Suburban Propane Partners, L.P. announced its full year and fourth quarter results for fiscal 2024, ending September 28, 2024. The company reported a net income of $74.2 million, or $1.15 per Common Unit, for fiscal 2024, a decrease from $123.8 million, or $1.94 per Common Unit, in fiscal 2023. Adjusted EBITDA for the full year was $250.0 million, down from $275.0 million in the prior year, primarily due to unseasonably warm temperatures during the peak winter heating months.
Retail propane gallons sold in fiscal 2024 decreased by 4.6% to 378.3 million gallons, influenced by warmer temperatures and one less week of operations compared to the prior year. Despite the volume decline, propane unit margins increased by $0.02 per gallon, or 1.3%, demonstrating effective selling price management. The company's RNG production facility in Stanfield, Arizona, saw increased daily injection levels, averaging 1,049 MMBtu per day, a 20% increase from the prior year, though revenues were impacted by lower environmental attribute prices.
For the fourth quarter of fiscal 2024, Suburban Propane reported a net loss of $44.6 million, or $0.69 per Common Unit, compared to a net loss of $20.9 million in the prior year's fourth quarter. Adjusted EBITDA for the quarter was $0.8 million, down from $3.0 million in the fourth quarter of fiscal 2023. The company's Consolidated Leverage Ratio for fiscal 2024 stood at 4.76x, and it noted a $53.0 million acquisition of a propane business in New Mexico and Arizona subsequent to the fiscal year-end.
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