Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of propane company PetroLogistics (NYSE: PDH) fell as much as 10% today after reporting earnings.
So what: Sales dropped 18% from a year ago to $159.4 million but the company swung to a net income of $41.4 million. On an adjusted basis net income fell from $64.4 million a year ago to $37.8 million in the second quarter.
Now what: The company experienced a plant outage in June and is now back to full production for the third quarter. Investors can expect a distribution of $0.30 on Aug. 24, which is up $0.04 from a year ago. Results were in line with expectations but I'd be a little worried about the drop in earnings during the quarter. Watch for an improvement on that front as a catalyst to drive the stock higher from today's low.
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