Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Analogic Corp. (NASDAQ: ALOG) beat estimates and announced an acquisition.
• AnnTaylor Stores Corp. (NYSE: ANN) swung to a loss in the fourth quarter on restructuring costs.
• Big Lots Inc. (NYSE: BIG) beat fourth-quarter earinings estimates and offered revised guidance.
• Bon-Ton Stores Inc. (NASDAQ: BONT) posted disappointing fourth-quarter and full-year results.
• Carrols Restaurant Group (NASDAQ: TAST) posted solid results on same-store sales for certain chains.
• Ferrellgas Partners (NYSE: FGP) saw profit fall in what should have been its strongest quarter.
• Foot Locker Inc. (NYSE: FL) fourth-quarter profit fell on weaker same-store sales.
• Humana Inc. (NYSE: HUM) cut its first-quarter and full-year forecasts on higher expenses.
• Imax Corp. (NASDAQ: IMAX) widened its losses for the fourth quarter and the full year.
• Jones Soda Co. (NASDAQ: JSDA) swung to a loss due to costs related to distributing in product in cans.
• K-Tron International Inc. (NASDAQ: KTII) said fourth-quarter and full-year earnings soared.
• Liz Claiborne Inc. (NYSE: LIZ) posted disappointing fourth-quarter and full-year results.
• Six Flags Inc. (NYSE: SIX) narrowed its fourth-quarter and full-year losses.
• Texas Instruments Inc. (NYSE: TXN) lowered its forecast on fewer orders from a key client.
• United Parcel Service (NYSE: UPS) warned it may miss first quarter estimates due to the slowing economy.
• Vail Resorts Inc. (NYSE: MTN) second-quarter profit slipped due to lack of snow early in the season.

Ferrellgas Partners, L.P. (NYSE: FGP), a huge propane distributor, recently reported Nov-Jan results. Propane is still the heating source of choice for several million households. How is it that Ferrellgas saw a drop in gross profits during its winter quarter? Granted, the drop in gross profit was not huge, and revenues for the winter quarter increased 15% to $764 million.

But results like this should cause utility and energy stock investors to take a closer look at just how a utility company actually makes its money, particularly with the ongoing deregulation of many utilities. Does a utility or energy company make its money on sales of a commodity, or on renting out its distribution network? Or is the utility or energy company more of a finance company that makes (or loses) money based on its pricing of a commodity?

Such seems to be the case with Ferrellgas Partners in its recent quarter. It lost money because it priced future delivery of propane without factoring in a steep rise in the cost of propane. There is no way to predict or control winter temperatures and resulting level of demand, but a company should be able to accurately hedge its own price contracts to account for fluctuations in demand in its own industry and price its risk accordingly. Failure to adequately price risk is what has led to the subprime mortgage mess. No one wants to see energy and utility companies, and their customers, suffer the same economic debacle.

Ferrellgas Partners L.P. (NYSE: FGP) is the nation's second largest propane distributor with more than 1 million customers all over the country. The company recently released first quarter (Q1) fiscal year (FY) 2008 results, always a difficult quarter in the company's seasonal heating cycle. Q1 gross profit set a record of $131.4 million, and adjusted EBITDA rose 18% to a record $23.2 million. These numbers are quite impressive given the fact that Ferrellgas faced record wholesale costs for propane and October temperatures that were 24% above normal, reducing the need for propane heating usage by 20 million gallons.

Ferrellgas did post a seasonal net loss for Q1, but it was $6 million smaller than last year's seasonal net loss, indicating that Ferrellgas has made serious efforts to control other types of fixed costs to compensate for reduced off-season cash flow. While operating expenses edged up slightly, this increase was offset by a decrease in equipment leasing expenses. Ferrellgas is well positioned to return to its typical profit pattern in the winter heating season in Q2 FY 2008.