Warm Weather Remains a Drag on Suburban's Results
We will maintain our $32 fair value estimate and stable, narrow moat rating for Suburban Propane Partners after the partnership reported its propane, refined fuels, and energy marketing businesses generated $138 million in adjusted EBITDA for the first quarter of fiscal 2017, versus $145.1 million in the year-ago quarter. We are lowering our fiscal 2017 adjusted EBITDA estimate to $268 million from our prior estimate of $311 million, which assumed normal weather. Management does not issue guidan...Suburban Propane Partners is engaged in the distribution of propane, fuel oil and refined fuels, as well as the marketing of natural gas and electricity in deregulated markets. In support of its primary marketing and distribution operations, the company installs and services a variety of home comfort equipment, particularly in the areas of heating and ventilation. The company conducts its business principally through Suburban Propane, L.P., which operates its propane business and assets, and its direct and indirect subsidiaries. The company manages and evaluates its operations in four operating segments, three of which are reportable segments: Propane, Fuel Oil and Refined Fuels and Natural Gas and Electricity.
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