Suburban Propane Partners, L.P. has recently released its 10-K report, providing a comprehensive overview of its business operations and financial performance. The company, founded in 1945 and based in Whippany, New Jersey, engages in the retail marketing and distribution of propane, renewable propane, fuel oil, and refined fuels in the United States. It operates through four segments: Propane, Fuel Oil and Refined Fuels, Natural Gas and Electricity, and All Other, serving residential, commercial, industrial, and agricultural customers in various regions of the United States.
In the 10-K report, Suburban Propane discusses several factors that regularly affect its operating results and financial condition. These include product costs and supply, seasonality, weather, hedging and risk management activities, inflation, and other cost increases. The company highlights the impact of weather conditions on the demand for its products, particularly propane, fuel oil, and natural gas, which are primarily used for heating in residential and commercial buildings. It also emphasizes its engagement in hedging and risk management activities to reduce the effect of price volatility on its product costs and ensure the availability of products during periods of short supply.
Furthermore, the report delves into critical accounting policies and estimates, outlining significant accounting estimates related to allowances for doubtful accounts, pension and other postretirement benefits, accrued insurance, loss contingencies, and fair values of acquired assets and liabilities. Suburban Propane emphasizes the importance of these estimates in affecting the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities.
In terms of financial performance, the 10-K report reveals that for fiscal year 2024, Suburban Propane reported a net income of $74.2 million, or $1.15 per Common Unit, compared to $123.8 million, or $1.94 per Common Unit, in fiscal 2023. Adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA) was $250.0 million for fiscal 2024, compared to $275.0 million in the prior year. The company also disclosed that it sold 378.3 million gallons of retail propane in fiscal 2024.
These specific figures and details from the 10-K report provide a comprehensive insight into Suburban Propane's business operations and financial performance, offering investors and stakeholders a detailed understanding of the company's position in the market. Following these announcements, the company's shares moved 1.5%, and are now trading at a price of $19.25. If you want to know more, read the company's complete 10-K report here.
