Suburban Propane Partners Q3 Loss Widens

(RTTNews) - Suburban Propane Partners, L.P. (SPH), Thursday reported a wider third-quarter loss, reflecting higher costs and expenses that offset the increase in revenues.

For the tri-monthly period, the company's net loss widened to $45.1 million or $0.77 per share from $9.3 million or $0.26 per share during the same quarter last year. The net income for this quarter included a charge of $6 million related to the Partnership's voluntary withdrawal from multi-employer pension plans covering certain employees acquired in the Inergy Propane acquisition, as well as $2.2 million in expenses related to the ongoing integration of Inergy Propane.

Excluding these charges, the company said EBITDA for the third quarter was $19.2 million.

On average, nine analysts polled by Thomson Reuters expected loss per share of $0.57 for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the period increased to $290.8 million from $179.6 million last year. Analysts expected the company to report revenues of $314.99 million for the quarter.

Costs and expenses during the quarter increased to $311.4 million from $182.3 million a year ago.