Suburban Propane Partners (SPH) Tops Q1 EPS by 6c, Revenues Miss

Suburban Propane Partners (NYSE: SPH) reported Q1 EPS of $0.61, $0.06 better than the analyst estimate of $0.55. Revenue for the quarter came in at $305.19 million versus the consensus estimate of $321.75 million.

In announcing these results, President and Chief Executive Officer Michael A. Stivala said, "Unseasonably warm weather dominated the start of the fiscal 2021 heating season, with November registering as one of the warmest on record, which negatively impacted customer demand during the quarter. With the ongoing effects of COVID-19, we have also continued to experience a shift in customer demand patterns that started in the second half of the prior fiscal year, with softness in certain commercial applications offset to an extent by increased usage in our residential and certain other customer segments that benefitted from stay-at-home initiatives and the demand for temporary, portable energy solutions. On the strategic front, we continued to advance our strategic growth initiatives with the acquisition of a well-run propane business in the North Carolina market, as well as further investments in Oberon Fuels to support our collective efforts to commercialize renewable dimethyl ether (rDME). We also made great strides in advancing our Go Green corporate initiative with the recent official registration of our Go Green with Suburban Propane logo with the United States Patent and Trademark Office. With plenty of the 2020-2021 heating season still ahead, our business is very well positioned to meet increased heat-related demand, to adapt to changing demand patterns; including in the event of continued unseasonably warm weather, and to continue to advance our strategic growth initiatives."

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

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