Suburban Propane Q1 net income $19.4M ($0.30/unit) down from $24.5M; volumes down 0.8% on warm weather

SUBURBAN PROPANE PARTNERS LP

2025-Q1 EPS reported $0.30 revenue$373,329,000

Net income $19.4M ($0.30/unit) vs $24.5M ($0.38) YoY; Adjusted EBITDA flat at $75.3M.
Retail propane volumes 105.7M gallons (-0.8% YoY) as warm November and lower crop drying offset hurricane demand.
Total gross margin $226.2M (+6.3%) includes $3.6M unrealized gain; ex-mark-to-market down 0.5%.
Acquired propane business in NM/AZ for $53M; recorded $19.8M impairment on hydrogen & biofuels investments.
Quarterly distribution of $0.325/unit declared (annual $1.30), unchanged from prior quarter.

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