Suburban Propane Partners, L.P. (NYSE:SPH) Q1 2018 Earnings Conference Call - Preliminary Transcript

Feb 08, 2018 • 09:00 am ET


Suburban Propane Partners, L.P. (NYSE:SPH) Q1 2018 Earnings Conference Call - Preliminary Transcript


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Ladies and gentlemen, thank you for standing-by. And welcome to Suburban Propane Earnings Conference Call. 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 operations. 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 the entirety by such cautionary statements.

At this time, all participants are in a listen-only mode. Later, we conduct question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded. Now I would now like to turn the conference over to Vice President and Treasurer, Davin D'Ambrosio. Please go ahead.

Davin D'Ambrosio

Thank you, David, and good morning, everyone. Thank you for joining us this morning for our fiscal 2018 first quarter earnings conference call. Joining me this morning are Mike Stivala, our President and Chief Executive Officer; Mike Kuglin, Chief Financial Officer and Chief Accounting Officer; and Steve Boyd, our Chief Operating Officer. This morning, we will review our first quarter financial results along with our current outlook for the business. Once we've 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 our 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 30, 2017, and its Form 10-Q for the period ended December 30, 2017, 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 our link on our website

At this point, I'll turn the call over to Mike Stivala for some opening remarks. Mike?

Mike Stivala

Thanks Davin. And thank you everyone for joining us this morning. We are extremely pleased to report an improvement of approximately $9 million, or 11% in our adjusted EBITDA compared to the prior year first quarter. Coming off back to back record warm winter heating seasons, our operating platform presented with a much cooler and more favorable weather pattern in a majority of our service territories.

And particularly in eastern half of the United States. The colder temperatures arrived in