LIBERTY, Mo., Sept. 25, 2026 (GLOBE NEWSWIRE) -- Ferrellgas Partners, L.P. (OTC: FGPR) ("Ferrellgas" or the "Company") today reported financial results for its fourth fiscal quarter and fiscal year ("fiscal 2026") ended July 31, 2026.
"Ferrellgas closed out fiscal 2026 with real momentum," said Tamria Zertuche, President and CEO. "Fourth quarter Adjusted EBITDA grew 3% over the prior year, and while fiscal 2026 Adjusted EBITDA decreased 3%, primarily due to the settlement of several legacy general liability claims, our employee-owners generated $321.3 million of Adjusted EBITDA. Additionally, we refinanced a portion of our balance sheet, earned credit rating upgrades from both S&P Global and Moody's, and completed the conversion of our Class B Units into Class A Units, simplifying our capital structure for the long term. These accomplishments happened alongside our continued improvement in customer retention, safety performance, and operational efficiency. Our team's discipline in navigating a softer wholesale demand environment, even while absorbing higher interest expense from our refinancing, speaks to the underlying strength of our platform. We enter fiscal 2027 with a stronger balance sheet, a simplified equity structure, and full confidence in our ability to build on this momentum."
Fourth Quarter Fiscal 2026 Financial Highlights:
For the fourth fiscal quarter, Adjusted EBITDA, a non-GAAP financial measure, increased by $0.7 million, or 3%, to $23.8 million, compared to $23.1 million in the fourth quarter of the prior year. After adjusting for non-recurring costs, operating expense and general and administrative expense decreased $2.0 million and $1.9 million, respectively, which was offset by a $3.9 million decrease in gross profit. Lease buy-outs and the strategic refinancing of several operating leases into finance leases drove a $0.7 million decrease in equipment lease expense.
Gross profit decreased by $3.9 million, or 2%, during the quarter as compared to the prior year period. Average propane prices (based on Mont Belvieu, Texas) increased 6.8% in the fourth quarter of fiscal 2026 compared to the prior year period. An increase of $3.1 million, or 2%, in cost of sales and a decrease of $0.8 million, or 0.2%, in revenue drove the overall change. Gallons sold during the quarter decreased 1.0 million, or 1%, primarily due to a 1.0 million, or 1%, decrease in retail gallons sold. Persistent warmth, especially in the western half of the U.S., continued to impact demand. Over the western half of the U.S., average temperatures were 10% warmer than normal, based on a 10-year average and 34% warmer than the prior year quarter. Overall, temperatures were 0.5% warmer than average and 17% warmer than the prior year quarter, based on a 10-year average. Wholesale gallons sold were flat, as the Company's tank exchange business was impacted by weather; a cold and wet Memorial Day and heat advisories over the July 4th weekend drove a decline in demand during these major holidays.