Suburban Propane Partners - SPH STOCK NEWS

Suburban Propane Partners, L.P. (NYSE: SPH) reported a strong first quarter of fiscal 2023, with net income rising to $45.4 million ($0.71 per Common Unit), up from $21.3 million ($0.34 per Common Unit) in the prior year. Adjusted EBITDA increased by 4.1% to $90.0 million. The company attributed growth to customer retention, cooler temperatures, and effective cost management. A key highlight was the acquisition of two RNG production facilities for $190 million, enhancing their renewable energy portfolio. Retail propane sales increased by 3.3% to 108.8 million gallons. However, average propane prices fell by 35.9% year-over-year.

On January 24, 2023, Suburban Propane Partners (NYSE: SPH) donated to the Key West Harry S. Truman Foundation to support the preservation of the Harry S. Truman Little White House in Florida. The donation aims to enhance civic engagement and educational programming related to the Truman era. Key West Mayor Teri Johnston emphasized the importance of such contributions to historical venues. Suburban Propane's initiative, SuburbanCares, focuses on community support and charitable endeavors across the U.S., highlighting their commitment to preserving national treasures for future generations.

Suburban Propane Partners, L.P. (NYSE:SPH) announced a quarterly distribution of $0.325 per Common Unit for the three months ending December 24, 2022, equating to an annualized rate of $1.30. The distribution will be payable on February 7, 2023 to Common Unitholders of record as of January 31, 2023. This press release also provides important tax information for foreign investors, indicating that all distributions are subject to federal income tax withholding at the highest rate due to their connection with U.S. trade or business.

Suburban Propane Partners, L.P. (NYSE:SPH) will host its Fiscal 2023 First Quarter Results Conference Call on February 2, 2023, at 9:00 AM ET. Interested parties can join via telephone or online at www.suburbanpropane.com. The call will discuss the company's quarterly results and business outlook. A replay will be available from 12:00 PM ET on February 2 until 11:55 PM ET on February 9, accessible by phone or on the website. Suburban Propane, with a history since 1928, serves around 1 million customers across 700 locations in 42 states, focusing on propane and renewable energy solutions.

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.