Welcome to our dedicated page for Suburban Propane Partners news (Ticker: SPH), a resource for investors and traders seeking the latest updates and insights on Suburban Propane Partners stock.
Suburban Propane Partners, L.P. reports news around its role as a publicly traded master limited partnership that distributes propane, renewable propane, renewable natural gas, fuel oil and related energy products and services. The partnership also markets natural gas and electricity and develops low-carbon fuel alternatives through its renewable energy platform.
Recurring updates include quarterly financial results, propane volume and margin commentary, commodity-price effects, derivative mark-to-market adjustments and Adjusted EBITDA measures. News also covers common-unit distribution declarations, financing actions involving credit facilities, senior notes and at-the-market equity issuance, acquisitions of propane businesses, renewable energy leadership and commercial partnerships such as its NASCAR fueling and race operations relationship.
Suburban Propane Partners, L.P. (NYSE: SPH) announced the acquisition of renewable natural gas (RNG) assets from Equilibrium Capital Group for $190 million. This acquisition includes two operational biogas facilities, enhancing Suburban’s renewable energy portfolio. The partnership aims to develop additional RNG projects. The deal will be funded through a mix of credit facility borrowings and green bonds. This strategic move is expected to boost Suburban’s cash flow in fiscal 2024 and positions the company for growth in the low carbon energy sector.
Suburban Propane Partners, L.P. (NYSE: SPH) has been recognized as a finalist in three categories of the 2022 Platts Global Energy Awards, celebrating innovation and leadership in the energy sector. This includes the Corporate Impact Award for its SuburbanCares platform, the LNG Energy Transition Award for its commitment to low carbon alternatives, and Chief Executive of the Year for CEO Michael Stivala. The awards will be presented on December 8 at Cipriani Wall Street, highlighting the company’s dedication to community support and sustainable energy solutions.
Suburban Propane Partners, L.P. (NYSE:SPH) announced the filing of its Annual Report on Form 10-K for the fiscal year ending September 24, 2022. The report is accessible via their website. Suburban Propane has been operating since 1928, distributing propane, renewable propane, fuel oil, and related products. With approximately 700 locations across 42 states, it serves around 1 million customers, emphasizing a commitment to customer service, community support, and green energy initiatives.
Suburban Propane Partners (NYSE: SPH) reported fiscal 2022 net income of $139.7 million ($2.21 per unit), up from $122.8 million ($1.96 per unit) in 2021. Adjusted EBITDA increased by 5.6% to $291 million. Despite challenges like warm weather and high commodity prices, the company managed to reduce debt by over $42 million, lowering leverage to 3.60x. Retail propane sales dropped 4.4% to 401.3 million gallons, while average propane prices rose 39.1%. A fourth-quarter net loss of $54.2 million marked an increase from the previous year, though quarterly distribution remained at $0.325 per unit.
On October 31, 2022, Suburban Propane Partners, L.P. (NYSE: SPH) announced a collaboration with Joya, a non-profit in Spokane County, to enhance community programs. Suburban Propane's donation will fund car seat safety training for Joya staff, ensuring proper installation and safety checks for children. Volunteers also participated in Joya's Trunk-or-Treat event. This initiative is part of SuburbanCares, which supports community efforts nationwide.
On October 26, 2022, Suburban Propane Partners, L.P. (NYSE: SPH) announced a collaboration with Forgotten Soldiers Outreach, Inc to send 200 "We Care" packages to deployed military service members. The initiative aligns with Suburban Propane's commitment to community engagement, highlighting their dedication to supporting veterans. Each package contains essential items like toiletries, non-perishable food, and letters of encouragement. This effort is part of their SuburbanCares initiative, which aims to give back to communities nationwide.
Suburban Propane Partners, L.P. (NYSE:SPH) declared a quarterly distribution of $0.325 per Common Unit for the period ending September 24, 2022. This annualizes to $1.30 per Common Unit. The distribution is scheduled for payment on November 8, 2022, for those on record by November 1, 2022. The press release also notifies that foreign investors' distributions are subject to federal income tax withholding at the highest applicable rate. Suburban Propane serves around 1 million customers nationwide, focusing on propane and renewable energy services.
Suburban Propane Partners, L.P. (NYSE:SPH) has announced its Fiscal 2022 Full Year and Fourth Quarter Results Conference Call scheduled for November 10, 2022, at 9:00 AM Eastern Time. During the call, management will discuss the company's results and business outlook. Analysts and investors can access the call via the internet or phone. A replay of the conference call will be available from 12:00 PM on the same day until 12:00 AM on November 17, 2022 for those unable to attend.
Suburban Propane Partners, L.P. (NYSE: SPH) recently supported veterans by serving breakfast at the Veterans Place of Washington Boulevard in Pittsburgh. The event, part of SuburbanCares, aimed to assist veterans transitioning from homelessness. Volunteers also provided information on the "Heroes Hired Here" program, which offers job training for veterans. Executive Director Shannon Hagy expressed gratitude for Suburban's support, while spokesperson Nandini Sankara emphasized the company's commitment to outreach for veterans. Over the years, Suburban has participated in various charitable endeavors, helping underserved communities across the U.S.
Suburban Propane Partners, L.P. (NYSE: SPH) has collaborated with the Foundation To Be Named Later to provide tuition grants for underserved students in the Boston area. The grants were presented at Fenway Park, with notable attendees including Paul Epstein and Peter Gammons. This initiative is part of SuburbanCares, reflecting the company's commitment to community support across the U.S. Suburban Propane, a leading distributor of propane and related products, serves approximately 1 million customers nationwide.