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.
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.