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Suburban Propane Partners, L.P. has submitted its 10-K filing for the fiscal year ended September 28, 2024.
The filing includes financial statements for the year, showing a decrease in revenues to $1,327,172,000 from $1,429,194,000 in the previous year. The decrease is attributed to lower volumes sold and lower average selling prices due to warmer weather conditions.
Operating expenses for the year were $476,857,000, slightly down from $478,058,000 the previous year, reflecting cost control measures despite inflationary pressures.
Net income for the year was $74,174,000, down from $123,752,000 in the previous year. The decline is attributed to lower gross margins and higher interest expenses.
The company reported Adjusted EBITDA of $250,043,000 for the year, compared to $275,025,000 in the previous year, reflecting the impact of lower sales volumes and margins.
Suburban Propane continues to focus on its renewable energy platform, with investments in renewable natural gas and renewable propane projects.
The company completed three acquisitions in the retail propane business, expanding its presence in Florida, Nevada, and Texas.
The company declared a quarterly distribution of $0.325 per Common Unit for the three months ended September 28, 2024, maintaining its annualized distribution rate of $1.30 per Common Unit.
Suburban Propane's strategy includes selective acquisitions, internal growth initiatives, and investments in renewable energy to drive long-term growth.
The filing details various risk factors, including weather dependency, competition, and regulatory changes that could impact future performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Suburban Propane Partners L.P. annual 10-K report dated November 27, 2024. To report an error, please email earnings@qz.com.