SPH - Suburban Propane slides as retail propane gallons sales drop

Suburban Propane Partners (NYSE:SPH) -3.3% in Thursday's trading after reporting FQ2 earnings of $2.74/unit on revenues of $588M, as retail propane gallons sold decline from the year-ago period. Q2 net income increased to $175.1M from $127.2M in the year-earlier quarter, and adjusted EBITDA edged higher to $172.5M from $172M in the prior year. Q2 retail propane gallons sold fell 5.8% Y/Y to 159.2M gallons, primarily due to elevated customer tank levels coming into the quarter given the impact of near record warm temperatures during December 2021; average propane prices jumped 44.5% Y/Y and 4.7% Q/Q. Total gross margin rose 4% Y/Y to $316.1M, excluding the impact of unrealized mark-to-market adjustments. "Despite a challenging operating environment resulting from an erratic weather pattern, historically high commodity prices and inflationary factors impacting expenses, we were able to expand our customer base, and effectively manage margins and expenses," President and CEO Michael Stivala. Suburban

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Suburban Propane slides as retail propane gallons sales drop