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Suburban Propane Partners LP SPH

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Morningstar’s Analysis

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Suburban Propane Surprises With Quarterly Distribution Increase, Reports Q3 Earnings

Andrew Bischof, CFA, CPA Senior Equity Analyst

Analyst Note

| Andrew Bischof, CFA, CPA |

We are maintaining our $14.50 fair value estimate for Suburban Propane Partners after the partnership reported that its propane, refined fuels, and energy marketing businesses generated $23.3 million in adjusted EBITDA for the third quarter of fiscal 2021, down from $32.2 million in the year-ago period. Net losses in the quarter were $26 million, compared with $15.6 million in the prior-year third quarter. Given the cyclicality of Suburban's business, in which demand is lower during the warm summer months, losses are typical in the third quarter. We are reaffirming our no-moat and negative moat trend ratings.

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Company Profile

Business Description

Suburban Propane Partners distributes propane, fuel oil, and other refined fuels to customers primarily in the East Coast and West Coast regions of the United States. Other operations include natural gas and electricity marketing in the deregulated New York and Pennsylvania markets.

240 Route 10 West, P.O. Box 206
Whippany, NJ, 07981
T +1 973 887-5300
Sector Utilities
Industry Utilities - Regulated Gas
Most Recent Earnings Jun 30, 2021
Fiscal Year End Sep 26, 2021
Stock Type Slow Growth
Employees 3,274