Suburban Propane Partners L P - SPH STOCK NEWS

Suburban Renewable Energy, a subsidiary of Suburban Propane Partners (NYSE: SPH), has announced its sponsorship of the first school entry in the Hydrogen Grand Prix (H2GP) in Texas for 2024-2025. Students aged 12-19 will design and build 1:10 scale hydrogen fuel cell remote-controlled cars for endurance races, competing for a chance at the H2GP World Finals. As the first corporate sponsor in Texas, Suburban Propane demonstrates its commitment to investing in hydrogen technology and renewable energy education through this partnership with the non-profit H2GP Foundation, which aims to advance hydrogen technology education and innovation.

Suburban Propane Partners (NYSE: SPH) announced the promotion of Alejandro ('Alex') Centeno to Senior Vice President – Operations, succeeding retiring Chief Operating Officer Steven C. Boyd effective January 1, 2025. Centeno, who has been with the company for over 15 years, will oversee day-to-day propane operations, customer growth initiatives, operational efficiencies, and support functions. The promotion aligns with the company's planned management succession strategy. Boyd retires after a nearly 39-year career with the Partnership, having started as a delivery driver and progressing through various leadership roles.

Suburban Propane Partners reported fiscal year 2024 results with net income of $74.2 million ($1.15 per Common Unit), down from $123.8 million in 2023. Adjusted EBITDA decreased to $250.0 million from $275.0 million. Retail propane gallons sold declined 4.6% to 378.3 million gallons due to unseasonably warm temperatures. The company's RNG operations showed improvement with a 20% increase in daily injection rates, averaging 1,049 MMBtu per day. Total gross margins decreased 4.1% to $805.0 million. The company maintained its quarterly distribution of $0.325 per Common Unit and completed three propane business acquisitions for $14.3 million.

Suburban Propane Partners (NYSE: SPH) collaborated with the American Red Cross and Coppin State University in Baltimore on October 30th, 2024, to host a blood donation event focused on raising awareness of sickle cell disease. The initiative addresses a critical need, as sickle cell disease affects approximately 1 in 365 African American births in the United States, with patients requiring up to 100 units of blood annually for treatment.

The partnership emphasizes the importance of blood donations, particularly from black and brown communities, who are nearly three times more likely to be suitable donors for sickle cell patients. The event aims to support the estimated 100,000 people living with sickle cell disease in the U.S. who require frequent blood transfusions throughout their lifetime.

Suburban Propane Partners (NYSE:SPH) has declared a quarterly distribution of $0.325 per Common Unit for the period ended September 28, 2024, equivalent to an annualized rate of $1.30 per Common Unit. The distribution will be paid on November 12, 2024, to unitholders of record as of November 5, 2024. The company operates as a nationwide distributor of propane and related products, serving approximately 1 million customers across 42 states through 700 locations. 100% of distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.

Suburban Propane Partners (NYSE:SPH) has scheduled its Fiscal 2024 Full Year and Fourth Quarter Results Conference Call for Thursday, November 14, 2024, at 9:00 AM Eastern Time. The company will discuss its financial results and business outlook. A replay will be available from 12:00 PM Eastern Time on November 14 until November 21, 2024. The company serves approximately 1 million customers through 700 locations across 42 states, distributing propane, renewable propane, fuel oil, and related products and services.

Suburban Propane Partners, L.P. (NYSE: SPH) has collaborated with Rutland Community Cupboard in Vermont to support local families facing food insecurity. The company volunteered to stock shelves with food and pantry items, and donated funds to purchase 2,778 fresh half gallons of milk for families in need.

Rutland Community Cupboard, which was visited 10,204 times by those in need last year, expressed gratitude for the partnership. Suburban Propane's spokesperson, Nandini Sankara, emphasized the company's support for the cupboard's mission to provide nutritious meals to those facing food insecurity.

This initiative is part of SuburbanCares' broader commitment to supporting communities across the United States. The company has undertaken similar charitable efforts in numerous locations, including New Hampshire, Arizona, Ohio, California, Alabama, New York, Florida, Washington, Massachusetts, Montana, North Carolina, Delaware, Pennsylvania, New Mexico, South Carolina, New Jersey, and Texas.

Suburban Propane Partners, L.P. (NYSE: SPH) recently collaborated with the Nevada Outreach Training Organization (NOTO) in Pahrump to assist with organizing donations. Volunteers from Suburban Propane helped break down damaged furniture, sort clothing, and organize housewares for distribution to those in need. This effort contributed to NOTO's grant match requirements.

Jessica McCutcheon, Executive Director of NOTO, expressed gratitude for Suburban Propane's support. The collaboration aligns with SuburbanCares' commitment to community efforts across the United States. Suburban Propane, headquartered in Whippany, New Jersey, is a nationwide distributor of propane and related products, serving approximately 1 million customers through 700 locations across 42 states.

Suburban Propane Partners, L.P. (NYSE: SPH) has joined forces with Warren County Habitat for Humanity as a Framer Sponsor, volunteering at a new construction site. The company's employees actively supported the local build site, with Assemblyman John DiMaio (NJ District 23) also in attendance. This initiative is part of SuburbanCares' commitment to supporting community efforts across the United States.

Brittany Powelson, Volunteer Services and Public Relations Manager at Warren County Habitat for Humanity, expressed gratitude for Suburban Propane's support, both through their donation and on-site assistance. Nandini Sankara, Spokesperson for Suburban Propane, emphasized that this volunteering effort represents more than giving back; it's an opportunity to foster hope and enhance lives within the community.

Suburban Propane, headquartered in Whippany, New Jersey, is a nationwide distributor of propane, renewable propane, renewable natural gas, and related products and services. The company serves approximately 1 million customers through 700 locations across 42 states.