Suburban Propane Partners recently announced earnings for its second quarter in which the Whippany-based company’s income was down 39% compared with the same period last year, as the period was dominated by near-record warm temperatures throughout much of the quarter, particularly in the eastern half of the U.S., which limited customer demand for heating purposes.
Net income for the second quarter of fiscal 2023 was $104.5 million, or $1.63 per common unit, compared to $175.1 million, or $2.77 per common unit, in the fiscal 2022 second quarter.
“In a challenging environment, our operating personnel continue to do an outstanding job managing selling prices and the higher costs of operating the business,” CEO and President Michael Stivala said.
During the second quarter, Suburban also expanded its renewable energy platform with the acquisition of renewable natural gas-producing assets in Stanfield, Arizona, and Columbus, Ohio, for $190 million.
“As society transitions to renewable energy solutions and low-carbon alternatives across many sectors of the economy, we remain focused on leveraging our 95-year legacy as trusted, local distributors of energy to position Suburban Propane for long-term growth and sustainability. To accomplish this goal, we will continue to foster the growth of our core propane business, while making strategic investments in the energy transition as we enhance the growth of our newly created subsidiary, Suburban Renewable Energy,” Stivala added.
