secwatch.observer — SEC 8-K summary
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Issuer:     SUBURBAN PROPANE PARTNERS LP (SPH)
CIK:        0001005210
Form:       8-K
Filed at:   2023-05-04T23:59:59+00:00
Accession:  0000950170-23-017478
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1005210/000095017023017478/0000950170-23-017478-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1005210/000095017023017478/sph-20230504.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-017478

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer