Please stand by. We're about to begin. Good day, everyone. Welcome to the fiscal 2022 Q3 earnings call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. James Ferrell, Chief Executive Officer. Please go ahead, sir.
Thanks, Alan, and welcome everyone to our third quarter fiscal 2022 earnings call. Thank you for joining us. My name is James Ferrell, Chief Executive Officer and President of Ferrellgas. Before we go over the financial results for the quarter, I wanna make a couple of points in terms of our performance over the last few months.
First of all, I will begin by highlighting the employees of our great company. While we are a remote workforce and better for it, we every week contributing in weekly strategy sessions, making our company stronger than ever.
Secondly, our successful performance this last quarter, despite the challenging economic environment, is directly related to the amazing execution by the team of over 4,500 employee owners across the whole country. We believe in investing in our people and results, I believe, speak for themselves.
We have continued to build upon the strength of this great clean energy source we call propane and the good it brings to hundreds of thousands across the country. I will now turn the floor over to our Chief Operating Officer, Tamria Zertuche, to go over the financial results for the quarter, and then I'll be back after that.
Thank you, Jim, and welcome to our third quarter fiscal year 2022 earnings call. Thank you all for joining us. I'd like to remind all of you that some statements made during this call may be considered forward-looking and that various risks, uncertainties, and other factors could cause actual performance to differ materially from anticipated performance.
These factors are discussed in our Form 10-K filed last year and other documents filed from time to time with the Securities and Exchange Commission. Additionally, we note that the purpose of this call is to discuss the results of operations for the third fiscal quarter ended April 30, 2022.
For the third quarter of 2022, revenues increased $82.8 million or 15% higher than the same period last year. Gross profit for the quarter also increased $18 million or 7% compared to the prior year period. Margin per gallon for the quarter increased $0.11 or 10%.
Ladies and gentlemen, please stand by while we reestablish our connection with the speaker. Once again, ladies and gentlemen, please stand by while our speaker reconnects. Ma'am, you're reconnected with the audience.
Thank you, Alan. Operating expenses as a percentage of total revenue were approximately 1% higher than prior year period due to fuel costs, fleet maintenance costs, and proactive wage increases for the retention of our valuable workforce. Cost of sales also had an unfavorable increase of $64.8 million or 21% compared to prior year period, driven by inflationary costs for materials and other commodities.
Despite the rise in expenses, the company increased operating income per gallon by $0.01 or 2% higher than prior year period. For the fiscal third quarter, the company reported net earnings attributable to Ferrellgas Partners, L.P. of $67.6 million, compared to a net loss of $66.8 million in the prior year period, an increase of $134.4 million.
Adjusted EBITDA, a non-GAAP measure, decreased by $2.1 million or 2% to $117.1 million in the third fiscal quarter, compared to $119.2 million in the prior year period. Excluding the impact of approximately $5 million in legal settlements during the third fiscal quarter, adjusted EBITDA would have increased $2.9 million compared to the prior year period.
As a leading national provider of propane and environmentally friendly fuel, Ferrellgas embraced the celebration of Earth Day under its theme, Ferrell Fuels Change. Employee owners throughout the company gave their time and talents during the month of April to initiatives designed to have a positive long-term environmental impact. These ranged from planting trees to hosting battery and plastic recycling drives to multiple community service activities.
In addition to previously announced home delivery services in other locations, Blue Rhino continues to expand its home delivery services. New markets include Brooklyn, New York, Miami, Orlando, and Jacksonville, Florida, and in the Chicagoland area.
In addition to exchange and/or purchase of a ready-to-grill tank at a convenient local tank exchange location, residents in these areas can avoid an extra trip to the store and choose to have a Blue Rhino tank delivered to their doorstep.
The company also recognized 180 employees across the country with Ferrellgas Flame Awards. The Flame Awards initiative is a peer-to-peer recognition program that celebrates employee achievement in the areas of customer service, safety, innovation, and leadership.
As an active acquirer of propane marketers, we are pleased to announce the promotions of Richard Mayberry to Vice President of Business Development and Joseph Figueroa to Vice President of Mergers and Acquisitions. They bring a wealth of industry knowledge and much respect for the hardworking professionals and owners in the propane industry. I will now turn the call back over to Jim.
Thanks, Tamria. Sorry you got interrupted there in the middle of it. You know, it's one of the hazards of being caught out of the office or out of where you normally are these days. Tamria is doing a terrific job of organizing and driving this company forward.
Look, for these calls, we encourage the submission of written questions. Several have come in. We try to answer them during the call. Some we can't answer for various reasons, but the rest I'll try to do now. As we stated in the 10-Q, the Eddystone matter will proceed to trial in segments beginning in September.
We are fully prepared to vigorously defend against the Eddystone claims and are confident in our position. There was a question about how we are dealing with inflation. I think our results, and Tamria's explanation of them, says we're doing all we can.
Job market, price of fuel, general inflation, and also the consequences of whatever the Federal Reserve is going to do remain worrisome for everyone on this call, including us. We are 100% focused on being able to weather whatever comes.
Will we invest in ESG? We are fully invested in each part. Our century project is focused on every important social, environmental, and governance areas in order to serve well our people and our communities over the next two decades.
The world and the United States in particular will be awash in propane as we know it for generations to come. Since we are a technology-enabled logistics company delivering the finest service possible to our customers, we're not gonna move away from that discipline.
Regarding the search for a CFO, that continues, and a highly respected executive search firm was engaged. We'll keep you posted there. Finally, let me leave you with a bit of the optimism that pervades our company.
While many companies brag about the job their people are doing, it's a shame we cannot let you see deeper into how much has changed internally and the pride our people show in measuring up to the new standards. It all adds up to great results. That's the end of my remarks. We're looking forward to seeing you all again at the end of our fiscal year. We'll be proud to share our annual results. Thanks again for joining us.
That does conclude today's conference. We thank everyone again for their participation.