Core Viewpoint - Ferrellgas Partners, L.P. reported strong financial performance for the third fiscal quarter of 2025, with notable growth in sales, gross profit, and net earnings, driven by favorable market conditions and operational efficiencies [2][3][5]. Financial Highlights - Revenue increased by 9% year-over-year, reaching $560.8 million, with retail and wholesale sales growing by 9% and 8% respectively [3][22]. - Gross profit rose by $16.9 million, or 6%, to $289.2 million, influenced by a $45.1 million increase in revenues, partially offset by a $28.1 million rise in cost of products [4][22]. - Net earnings attributable to Ferrellgas Partners, L.P. were $59.1 million, up from $52.8 million in the prior year, reflecting a $6.3 million increase primarily due to higher gross profit [5][22]. Operational Highlights - Propane sales volumes increased by 13.4 million gallons, or 6%, compared to the prior year, with residential sales volume growing by 12% [9][10]. - The company gained six new national account customers through a three-year deal, expected to add 1.6 million gallons of new business [13]. - Blue Rhino, the tank exchange business, is preparing for the peak summer selling season, with capital projects underway to enhance efficiency [12]. Cost and Expense Analysis - Operating expenses increased by $8.8 million, driven by higher costs in plant operations, personnel, and vehicle expenses [6][22]. - Interest expense rose by $3.5 million, primarily due to debt issuance costs and lease-related charges [7][22]. Adjusted EBITDA - Adjusted EBITDA increased by $10.8 million, or 10%, to $114.8 million, supported by the rise in gross profit and a decrease in general and administrative expenses [8][24]. Debt Refinancing - The company is actively working on refinancing its $308.8 million revolving credit facility and $650.0 million senior unsecured notes, with completion anticipated before maturity [16].