Reported Q: Q2 2024 Rev YoY: -5.4% EPS YoY: +6.1% Move: -1.89%
Suburban Propane Partners
SPH
$19.75 -1.89%
Exchange NYSE Sector Utilities Industry Regulated Gas
Q2 2024
Published: May 9, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for SPH

Reported

Report Date

May 9, 2024

Quarter Q2 2024

Revenue

498.09M

YoY: -5.4%

EPS

1.72

YoY: +6.1%

Market Move

-1.89%

Previous quarter: N/A

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Earnings Highlights

  • Revenue of $498.09M down 5.4% year-over-year
  • EPS of $1.72 increased by 6.1% from previous year
  • Gross margin of 31.5%
  • Net income of 111.50M
  • ""The fiscal 2024 heating season presented widespread unseasonably warm weather across the vast majority of our operating territories, with the exception of a 2-week period of extreme cold temperatures in mid-January... we were once again able to leverage our experience in managing our business through a challenging heating season, and our operating personnel did an outstanding job managing the things they can control, namely keeping safety as their highest priority, providing exceptional service to our customers, managing selling prices and controlling expenses."" - Michael A. Stivala
SPH
Company SPH

Executive Summary

Suburban Propane Partners LP reported Q2 2024 revenue of $498.1 million and delivered adjusted EBITDA of $147 million, with net income of $111.5 million and earnings per share of $1.73. The quarter was characterized by an unusually warm heating season, which weighed on residential heating demand and volumes, yet the company benefitted from stronger RNG contributions and a growing customer base. Retail propane gallons sold declined 2.7% year over year to 140.2 million, reflecting weather-driven volume softness, while propane unit margins rose about 4.2% to support margin resilience. Management emphasized disciplined cost control and ongoing RNG enhancements, including the Stanfield, AZ RNG facility, where average daily RNG injections rose 8.4% versus the prior quarter to 1,139 MMBtu/d. The RNG strategy, together with tuck-in propane acquisitions and capital investment in renewable energy platforms, remains a core growth vector as Suburban Propane balances near-term weather impacts with a longer-term transition to lower-carbon energy sources. Liquidity remained solid; the revolving credit facility was extended, and debt leverage improved to 4.61x on a trailing-12-month basis, well within a covenant cap of 5.75x. The company reiterated its distributions, maintaining a quarterly payout of $0.325 per common unit and a healthy distribution coverage of 1.99x. Looking ahead, management framed a balanced capital allocation path: de-leveraging, modest growth capex in propane and RNG, and selective strategic investments in Oberon Fuels and Independence Hydrogen, with RNG facility upgrades targeted for completion in 2H 2025. Overall, SPH is navigating a softer near-term heating season while advancing a diversified, lower-carbon growth thesis that could support EBITDA and cash flow expansion over the medium term.

Key Performance Indicators

Revenue
Decreasing
498.09M
QoQ: 36.15% | YoY: -5.40%
Gross Profit
Decreasing
157.06M
31.53% margin
QoQ: -26.19% | YoY: -46.74%
Operating Income
Increasing
130.99M
QoQ: 168.71% | YoY: 4.23%
Net Income
Increasing
111.50M
QoQ: 355.96% | YoY: 6.72%
EPS
Increasing
1.73
QoQ: 355.26% | YoY: 6.13%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q2 2025 587.66 2.10 +18.0% View
Q1 2025 373.33 0.30 +2.1% View
Q4 2024 208.64 -0.69 -7.9% View
Q3 2024 254.61 -0.27 -8.6% View
Q2 2024 498.09 1.72 -5.4% View