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SPH Fundamental Analysis



SPH Earnings Analysis
Positive
Stable EBITDA Performance: Adjusted EBITDA for the first quarter of fiscal 2025 was $75.3 million, essentially flat compared to the prior year, indicating stable operational performance despite challenging conditions.
Retail Propane Sales Surge: Retail propane gallons sold were 105.7 million, with strong demand in the Southeast following hurricanes, which helped offset lower heat-related demand due to unseasonably warm temperatures.
Propane Price Increase: The average wholesale propane price increased by 15% to $0.77 per gallon compared to the prior year, reflecting improved pricing power in a higher commodity price environment.
Quarterly Distribution Announcement: The quarterly distribution declared was $0.325 per common unit, equating to an annualized rate of $1.30 per common unit, demonstrating a commitment to returning capital to unitholders with a strong distribution coverage of 1.87 times.
Increased Capital Expenditure: Total capital spending for the quarter was $23.8 million, $12.7 million higher than the prior year, primarily due to growth CapEx associated with strategic projects, indicating a focus on long-term growth initiatives.
Negative
Stagnant Adjusted EBITDA: Adjusted EBITDA for Q1 FY25 was $75.3 million, flat compared to the prior year, indicating stagnation in earnings despite operational challenges.
Propane Sales Decline: Retail propane gallons sold decreased by 0.8% to 105.7 million gallons, primarily due to lower heat-related demand from unseasonably warm temperatures, negatively impacting revenue.
Gross Margin Decline: Total gross margin for Q1 FY25 was $222.5 million, a decrease of $1 million or 0.5% from the prior year, driven by lower propane volumes sold and reduced margin contribution from RNG operations.
Operating Expense Increase: Combined operating and G&A expenses increased by $2.4 million or 1.6% to $150 million, primarily due to higher payroll and benefit costs, which could pressure profitability moving forward.
Impairment Charges Impact: Impairment charges of $19.8 million were recognized for investments in Oberon Fuels and Independence Hydrogen, reflecting challenges in the clean energy startup landscape and negatively impacting net income.
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SPH FAQs
What is surpport and resistant level for SPH Stock?
The S1 support level for SPH Stock is $19.81 ,The R1 resistant level for SPH Stock is $20.88.