Inergy Reports Wider Loss In Fiscal 4th Quarter
KANSAS CITY, Mo. (AP) ¿ Propane distributor Inergy L.P. on Monday said its fourth-quarter loss widened from a year ago as sales of propane declined.
Inergy reported a loss of $45.5 million, or 79 cents per limited partner unit, for the quarter ended Sept. 30 compared with a loss of $42.4 million, or 85 cents per limited partner unit, in the year-ago quarter. The company had more units outstanding in the fourth quarter compared with a year ago.
Excluding a distribution to the limited partners, Inergy said it lost $32.8 million for the quarter compared with $33.1 million in the year-ago quarter.
Revenue fell to $231.5 million in the quarter from $340.9 million. Propane costs fell 50 percent in the quarter.Inergy typically reports a loss during the quarter because of the seasonal nature of the propane industry. The company said it sold 39 million gallons of propane during the quarter compared with 42.2 million gallons in the same quarter a year ago. Retail gross profit totaled $41.4 million for the quarter, up from $39.2 million in the same quarter a year ago. For the year, Inergy said it made $53.6 million, or $1 per unit, compared with profit of $28.7 million, or 57 cents per unit, year the before. Excluding distributions, Inergy made $101.4 million for the year compared with $65.1 million the year before.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV