Missing on both the top line and bottom line is clearly weighing on the stock price this morning.
Propane gallons sold were 212.2 million gallons, compared to 223.4 million gallons in the prior year quarter. Operating income generated by the propane operations and related equipment sales segment was $67.1 million, compared to $78.7 million in the prior year period. Just more weak point relative to a year ago.
Adjusted EBITDA was $76.8 million compared to $108.0 million in the prior year period primarily due to decreased contributions from the midstream operations segment.
Weather for the third fiscal quarter was 2.7% warmer than last year, but more importantly 19.5% warmer than normal," said James E. Ferrell, the Company's interim President and Chief Executive Officer. "Our retail gallons were consistent with those of the prior year on a weather adjusted basis, but overall margins were lower than the prior year period due to customer mix
In addition, the company continues to move forward with plans to drive growth and improve results at Blue Rhino and are analyzing ways to become more operationally efficient.
In early trade, shares of FGP are down 2.4%.