Suburban Propane Partners, L.P. (NYSE:SPH) released fourth-quarter results on Thursday that matched Wall Street profit expectations but missed on the top line, reflecting the typical seasonal softness in the propane business.
The partnership posted a net loss of $0.53 per Common Unit, in line with analyst forecasts. Revenue totaled $211.38 million, falling below the consensus estimate of $227 million.
As is usual for its fiscal fourth quarter, Suburban Propane recorded a net loss due to reduced heating demand. Still, retail propane volumes showed a slight improvement: gallons sold rose 1.8% year-over-year to 60.8 million. Fourth-quarter Adjusted EBITDA came in at $0.7 million, down modestly from $0.8 million a year earlier.
For fiscal year 2025, the company delivered significantly stronger results. Net income climbed to $106.6 million, or $1.64 per Common Unit, up from $74.2 million, or $1.15 per Common Unit, in fiscal 2024. Annual retail gallons sold increased 5.9% to 400.5 million, supported by colder winter conditions, post-hurricane demand spikes following Helene and Milton, and incremental contributions from newly acquired operations.
CEO Michael A. Stivala said the year marked meaningful progress for the business.
“Fiscal 2025 was an outstanding year for Suburban Propane — delivering solid operating results, making continued progress on the execution of our long-term strategic initiatives and improving our financial metrics,” he said.
Annual Adjusted EBITDA rose 11.2% to $278 million from $250 million last year. Suburban Propane said it reinvested cash flows and proceeds from its equity program to advance long-term growth, including a $53 million acquisition in the propane sector and $27 million of growth capital tied to renewable natural gas projects.
The Board of Supervisors declared a quarterly distribution of $0.325 per Common Unit, equivalent to $1.30 per Common Unit on an annualized basis.