$17.630
+0.060 (+0.34%)At close
SPH News
SPH Events
Suburban Propane Expands Partnership with NASCAR to 21 Tracks
Suburban Propane announced the expansion of its partnership with NASCAR to include 21 tracks across the country, with the addition of the upcoming NASCAR event at the U.S. Naval Base in Coronado, California, and the return to Chicagoland Speedway. The addition of the San Diego event at Naval Base Coronado is part of the sport's participation in America's 250th anniversary celebrations, and represents a particularly unique milestone, bringing NASCAR racing to an iconic waterfront military installation. Meanwhile, the Chicagoland Speedway marks another key market where Suburban Propane will continue supporting operations and fan engagement.
Company Reports Q1 Revenue of $370.4M, CEO Says Growth Momentum Strong
Reports Q1 revenue $370.4M vs. $373.3M last year. CEO Michael Stivala said, "The FY26 heating season is off to a solid start, driven by cooler average temperatures in the Northeast, Mid-Atlantic and Midwest regions of our operating footprint, along with continued positive trends in our customer base growth and retention initiatives, which together enabled us to deliver a 4.2% increase in volumes sold compared to the prior year first quarter. The strong volumes, combined with effective selling price and expense management, contributed to an increase of nearly 11.0% in Adjusted EBITDA for the quarter. ..During the quarter, we also advanced our long-term strategic growth plans with the acquisition of two well-run propane businesses in California, progressing our capital projects to grow RNG production, and strategically refinancing our 2027 senior notes at an attractive rate and long-dated tenor. We continue to focus on disciplined investments in growth, while maintaining balance sheet strength and flexibility."
Suburban Propane files to sell $100M of common units
Wells Fargo Securities, J.P. Morgan Securities, BofA Securities, and Evercore Group are acting as sales agents.
Suburban Propane becomes Official Propane partner of NASCAR, Speedway Motorsport
Suburban Propane has entered into a multi-year partnership with NASCAR and sports entertainment and facility operator Speedway Motorsports, making Suburban Propane the Official Propane of NASCAR and Speedway Motorsports. As the Official Propane of NASCAR, Suburban Propane will provide the propane for the new, propane-powered track dryers that NASCAR will add to its fleet starting this season. As part of the partnership, Suburban Propane will provide on-site services for campers at each track property during NASCAR event weekends, and propane for in-stadium concessions. The Suburban Propane-branded and powered track dryers will debut in February 2025, servicing NASCAR races across the country.
Suburban Propane COO Steven Boyd to retire, effective January 1, 2025
Suburban Propane Partners announced an executive promotion in line with its planned management succession. As previously announced, Steven Boyd, the Partnership's COO, will retire effective January 1, 2025. The Partnership announced that Alejandro Centeno has been promoted to Senior Vice President - Operations as successor to Boyd. In his role, Centeno will report to Michael Stivala, President and CEO. Centeno has been with the Partnership for over 15 years, where he has held several managerial positions within the operations, most recently, rising to the level of Vice President - Operations since August 2023.
This page is for research only and is not investment advice. Models can be wrong. Past performance does not guarantee future results.