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. (NYSE: SPH) is a publicly traded master limited partnership in the utilities sector, described by the company as a nationwide distributor of propane, renewable propane, renewable natural gas (RNG), fuel oil and related products and services. It also markets natural gas and electricity and identifies itself as a producer of and investor in low carbon fuel alternatives. News about SPH often reflects both its traditional propane operations and its activities in renewable and low carbon energy.
Visitors to this news page can review company-issued press releases and other coverage related to Suburban Propane’s business performance, financing activities and strategic initiatives. Recent announcements have included earnings results for fiscal periods, details on distributions to common unitholders, and information about private offerings of senior notes, such as the issuance of 6.500% senior notes due 2035 and the planned redemption of earlier senior notes.
Suburban Propane’s news flow also covers operational and strategic themes, including its nationwide footprint of roughly 700–750 locations across 42 states, its service to approximately 1 million residential, commercial, governmental, industrial and agricultural customers, and its capital projects in renewable natural gas and other low carbon fuel alternatives. Releases may discuss the impact of weather on propane demand, the use of non‑GAAP measures like EBITDA and Adjusted EBITDA, and the partnership’s views on factors affecting its business, such as commodity price volatility and regulatory developments.
In addition, the company highlights community and brand initiatives under its SuburbanCares and Go Green with Suburban Propane pillars, as well as partnerships and events that relate to energy, sustainability and local engagement. Investors and observers can use this page to follow SPH-related developments, from financial updates and distributions to renewable fuel projects and community outreach activities.
Suburban Propane Partners, L.P. (NYSE: SPH) reported a net income of $60.8 million for fiscal year 2020, down from $68.6 million in 2019. Adjusted EBITDA decreased to $253.7 million from $275.0 million, impacting performance due to warmer weather and the COVID-19 pandemic. Revenues also fell 12.6% to $1,107.9 million, with retail propane gallons sold down 5.6%. In Q4, the company posted a net loss of $41.2 million but improved Adjusted EBITDA to $5.5 million. A quarterly distribution of $0.30 per unit was declared, reflecting ongoing commitment to shareholders.
Suburban Propane Partners, L.P. (NYSE: SPH) announced its Fiscal 2020 Full Year and Fourth Quarter Results Conference Call scheduled for November 12, 2020, at 9:00 AM ET. The call will provide insights into the company's financial performance and future outlook.
Listeners can access the call via www.suburbanpropane.com or by phone at (888) 317-6003 with Access Code 6148321. A playback of the call will be available from 12:00 PM ET on the same day until 12:00 AM ET on November 19, 2020.
Suburban Propane Partners, L.P. (NYSE: SPH) announced a quarterly distribution of $0.30 per Common Unit for the period ended September 26, 2020, equating to an annualized rate of $1.20. The distribution is payable on November 10, 2020, for Unitholders recorded by November 3, 2020. The company operates in the energy sector, serving around 1.0 million customers from approximately 700 locations across 41 states.
Suburban Propane Partners, L.P. (NYSE:SPH) has announced a partnership with U-Haul to provide renewable propane in California. This eco-friendly fuel, derived from renewable resources, boasts lower carbon emissions compared to traditional propane. The collaboration aligns with Suburban Propane's 'Go Green' initiative, which aims to promote sustainable energy solutions. The partnership is part of broader efforts to address aggressive carbon reduction goals in the state. This strategic move highlights Suburban Propane's commitment to innovation in the energy sector while supporting environmentally friendly practices.
Suburban Propane Partners (SPH) announced on Sept. 17, 2020, its acquisition of a 39% stake in Oberon Fuels, a developer of renewable dimethyl ether (rDME) fuel. This investment, aimed at reducing carbon emissions, positions SPH strategically to market rDME/propane blends in North America. The rDME fuel offers a cost-effective alternative to diesel, boasting a significant negative Carbon Intensity (CI) value. Additionally, SPH will support Oberon's development of rDME production from pulp mill waste, expected to start in 2021, enhancing its green energy offerings.
On September 9, 2020, Suburban Propane Partners, L.P. (SPH) partnered with the Los Angeles Chargers and Lazy Dog Restaurant & Bar to deliver 1,000 meals to the night staff of Children's Hospital Los Angeles. This initiative, part of the SuburbanCares program, aims to support healthcare workers affected by COVID-19. The company has previously provided relief to frontline workers in several U.S. cities. Children's Hospital Los Angeles is the top-ranked children's hospital in California, facilitating over 600,000 patient interactions annually.
On September 2, 2020, Suburban Propane Partners, L.P. (NYSE: SPH) delivered over 850 meals from Whataburger to Houston Methodist Hospital, highlighting its commitment to community support amid the COVID-19 pandemic. This initiative, part of the SuburbanCares program, aims to uplift frontline workers across various locations, including Chicago and Tampa. Suburban Propane's spokesperson expressed gratitude towards healthcare staff for their relentless efforts during these challenging times. The company continues to emphasize its dedication to safety and community service across its 700 locations in 41 states.
Suburban Propane Partners, L.P. (SPH) announced the delivery of 750 meals from Jersey Mike's Subs to AdventHealth in Wesley Chapel, FL on August 25, 2020. This initiative is part of their SuburbanCares platform, which underscores the company’s commitment to community support during the COVID-19 pandemic. Earlier efforts were made in states like Illinois and New York. Nandini Sankara, a spokesperson for Suburban Propane, emphasized the importance of supporting local communities during these challenging times. The company aims to uplift the morale of healthcare workers amid the crisis.
Suburban Propane Partners, L.P. (NYSE: SPH) reported a third-quarter net loss of $15.6 million, improving from a $29 million loss in Q3 2019. Adjusted EBITDA surged 60.5% to $32.2 million, marking the highest for any third quarter. Despite a 3.4% revenue decline to $206.9 million due to lower propane prices, retail gallons sold rose by 2.2%. The company repaid $35.4 million in debt, reducing borrowings to $109.7 million. A quarterly distribution of $0.30 per Common Unit was declared for the period ending June 27, 2020, reflecting ongoing financial management amid COVID-19 uncertainties.
On July 23, 2020, Suburban Propane Partners, L.P. (NYSE: SPH) announced a reduction in its quarterly distribution from $0.60 to $0.30 per Common Unit for the period ending June 27, 2020. This change reflects the company's response to shifting customer demand and economic uncertainties due to the COVID-19 pandemic. The decision aims to improve cash flow by approximately $75 million annually to facilitate debt reduction and strengthen the balance sheet. The new distribution is payable on August 11, 2020, to unitholders of record as of August 4, 2020.