Inergy LP, a master limited partnership that runs a propane operation and stores natural gas, on Tuesday reported a quarterly net loss of $35.5 million due to seasonally weak demand.
The Kansas City, Mo.-based business, which typically reports a loss in its third fiscal quarter, said it had a loss of $35.1 million in last year's third quarter.
On a per-share basis, Inergy lost 32 cents compared to a profit of 26 cents in last year's fiscal third quarter. The number of outstanding limited partner units more than doubled from last year's 48,208 to 112,538 in the three months ended June 30.
Revenue rose to $388.7 million from $291.6 million.
"Our operating teams performed consistently given the challenges in some areas of our business," said John Sherman, chief executive. "Our northeast midstream business continues to perform very well, and we are committed to achieving our long-term objectives for the Texas gas storage platform."
Shares of Inergy, with a market capitalization of $3.19 billion, rose 18 cents to $26.31 in morning trading.