization, safety programs, employee training, and propane industry participation through the Propane Education & Research Council.
Ferrellgas Partners, L.P. (OTC: FGPR) reported a strong financial performance for its third quarter ended April 30, 2021, with a $30.2 million increase in gross profit, nearly 13% higher than the prior year. Operating income rose by $25.4 million, driven by a 13.3 million gallon increase in sales volume, totaling 260.2 million gallons. Despite a net loss of $66.8 million due to restructuring costs, adjusted EBITDA increased by 29% to $119.2 million.
The company completed its bankruptcy restructuring, enhancing financial stability and operational efficiency.
Ferrellgas Partners, L.P. (OTC:FGPR) announced the hiring of Brent Banwart as Vice President of Human Resources. Banwart brings extensive experience from PepsiCo and Hormel Foods, focusing on employee relations and talent management. CEO Jim Ferrell emphasized the importance of personnel in achieving success and stated that Banwart will help the company retain top talent and provide a competitive benefits package. The company operates in all 50 states and has an employee stock ownership plan, with employees holding 1.1 million common units.
Ferrellgas Partners, L.P. (OTC: FGPR) has appointed Ivan J. Winfield Jr. as Chief Information Officer, effective immediately. With over 11 years in a senior IT role at Seaboard Corporation, Winfield aims to enhance Ferrellgas's technology programs. CEO Jim Ferrell emphasizes the importance of technology in logistics, asserting that Winfield's expertise will steer the company toward becoming a premier logistics provider. Ferrellgas serves propane customers across all 50 states and territories, backed by employee ownership through stock ownership plans.
Ferrellgas Partners, L.P. (OTC:FGPR) reported a 32% increase in operating income, totaling $35.6 million for the fiscal year, despite facing an 8% rise in temperatures and a 3.5% decrease in propane volumes. The fourth quarter saw a gross profit increase of $13.5 million (10%). Retail customer growth was recorded at 3%, and tank exchange locations rose to over 59,000, contributing to a 14% volume growth. However, the company reported a net loss of $82.5 million for the year, up from $64.2 million the previous year. Adjusted EBITDA increased 15%, reflecting successful operational initiatives.
Ferrellgas, the second-largest propane retailer in the U.S., has awarded its annual scholarship to 14 students for the 2020-21 academic year. This scholarship program, now in its 29th year, aims to support children of Ferrellgas employees, with a total of over $550,000 awarded to date. Each recipient, hailing from various institutions including Michigan State and Mississippi State, receives $4,000. Mary Lentz, Director of Employee Relations, emphasized the importance of education amid current global challenges.