(By Balachander) Ferrellgas Partners L.P. (NYSE: FGP) posted a narrower loss and weaker-than-forecast quarterly revenue amid lower wholesale propane prices.
The Overland Park, Kansas-based propane distributor lost $17.66 million or 22 cents per unit for the first quarter. In the year-ago quarter, FGP reported a loss of $32.28 million or 42 cents per unit.
Revenue declined 33 percent to $362.9 million. Total propane gallons sales fell 8.6 percent.
Wall Street analysts, on average, expected FGP to lose 28 cents per unit on revenue drop of 15.60 percent to $454.3 million.
Adjusted EBITDA nearly doubled to $31.61 million from $16.37 million.
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Cost of product sold declined 46 percent.
"Fiscal 2013 is off to an encouraging start, with the positive momentum of fiscal 2012's fourth quarter carrying over into the first quarter," commented CEO Steve Wambold.
Looking forward for 2013, Ferrellgas forecasts adjusted EBITDA in the range of $240 million to $260 million.
The stock, which has been trading between $13.35 and $21.85 over the past year, closed Friday's regular trading at $17.65.