Suburban Propane Partners (NYSE: SPH) reported a wider adjusted net loss of $17.7 million, or $0.27 per common unit, for its fiscal 2026 third quarter, up from a loss of $10.8 million, or $0.17 per unit, during the same period last year. Adjusted EBITDA fell to $18 million from $27 million year-over-year, primarily due to unusually warm weather in April which reduced heating-related propane demand.
Retail propane volumes decreased by 1.8% to 70.6 million gallons, attributed to temperatures that were 17% warmer than normal. Gross margin, excluding hedge mark-to-market adjustments, fell 2.4% to $159.6 million. Operating and G&A expenses rose 3.8% to $141.4 million, driven largely by payroll and maintenance costs.
Despite the challenges, the company expects to begin fiscal 2027 with all three of its renewable natural gas facilities operating, aiming for an annual injection of 750,000 to 800,000 MMBtus. A quarterly distribution of $0.325 per common unit has been declared, scheduled for payment on August 11 to unitholders of record as of August 4.
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