Suburban Propane Q3 net loss widens as warm weather cuts demand - SPH News | RalliesSuburban Propane Q3 net loss widens as warm weather cuts demand
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SPH• Key details
| Metric | Actual |
|---|
| Q3 Loss Per Share | $0.26 |
| Q3 Net Loss | $17.53 mln |
| Q3 Adjusted EBITDA | $18.01 mln |
| Q3 EBITDA | $18.18 mln |
| Q3 Operating Income | $2.22 mln |
| Q3 Pretax Loss | $17.35 mln |
Result drivers
- WARMER WEATHER - Near-record warm temperatures in April reduced heat-related demand and propane volumes sold.
- CUSTOMER TANK LEVELS - Higher residential customer tank levels from prior quarter deliveries further reduced demand.
- OPERATING COSTS - Higher payroll, benefits, and vehicle costs increased expenses, partially offset by lower variable compensation and RNG production tax credits.
Quarterly results
- U.S. propane distributor's fiscal Q3 net loss widened, with adjusted EBITDA declining yr/yr.
- Quarter impacted by warmer temperatures, reducing heat-related demand and propane volumes sold.
Balance sheet and outlook
- Company reduced debt by over $36 mln using excess cash flows and equity proceeds.
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