Welcome to our dedicated page for Suburban Propane Partners L P news (Ticker: SPH), a resource for investors and traders seeking the latest updates and insights on Suburban Propane Partners L P stock.
Suburban Propane Partners, L.P. (NYSE: SPH), headquartered in Whippany, New Jersey, is a leading nationwide marketer and distributor of propane, renewable propane, fuel oil, and other refined fuels. The company has been serving the energy needs of approximately 1 million residential, commercial, governmental, industrial, and agricultural customers through about 700 locations across 42 states since 1928.
Core Business: Suburban Propane specializes in providing propane, fuel oil, and refined fuels, along with marketing natural gas and electricity in deregulated markets such as New York and Pennsylvania. The company operates in three main segments: Propane, Fuel Oil and Refined Fuels, and Natural Gas and Electricity, with the Propane segment generating the maximum revenue.
Products and Services: Propane, known for its clean-burning properties, is used in residential and commercial markets for space heating, water heating, cooking, and clothes drying. Additionally, industrial customers utilize propane as a motor fuel, for powering engines, and in various process applications. In the agricultural sector, propane serves crucial functions such as tobacco curing, crop drying, and poultry brooding. Suburban Propane also sells, installs, and services heating systems, air conditioning units, and other energy-related equipment.
Environmental Commitment: As part of its commitment to a green energy future, Suburban Propane markets renewable propane and invests in low carbon fuel alternatives. The company's
Suburban Propane Partners, L.P. (NYSE: SPH) partnered with Children's Beach House to provide gardening and educational experiences for children with special needs in Lewes, DE. This initiative is part of Suburban Propane's SuburbanCares program, aimed at community support across the U.S. The event involved local employees volunteering to engage in hands-on activities with preschoolers. The collaboration enhances outdoor education and skills for the children involved. Suburban Propane remains committed to community involvement and support for underserved populations.
Suburban Propane Partners, L.P. (NYSE: SPH) has launched Propane+rDME, the first commercial blend of propane and renewable dimethyl ether (rDME). This innovative product aims to lower carbon emissions and can replace traditional propane in various applications without additional infrastructure costs. Designed to support a low carbon economy, it leverages Suburban’s extensive distribution network and Oberon Fuels’ rDME production. The launch event on April 27, 2022, highlighted their commitment to clean energy solutions and advancing sustainable practices in the propane industry.
Suburban Propane Partners, L.P. (NYSE: SPH) has partnered with Historic Tours of America to support Father Joe's Villages by donating funds for their Therapeutic Childcare program. This initiative aims to assist children and families facing homelessness in San Diego. The donation presentation occurred on April 25, 2022, showcasing propane's clean-burning capabilities as part of Suburban Propane's community efforts. The company continues its commitment to social responsibility through its SuburbanCares initiative, enhancing support for underserved communities nationwide.
Suburban Propane Partners, L.P. (NYSE: SPH) announced a quarterly distribution of $0.325 per Common Unit for Q1 2022, amounting to an annualized rate of $1.30. The distribution is payable on May 10, 2022 to unitholders of record by May 3, 2022. This distribution reflects the company's ongoing commitment to return value to unitholders as it services approximately 1 million customers across 700 locations in 42 states. Additionally, foreign partners are subject to withholding requirements under Section 1446 of the Internal Revenue Code.
Suburban Propane Partners, L.P. (NYSE:SPH) has scheduled its Fiscal 2022 Second Quarter Results Conference Call for May 5, 2022, at 9:00 AM ET. Participants can join via the internet at www.suburbanpropane.com or by calling (888) 317-6003 with access code 6774002. A replay will be available from 12:00 PM ET on May 5 until 11:55 PM ET on May 12, accessible by calling (877) 344-7529 with code 3301968.
Suburban Propane Partners, L.P. (NYSE: SPH) supported the Washington Capitals' Go Green Night on April 6, 2022, providing clean-burning propane for the team's ice resurfacer. This event featured green-themed activities and auctioned limited-edition memorabilia, with proceeds benefiting DC Greens. The initiative aligns with Suburban Propane's commitment to renewable energy through its 'Go Green with Suburban Propane' brand. The auction runs until April 15, 2022, promoting a greener future in the D.C. area.
On April 5, 2022, Suburban Propane Partners, L.P. (NYSE: SPH) announced its collaboration with the Guy Fieri Foundation to provide over 1,200 meals to New Jersey veterans. The events were held on April 1 and 2 at VFW Posts in Port Monmouth and Manville, NJ. This initiative is part of Suburban Propane's "SuburbanCares" program, highlighting its commitment to veterans through services such as the "Heroes Hired Here" employment program. The participation of local leaders and volunteers underscores the company's dedication to community support.
On March 10, 2022, Suburban Propane Partners, L.P. (NYSE: SPH) announced a strategic investment of $30 million for a 25% equity stake in Independence Hydrogen, Inc. This veteran-owned company specializes in hydrogen solutions, aiming to enhance local hydrogen production. The Partnership also launched Suburban Renewable Energy, LLC to further its renewable energy objectives. This move aligns with Suburban's commitment to sustainable energy, highlighting hydrogen's role in decarbonization and energy resilience in various sectors.
Suburban Propane Partners, L.P. (NYSE: SPH) reported a first-quarter net income of $21.3 million ($0.34 per Common Unit), down from $38.0 million ($0.61 per Common Unit) year-over-year. Adjusted EBITDA rose 8.1% to $86.5 million. Despite warm December temperatures affecting propane demand, effective pricing and risk management offset challenges. Retail propane sales declined 5.7%, with average prices up 118.5% year-over-year. Total gross margin decreased to $179.1 million, though excluding unrealized losses showed a 7.9% increase. A distribution of $0.325 per Common Unit was declared, payable on February 8, 2022.
Suburban Propane Partners, L.P. (NYSE: SPH) announced a quarterly distribution of $0.325 per Common Unit for the period ending December 25, 2021. This equates to an annualized rate of $1.30. The distribution is set to be paid on February 8, 2022, to unitholders of record as of February 1, 2022. The press release also notes a withholding tax requirement for foreign partners under Section 1446 of the Internal Revenue Code.
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