Ferrellgas Partners (FGPR) 8 Dec 232024 Q1 Earnings call transcript

Good day, and thank you for standing by. Welcome to the Ferrellgas Partners First Quarter Fiscal 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 speaker today, Tamria Zertuche, Chief Executive Officer and President of Ferrellgas. Please go ahead.

quarter earnings first our to fiscal call. XXXX Welcome and Chief Executive name is and the Zertuche, Tamria Ferrellgas. My Officer I'm President of a to me Ferrellgas work privilege employee this is on of great and represent today. call owners their It the for

in quarter our nation's exchange, focus for our support XX% of and business Blue production first #X quarter, peak tank season its Rhino activities exciting Our new was capacity volume between in the growth and brand by key in XX% increased support the customers. for initiatives the growth brand, for core to preparation facilities related ahead. existing In and of

as in will and decreasing cylinders Additionally, investments the we which distribution overall freight fulfillment help costs. yards made throughput, and increasing centers, measure per micro an hour fleet, we which

Our quarter, placed our retail in over quarter. past have X in for season logistics highlighted executed and teams for the in The the ahead. been they this our no us first different perfectly results years our peak activities strategic initiatives business the

owners financial delivered the strategic customer the needed the company's representatives, will results our across every to for Financial Chief to the not quarter. floor each over sales our over day. results our employee goals. I and the our now and drivers changes managers and helped could how meet more country growth deliver to be service resources teams, I to the Cole, proud turn infrastructure Officer, go Mike? of Mike Our

documents These made discussed that factors uncertainties materially call and from be XX-K you, other on some to joining cause filed Exchange everyone Securities from our today's differ this other Commission. us time and XX, call. September may anticipated to Form could all statements XXXX, time to the factors and like performance you with are and remind and performance. filed on in actual various for forward-looking Thank I'd that considered risks, Tamria, thank during

purpose And October the the operations results. Wholesale that much of to to ended Additionally, of prices of get and our revenues this million we was to of product largely lower, this XXXX. the compared our to prices propane year the decrease in into quarter consolidated results period. year first were a XX, now discuss note sales. prior relative of lower in led quarter as is cost million offset $XX.X decrease XXXX period. were for I'll fiscal during a call first $XX.X cost in our the Revenues the prior which of by

for gross million first period. profit fiscal X.X% result, compared the to quarter $X decreased the or XXXX a year As prior

Our price wholesale gallon market XX.X% wholesale in change major correlates supply market price sales our of the XXXX quarter first year fiscal to compared propane. the XX.X% of partially price in prior the at less two the to points averaged The wholesale period. and per

$X.X and increased the million of previously per As the product to due Ferrellgas cost the acquisitions operating recognized $XX.X was gallon designed ultimately, increase to addition in both in million and customer vending related quarter Rhino. The and increased increase first a IT and vehicle the into million as and in driven XXXX increase including million is $X fiscal an an $XX.X projects, respectively. by system benefit These quarter to of XX% are fiscal primarily payments. in the percent new for The total of million growth expense first also both Operating increasing remainder new for customer XXXX, expansion or from self-service personnel a growth growth revenue and company support L.P. in attributable revenue noted, of Blue to $X.XX for was expense by improve net company timing customer the loss and $X costs gallon a investments other the of at upgrades. Rhino Partners, of our ERP in experience. technology primarily the as $X.X trucks per periods. We were of the Blue these million refurbished period. the changes processes flat both amidst to in Margin implementation to decreases of impacted for

quarter. compared long-term As logistics non-GAAP by EBITDA, data-driven another the and facet to million to company, the $XX a fees noncore million to is L.P. back million just turn adjustment $XX.X noted year and Partners, Tamria a to I'll to this was attributable in measure, strategic legal businesses. $X.X for $XX.X increase excellence leveraging Ferrellgas an previously XX% million net initiatives, The in technology. Adjusted EBITDA fiscal operational decreased to now prior the or the due growth, focusing as to on for first million update. change in our a strategic call operational primarily quarter $XX.X loss financial related

United associations the various want state working and positive In in Propane, abundant, level very clean, customers energy and the highlight Ferrellgas which national millions national this employee I provides fiscal message carry associations. addition across propane. of and of to will great States, with the to Ferrellgas to active that remain statements, my portable, were benefits owners opening is to affordable, the quarter, in at active first state

children national for also and coats again. provides across organization We shoes country. Operation that nonprofit with a partnered need Warm the It's new

in third year our this are We partnership. of

Operation propane us. for safe truly and supplies this millions American It's way life Ferrellgas difference to I and is just Warm deserves families. children. a one for fuels feel fit child of Now Every simply supporting warm makes a homes, that think natural many company more a so to as for that heat

our support to proud very are one. very, this employee proud I'm of families. their owners and We

Ferrellgas workforce, in consecutive focus. We receive of our not spoke questions technology, increased and couple invest some benefits can invest terms end, to through And deliver on in Investor has our they our our and investment third above talk in additional in the to turn year, pass in in their way those. costs going to this Mike I'm absorb the results. he about so cost We work, Relations we back the customers, and elected Mike is all our like For employees. just a to of that can is benefits in which the our did workforce primary mailbox, it it of so which that our

Tamria. you, Thank

from been business key has that of questions changed anything no One fiscal asked with are our fundamentally fundamental operations There There we've takeaways been financial is, EBITDA? our have the your couple quarter. impact a changes business to to from results this of operations.

our fewer prior sales and year testament a teams flat. fiscal of versus this in quarter, and This remained the and believe performance there pricing We our segments geographic dependency margins diversification, exchange is heating of financial benefits performance. operational degree and operations, cold the winters First, within tank retail relatively diversification. geographical our heating for were on propane volumes and our yet our reduces days period, our customer and to

period, takeaway our addressed the relative higher has prior which is that our key were in earlier comments. to expenses second The been

the financial execute these management's increases of its performance. Some outcomes within opportunities. to specific and on growth in expenses unexpected taken position expenses control were to market company to attributable to actions are It our initiatives better the that note from not largely and important were is

expenses while will price. continue will managing financial competitive continuing ensure to This service performance. customers help in at diligent satisfied continued We a to our provide quality and be

our our specifically Another relating structure and get the B path capital Class to forward, question we to continue to units. relates

update have the to reduce units capital capital. that evaluate no Class cost a our forward. The cost. to represent help We highest changes continue been alternative our to public result, will call our at received questions And continue structure turn could to any our the time path analyze to of publicly the forthcoming identify when we There continue to best are appropriate on as we capital approaches B back changes you. the structure structure. That to all and the Tamria. this we'll capital we have I'll that that disclose

on but an Thank We're be first Thank the e-mail this growth and that any you, exciting time, the back now moderator, But investorrelations@ferrellgas.com. of box call will Investor provide. that, all do announcement via all questions focused turn will our Relations before this This the outcomes Mike. they in mentioned I initiatives you our quarter. our joining. may at was I submitted as for for call, additional to very

for conference call. today's you participating. concludes This Thank

now may You disconnect.