Suburban Propane Partners, L.P. announced its first quarter results for fiscal 2025, ending December 28, 2024. The company reported net income of $19.4 million, or $0.30 per Common Unit, a decrease from $24.5 million, or $0.38 per Common Unit, in the prior year's first quarter. Adjusted EBITDA for the quarter was $75.3 million, remaining essentially flat compared to the first quarter of fiscal 2024.
Retail propane gallons sold in the first quarter decreased by 0.8% to 105.7 million gallons, primarily due to widespread unseasonably warm weather, particularly in November 2024. Despite this, the company completed a strategic acquisition of a propane business in New Mexico and Arizona for $53.0 million, which contributed to customer base growth. This acquisition was funded with net borrowings of $91.7 million under the revolving credit facility.
The quarter also saw impairment charges totaling $19.8 million, with $9.6 million for Independence Hydrogen, Inc. and $10.2 million for Oberon Fuels, Inc., to write down the carrying values of these investments. The Consolidated Leverage Ratio for the trailing twelve-month period ended December 28, 2024, was 4.99x. RNG injection at the Stanfield, Arizona facility was lower due to planned maintenance and regulatory compliance upgrades.
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