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Suburban Propane Partners L.P. (SPH-1.05%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $373,329,000 from $365,834,000 in the same quarter the previous year. This increase was primarily driven by higher average retail selling prices for propane, despite a slight decrease in propane volumes sold.
Cost of products sold decreased to $147,162,000 from $153,053,000, reflecting lower volumes sold and changes in the fair value of derivative instruments.
Operating expenses increased slightly to $123,153,000 from $122,070,000, mainly due to higher payroll and benefit-related costs.
General and administrative expenses rose to $26,853,000 from $25,570,000, attributed to higher payroll and benefit-related costs and legal settlement expenses.
Net income for the quarter was $19,420,000, down from $24,454,000 in the previous year. Earnings per Common Unit were $0.30, compared to $0.38 in the previous year.
Adjusted EBITDA remained relatively flat at $75,301,000 compared to $75,232,000 in the previous year.
The company reported a net cash provided by operating activities of $8,782,000, compared to a net cash used of $12,775,000 in the previous year.
Suburban Propane Partners made strategic investments during the quarter, including the acquisition of a propane business in New Mexico and Arizona for $53,000,000.
The filing also details impairment charges for investments in Independence Hydrogen, Inc. and Oberon Fuels, Inc., totaling $19,808,000, due to financial condition concerns.
The company announced a quarterly distribution of $0.325 per Common Unit, payable on February 11, 2025, to holders of record on February 4, 2025.
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. quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.