Suburban Propane Partners Stock Price, News & Analysis

Suburban Propane Partners (NYSE: SPH) has announced a multi-year partnership with NASCAR and Speedway Motorsports, becoming the Official Propane Partner for both organizations. The partnership includes providing propane for new track dryers in NASCAR's fleet starting February 2025, and becoming the Official Propane supplier for 19 major speedways across the United States.

The collaboration involves on-site services for campers during NASCAR events, propane for in-stadium concessions, and year-round support services at track properties. A new co-branded logo will be displayed on Suburban Propane bobtails and customer service centers across their 42-state footprint.

This partnership expands Suburban Propane's presence in professional sports and aligns with their core business of serving approximately 1 million customers through 700 locations nationwide.

Suburban Propane Partners (NYSE:SPH) has announced the filing of its Annual Report on Form 10-K for the fiscal year ended September 28, 2024, with the SEC. The report is available on the company's website, and unitholders or noteholders can request a free hard copy. Suburban Propane operates as a master partnership, serving approximately 1 million customers across 42 states through 700 locations. The company distributes propane, renewable propane, RNG, fuel oil, and related products, while also marketing natural gas and electricity. Their business model is supported by three pillars: Suburban Commitment, SuburbanCares, and Go Green with Suburban Propane.

Suburban Renewable Energy, a subsidiary of Suburban Propane Partners (NYSE: SPH), has announced its sponsorship of the first school entry in the Hydrogen Grand Prix (H2GP) in Texas for 2024-2025. Students aged 12-19 will design and build 1:10 scale hydrogen fuel cell remote-controlled cars for endurance races, competing for a chance at the H2GP World Finals. As the first corporate sponsor in Texas, Suburban Propane demonstrates its commitment to investing in hydrogen technology and renewable energy education through this partnership with the non-profit H2GP Foundation, which aims to advance hydrogen technology education and innovation.

Suburban Propane Partners (NYSE: SPH) announced the promotion of Alejandro ('Alex') Centeno to Senior Vice President – Operations, succeeding retiring Chief Operating Officer Steven C. Boyd effective January 1, 2025. Centeno, who has been with the company for over 15 years, will oversee day-to-day propane operations, customer growth initiatives, operational efficiencies, and support functions. The promotion aligns with the company's planned management succession strategy. Boyd retires after a nearly 39-year career with the Partnership, having started as a delivery driver and progressing through various leadership roles.

Suburban Propane Partners reported fiscal year 2024 results with net income of $74.2 million ($1.15 per Common Unit), down from $123.8 million in 2023. Adjusted EBITDA decreased to $250.0 million from $275.0 million. Retail propane gallons sold declined 4.6% to 378.3 million gallons due to unseasonably warm temperatures. The company's RNG operations showed improvement with a 20% increase in daily injection rates, averaging 1,049 MMBtu per day. Total gross margins decreased 4.1% to $805.0 million. The company maintained its quarterly distribution of $0.325 per Common Unit and completed three propane business acquisitions for $14.3 million.

Suburban Propane Partners (NYSE: SPH) collaborated with the American Red Cross and Coppin State University in Baltimore on October 30th, 2024, to host a blood donation event focused on raising awareness of sickle cell disease. The initiative addresses a critical need, as sickle cell disease affects approximately 1 in 365 African American births in the United States, with patients requiring up to 100 units of blood annually for treatment.

The partnership emphasizes the importance of blood donations, particularly from black and brown communities, who are nearly three times more likely to be suitable donors for sickle cell patients. The event aims to support the estimated 100,000 people living with sickle cell disease in the U.S. who require frequent blood transfusions throughout their lifetime.

Suburban Propane Partners (NYSE:SPH) has declared a quarterly distribution of $0.325 per Common Unit for the period ended September 28, 2024, equivalent to an annualized rate of $1.30 per Common Unit. The distribution will be paid on November 12, 2024, to unitholders of record as of November 5, 2024. The company operates as a nationwide distributor of propane and related products, serving approximately 1 million customers across 42 states through 700 locations. 100% of distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.

Suburban Propane Partners (NYSE:SPH) has scheduled its Fiscal 2024 Full Year and Fourth Quarter Results Conference Call for Thursday, November 14, 2024, at 9:00 AM Eastern Time. The company will discuss its financial results and business outlook. A replay will be available from 12:00 PM Eastern Time on November 14 until November 21, 2024. The company serves approximately 1 million customers through 700 locations across 42 states, distributing propane, renewable propane, fuel oil, and related products and services.

Suburban Propane Partners, L.P. (NYSE: SPH) has collaborated with Rutland Community Cupboard in Vermont to support local families facing food insecurity. The company volunteered to stock shelves with food and pantry items, and donated funds to purchase 2,778 fresh half gallons of milk for families in need.

Rutland Community Cupboard, which was visited 10,204 times by those in need last year, expressed gratitude for the partnership. Suburban Propane's spokesperson, Nandini Sankara, emphasized the company's support for the cupboard's mission to provide nutritious meals to those facing food insecurity.

This initiative is part of SuburbanCares' broader commitment to supporting communities across the United States. The company has undertaken similar charitable efforts in numerous locations, including New Hampshire, Arizona, Ohio, California, Alabama, New York, Florida, Washington, Massachusetts, Montana, North Carolina, Delaware, Pennsylvania, New Mexico, South Carolina, New Jersey, and Texas.