Suburban Propane Partners (SPH) Misses Q1 EPS by 31c, Revenues Miss

Suburban Propane Partners (NYSE: SPH) reported Q1 EPS of $0.45, $0.31 worse than the analyst estimate of $0.76. Revenue for the quarter came in at $377.1 million versus the consensus estimate of $403.46 million.

In announcing these results, President and Chief Executive Officer Michael A. Stivala said, "Positive momentum from fiscal 2018 carried into the fiscal 2019 first quarter. The first quarter of fiscal 2019 was characterized by colder-than-normal temperatures early in the quarter followed by significantly warmer temperatures during the month of December as compared to the prior year. Despite this inconsistent weather during the quarter, we were very pleased to deliver another solid performance with results that were flat to the prior year first quarter. Our operations personnel continue to do an excellent job delivering outstanding service to our customers and the communities we serve, adapting our business plans to the weather-driven demand and executing on our customer base growth and retention initiatives."

Mr. Stivala continued, "There is still a significant amount of the heating season in front of us. Our business is extremely well-positioned to meet the needs of our customers while, at the same time, pursuing growth through new market expansion and strategic acquisitions. In fact, earlier this week we invested approximately $12.0 million to acquire a propane business operating in strategic markets in our West Coast territory. We also remain focused on continuing to strengthen our financial position to support our long-term growth initiatives."

For earnings history and earnings-related data on Suburban Propane Partners (SPH) click here.

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