Q2 net income drops 40% to $104.5M; RNG platform acquired for $190M

SUBURBAN PROPANE PARTNERS LP

2023-Q2 EPS reported $2.34 revenue$923,971,000

Net income $104.5M ($1.63/unit) vs $175.1M ($2.77/unit) in prior year; adjusted EBITDA $149.0M vs $172.5M.
Retail propane gallons down 9.4% to 144.1M; temperatures 12% warmer than normal driving lower demand.
Acquired RNG assets from Equilibrium Capital for $190M, including facilities in AZ and OH and $155M JV.
Consolidated leverage ratio increased to 4.43x; quarterly distribution maintained at $0.325/unit ($1.30 annualized).
Operating expenses up 7.1% due to payroll, vehicle fuel, and acquisition costs; gross margin down 5.3% ex-MTM.

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 second quarter ended March 25, 2023 results: net income $104.5 million, EPS $1.63 per Common Unit.

Period: second quarter ended March 25, 2023
Net income: $104.5 million
EPS: $1.63 per Common Unit
Result: reported results

Exact text from the filing

Net income for the second quarter of fiscal 2023 was $104.5 million, or $1.63 per Common Unit, compared to $175.1 million, or $2.77 per Common Unit, in the fiscal 2022 second quarter.

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Source: SEC EDGAR

accession 0000950170-23-017478

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