Suburban Propane Partners (SPH) Tops Q3 EPS by 32c, Revenues Beat

Suburban Propane Partners (NYSE: SPH) reported Q3 EPS of ($0.25), $0.32 better than the analyst estimate of ($0.57). Revenue for the quarter came in at $206.91 million versus the consensus estimate of $169.49 million.

In announcing these results, President and Chief Executive Officer Michael A. Stivala said, "The financial results for the fiscal 2020 third quarter were exceptionally strong for Suburban Propane – representing the highest level of Adjusted EBITDA for any third quarter in our history. Our operating personnel demonstrated a tremendous commitment to safely providing our essential services to the customers and local communities we serve, while adapting to the ever-changing circumstances and new operating protocols to help protect the health and safety of our customers and employees. We successfully adapted our business model to the shifting customer demand patterns, as an increase in residential demand more than offset softness in the commercial and industrial sectors during the third quarter."

Mr. Stivala added, "As we look ahead, and as the country continues to deal with the unprecedented health crisis from COVID-19, there remains a level of uncertainty surrounding the length and depth of the economic slowdown associated with measures taken to mitigate the spread of the virus. While we expect to experience continued softness in demand from our commercial and industrial customers in the near term, our efficient and flexible business model leaves us well positioned to support our customers and local communities as they recover. In addition, we continue to execute on our customer base growth and retention initiatives and remain focused on expanding the use of propane in new applications as part of the recovery. We have also taken proactive steps, with the previously announced reduction in our annualized distribution rate, to reduce our annual cash requirements in order to help accelerate our debt reduction efforts and to provide enhanced flexibility to make investments in line with our strategic growth initiatives."

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

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