secwatch.observer — SEC 8-K summary
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Issuer:     SUBURBAN PROPANE PARTNERS LP (SPH)
CIK:        0001005210
Form:       8-K
Filed at:   2023-11-09T23:59:59+00:00
Accession:  0000950170-23-061537
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1005210/000095017023061537/0000950170-23-061537-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1005210/000095017023061537/sph-20231109.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-061537

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