Suburban Propane reports widened 4Q loss; retail propane sales fall 15% |
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Thu, 15 Nov 2007 13:56
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BOSTON (Thomson Financial) - Suburban Propane Partners LP Thursday reported a widened fourth-quarter net loss of $32.1 million, or 99 cents per unit, from $21 million, or 66 cents per unit, in the same period a year earlier.Special charges of $4.4 million for a pension settlement, $1.6 million for restructuring, and $1.2 million for inventory reduction were included in the quarter's results, the company said.The mean estimate of analysts polled by Thomson Financial was for a loss of 49 cents a share.Revenue for the three-month period ended Sept. 29 fell 23% to $215.1 million, below Wall Street's $256.9 million consensus. A year ago, the Whippany, N.J.-based propane distributor posted revenue of $278.1 million.Suburban also said fourth-quarter retail propane sales fell 15% to 63.9 million gallons from 75.5 million gallons in 2006.Shares closed Wednesday at $45. The stock is up about 18% year-to-date.Greg Saulniergs/pcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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