Ferrellgas ticks lower after posting downbeat FQ3 earnings

Ferrellgas Partners (FGP) -0.4% premarket after FQ3 earnings and revenues miss analyst expectations, as higher propane and gas costs squeezed margins.

Revenue jumped 20% Y/Y to $722M, as volumes fell slightly due to the winter heating season being more evenly spread over FGP's FQ2 and FQ3; sales of propane and other gas liquids improved 23% to $625M.

However, gross margin narrowed to 31.9% from 37% as costs for propane and other fuels surged 34%.

FGP says it contended with significant propane supply and infrastructure challenges but was able to acquire "many new customers" because of competitors' service failures.

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