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What: Shares of propane distributor Inergy
So what: Volume was through the roof at the open of trading, and in less than three hours of trading more than 2 million shares have traded hands. In quarterly results released last night, revenue was up 4.3% to $720.5 million and net income per share fell to $0.30. Both results were well below analysts' expectations.
Now what: The propane business was far below expectations as retail propane gallon sales fell to 129.7 million from 147.2 million last year. But the midstream operations performed as expected so revenue didn't take a complete nosedive. Shares have recovered from the sell-off early in trading, but I just don't see enough value here to jump in today.
Interested in more info on Inergy? Add it to your watchlist.
Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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