Suburban Propane Q1 net income doubles to $45.4M; acquires RNG facilities for $190M

SUBURBAN PROPANE PARTNERS LP

2022-Q1 EPS reported $0.71 revenue$397,470,000

Net income $45.4M ($0.71/unit) vs $21.3M ($0.34) prior year; Adj. EBITDA $90.0M, up 4.1%.
Retail propane gallons sold 108.8M, up 3.3% YoY; unit margins increased $0.06/gal excluding mark-to-market.
Acquired two operating RNG facilities from Equilibrium for $190M, funded with revolver and assumption of green bonds.
Formed partnership with Equilibrium to develop additional RNG projects, with $155M in future projects; Suburban owns ~70%.
Quarterly distribution declared $0.325/unit, payable Feb 7, 2023, unchanged from prior quarter.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SUBURBAN PROPANE PARTNERS LP reported first quarter ended December 24, 2022 results: net income $45.4 million, EPS $0.71 per Common Unit.

Period: first quarter ended December 24, 2022
Net income: $45.4 million
EPS: $0.71 per Common Unit
Result: reported results

Exact text from the filing

Net income for the first quarter of fiscal 2023 improved to $45.4 million, or $0.71 per Common Unit, compared to net income of $21.3 million, or $0.34 per Common Unit, in the fiscal 2022 first quarter.

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Source: SEC EDGAR

accession 0000950170-23-001641

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