Shares of Ferrellgas Partners (NYSE: FGP ) deflated today in the wake of the company's release of its fiscal Q1 2014 results. For the quarter, revenue was just over $415 million, up sharply from the nearly $363 million in the same period the previous year. Attributable net loss deepened, however, to $24.8 million ($0.31 per diluted unit), from Q1 2014's $17.7 million ($0.22).
The shortfall was due to higher costs of the company's stock in trade, propane. These exceeded a rise in demand for the gas from the agriculture and wholesale sectors.
On average, analysts had been projecting revenue of $390 million and a per-unit loss of $0.22.
The company said that despite the losses, fiscal 2014 was "off to a solid start" with winter temperatures through the U.S. forecast at expected levels.
Following the announcement of the results, the company's stock dropped by 1.9%, or $0.44, to $22.97 in after-hours trading.