Suburban Propane Partners, L.P. (NYSE:SPH) Q1 2017 Earnings Conference Call - Final Transcript

Feb 02, 2017 • 09:00 am ET

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Suburban Propane Partners, L.P. (NYSE:SPH) Q1 2017 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by and welcome to Suburban Propane's First Quarter 2017 Financial Results Call. [Operator Instructions].

This conference call contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended, relating to the Partnership's future business expectations and predictions and financial condition and results of operation. These forward-looking statements involve certain risks and uncertainties. The Partnership has listed some of the important factors that could cause actual results to differ materially from those discussed in such forward-looking statements, which are referred to as cautionary statements in its earnings press release, which can be viewed on the Company's website. All subsequent written and oral forward-looking statements attributable to the Partnership or persons acting on its behalf are expressly qualified in their entirety by such cautionary statements.

I'll now turn the conference over to your host, Vice President and Treasurer, Davin D'Ambrosio. Please go ahead, sir.

Executive
Davin D'Ambrosio

Thank you, Kathy, and good morning, everyone. Welcome to Suburban's Fiscal 2017 First Quarter Results Conference Call. Joining me this morning is Mike Stivala, President and Chief Executive Officer; Mike Kuglin, our Chief Financial Officer and Chief Accounting Officer; and Steve Boyd, Senior Vice President Operations. On today's call, we will review our first-quarter financial results along with our current outlook for the business. As usual, once we have concluded our prepared remarks, we will open the session to questions.

However, before getting started, I would like to quickly reemphasize what the operator has just explained about forward-looking statements. Additional information about factors that could cause actual results to differ materially from those discussed in forward-looking statements is contained in the Partnership's SEC filings, including its Form 10-K for the fiscal year ended September 24, 2016, and its Form 10-Q for the period ended December 24, 2016, which will be filed by the end of business today. Copies of these filings may be obtained by contacting the Partnership or the SEC.

Certain non-GAAP measures will be discussed on this call. We have provided a description of those measures, as well as a discussion of why we believe this information to be useful, in our Form 8-K furnished to the SEC this morning. The Form 8-K can be accessed through a link on our website at suburbanpropane.com.

At this point, I would like to turn the call over to Michael Stivala for some opening remarks. Mike?

Executive
Michael A. Stivala

Thanks, Davin, and thank you, everyone, for joining us this morning. Following last year's record warm temperatures, as well as record warm temperatures in the first two months of fiscal 2017, customer demand was unleashed by a blast of cold weather throughout most of our service territories in the month of December. Our operations personnel were poised to respond to the return of more normal activity levels, and our volumes reacted strongly.

With that said, our adjusted EBITDA for the fiscal 2017 first quarter of $84.3 million increased $17.1 million, or 25%, over the prior-year first quarter. Importantly, the improvement