Suburban Propane FY2023 net income falls to $1.94/unit; RNG capacity targets 850K MMBtus/year

SUBURBAN PROPANE PARTNERS LP

2023-FY EPS reported $1.92 revenue$1,429,194,000

Net income $123.8M ($1.94/unit) vs $139.7M ($2.21/unit) in FY2022; Adjusted EBITDA $275M vs $291M.
Retail propane gallons down 1.2% to 396.4M; weather 8% warmer than normal with near-record warmth in Jan-Feb.
Gross margins $839M, up 6.3% YoY; ex mark-to-market up 3.1% on higher unit margins and RNG contribution.
Closed $190M RNG asset acquisition from Equilibrium in Dec 2022; run-rate capacity ~850K MMBtus/year expected by FY2025.
Quarterly distribution $0.325/unit declared, unchanged annualized $1.30/unit; leverage ratio 4.28x.

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 0.95

SUBURBAN PROPANE PARTNERS LP reported Fiscal 2023 Full Year and Fourth Quarter results: net income $123.8 million, EPS $1.94 per Common Unit.

Period: Fiscal 2023 Full Year and Fourth Quarter
Net income: $123.8 million
EPS: $1.94 per Common Unit
Result: reported results

Exact text from the filing

Net income for fiscal 2023 was $123.8 million, or $1.94 per Common Unit, compared to $139.7 million, or $2.21 per Common Unit, in fiscal 2022.

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Source: SEC EDGAR

accession 0000950170-23-061537

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