Q2 2024 Superior Plus Corp Earnings Call Transcript
Key Points
- Superior Plus Corp (SUUIF) achieved growth in its Canadian propane division compared to Q2 2023, driven by expanding its customer base and disciplined cost and margin management.
- The US propane division managed to counter the impact of unseasonably warm weather by adding new customers and capitalizing on cost reduction and productivity opportunities.
- Certarus delivered a 15% increase in volumes, reinforcing its market-leading position despite regional pricing pressure.
- The acquisition of Certarus has positioned Superior Plus Corp (SUUIF) as the largest player in over-the-road CNG and RNG distribution, commanding nearly half of the industry's fleet.
- Superior Plus Corp (SUUIF) confirmed its adjusted EBITDA guidance of approximately $500 million for 2024, indicating confidence in its financial outlook.
- Superior Plus Corp (SUUIF) reported a net loss of $45.3 million for the second quarter, compared to a net loss of $29.2 million in the prior year quarter.
- The US propane business saw a 28% decrease in adjusted EBITDA compared to the prior year quarter, driven by lower sales volumes due to warmer weather and higher tank levels.
- Certarus did not meet EBITDA expectations for the quarter, facing pressure on pricing and elevated operating costs.
- The wholesale business experienced a decrease in adjusted EBITDA due to lower sales volumes from warmer weather.
- Superior Plus Corp (SUUIF) acknowledged increased competition in the West Texas region, impacting pricing and market dynamics.
Good day and thank you for standing by. Welcome to Superior Plus 2024 second-quarter results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session.
(Operator Instructions) Please be advised that today's conference is being recorded. Now, I will pass the call over to Adam Kurnik, Director of Corporate Finance and Investor Relations. Please go ahead.
Thank you, Carmen. Good morning, everyone, and welcome to Superior Plus conference call and webcast to review our 2024 second quarter results. On the call today are Allan MacDonald, President and CEO, and Grier Colter, EVP and CFO. For this morning's call, Allan and Grier will begin with their prepared remarks, and then we will open up the call for questions.
Listeners are reminded that some of the comments made today may be forward-looking in nature and are based on Superior's current expectations, estimates,
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