Exhibit 99.1

 

 

 

 

 

 

News Release

Contact: Michael A. Kuglin

Chief Financial Officer

& Chief Accounting Officer

P.O. Box 206, Whippany, NJ 07981-0206

Phone: 973-503-9252

 

FOR IMMEDIATE RELEASE

 

Suburban Propane Partners, L.P.

Announces Full Year and Fourth Quarter Results

 

Whippany, New Jersey, November 10, 2021 --

Suburban Propane Partners, L.P. (NYSE:SPH), today announced earnings for its full year and fourth quarter ended September 25, 2021.

 

Fiscal Year 2021 Results

 

Net income for fiscal 2021 was $122.8 million, or $1.96 per Common Unit, compared to $60.8 million, or $0.98 per Common Unit, in fiscal 2020.

 

Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA, as defined and reconciled below) increased $22.0 million, or 8.7%, to $275.7 million for fiscal 2021, compared to $253.7 million in the prior year.

 

In announcing these results, President and Chief Executive Officer Michael A. Stivala said, “Fiscal 2021 was another outstanding year for Suburban Propane.  The nearly 9% improvement in Adjusted EBITDA compared to the prior year was driven by a combination of increased volumes across all customer types, higher unit margins in a volatile commodity price environment, disciplined expense management and continued positive momentum in our customer base growth and retention initiatives.  In addition to the strong earnings, we had a number of significant accomplishments during fiscal 2021 which are supportive of our long-term strategic growth plans.  Specifically, we utilized excess cash flows to reduce debt by approximately $88.0 million; we opportunistically refinanced a portion of our senior debt – reducing annual interest requirements by $7.0 million and extending weighted average maturities by 3.5 years; and we continued to make strategic investments in our minority-owned subsidiary, Oberon Fuels, to support our collective efforts to commercialize low-carbon, renewable dimethyl ether (“rDME”).”

 

Mr. Stivala continued, “On the strength of our earnings and cash flows, we were also pleased to deliver an 8.3% increase in our annualized distribution rate at the end of the third quarter of fiscal 2021.  Despite the challenging operating environment over the course of the past eighteen months due to the COVID-19 pandemic, we have maintained our focus on delivering outstanding service to our customers and local communities, executing our customer base growth and retention initiatives, accelerating our debt reduction efforts and investing in renewable energy solutions. Our business is extremely well positioned, both operationally and financially, to pursue our long-term strategic objectives.  We are committed to making investments in innovative renewable energy businesses and technologies as we continue to build out our renewable energy platform in support of our Go Green with Suburban Propane corporate pillar while, at the same time, fostering the growth of our core propane operations and providing pathways to support the sustainability goals of our customers.”

Retail propane gallons sold in fiscal 2021 of 419.8 million gallons increased 4.2% compared to the prior year, primarily due to an increase in weather-related customer demand during the most critical months of the heating season, an increase in commercial and industrial demand resulting from the easing of COVID-related business restrictions and an improving economy, and positive progress in our customer base growth and retention initiatives. Average temperatures (as measured by heating degree days) across all of the Partnership’s service territories for fiscal 2021 were 10% warmer than normal and comparable to the prior year. However, average temperatures during the critical months of December 2020 through February 2021 were 7% cooler than the same period in the prior year and contributed to an overall increase in heat-related demand.

1


The following information was filed by Suburban Propane Partners Lp (SPH) on Wednesday, November 10, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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