Q4 2024 Ferrellgas Partners LP Earnings Call Transcript
Key Points
- Ferrellgas Partners LP (FGPR) experienced growth in their tank exchange business, adding over 6,000 locations for a 10% increase compared to the prior year.
- The company saw a 42% and 26% increase in EBITDA for the fourth fiscal quarter and fiscal 2024, respectively, due to strategic investments in the Blue Rhino tank exchange brand.
- Ferrellgas Partners LP (FGPR) successfully opened six new retail locations in growing coastal regions, contributing to weather-agnostic business opportunities.
- The company completed the installation of an 18,000-gallon tank in autogas pumps, aiding in the transportation of nearly 200,000 students to school.
- Ferrellgas Partners LP (FGPR) made its largest acquisition in the last 10 years with the purchase of Eastern Sierra Propane in California, helping to mitigate regional weather impacts.
- Unseasonably warm weather led to a 5% decrease in gallons sold, impacting fiscal 2024 EBITDA negatively.
- Higher medical insurance claims, amounting to $11.3 million more than the previous year, also contributed to the EBITDA decrease.
- The company faced a $189.3 million or 9% decrease in revenues for fiscal 2024, partially due to warmer weather and a decrease in retail customers.
- Ferrellgas Partners LP (FGPR) recognized a net loss of $20.8 million for the fourth fiscal quarter of 2024, compared to a net loss of $29.1 million in the same period of 2023.
- Moody's downgraded Ferrellgas Partners LP (FGPR) due to concerns over complex capital structure, liquidity issues, and potential costs associated with ongoing litigation.
Good day and thank you for standing by. Welcome to the Ferrellgas fourth-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your host today, Tamria Zertuche, President and CEO. Please go ahead.
Welcome to our fourth quarter fiscal 2024 earnings call. The fourth fiscal quarter showcased our employee owners and their ability to manage and execute against our overall strategic initiatives. It is our people that are responsible for the wins we had this quarter and this year. Like last quarter, you will hear about our tank exchange business and the growth we have experienced due to the increase in overall locations.
Our retail operations team was focused on fourth quarter seasonal prep for the next heating season, all while growing the commercial side of our business, especially in the autogas segment. We grew in this fourth fiscal quarter as compared
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