Canada · Delayed Price · Currency is CAD Superior Plus Earnings Call Transcripts
Fiscal Year 2025
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Adjusted EBITDA grew 2% to $463.5M in 2025, with propane up and CNG down due to pricing pressure. Superior Delivers transformation is on track but will take three years, and 2026 guidance calls for 2% EBITDA growth as propane gains offset CNG declines.
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Transformation initiatives are driving operational efficiency and customer growth, though Q3 results were impacted by one-time costs, CNG pricing pressure, and a supply disruption. Guidance for 2025 was revised down, but long-term targets and capital allocation priorities remain intact.
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First half results were strong, with adjusted EBITDA up 5.4% and significant progress in both propane and CNG businesses. Transformation initiatives are on track, with major benefits expected in Q4, and share repurchases and capital efficiency remain key priorities.
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Strong Q1 results with 10.5% adjusted EBITDA growth, driven by higher propane and CNG volumes, operational efficiencies, and share repurchases. Superior Delivers transformation is on track, while CNG faces near-term pricing pressure but maintains long-term optimism.
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A comprehensive transformation strategy targets sustainable, profitable growth through operational efficiency, technology investment, and a shift to organic growth. Financial guidance includes a 25% EBITDA increase and nearly 200% free cash flow growth by 2027, with Soteris driving CNG/RNG leadership and targeted expansion.
Fiscal Year 2024
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2024 saw foundational transformation and disciplined capital allocation, with Adjusted EBITDA up year-over-year despite weather and margin pressures. 2025 guidance targets 8% EBITDA growth, significant share buybacks, and balance sheet deleveraging, driven by operational improvements and Superior Delivers.
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Announced a major transformation with Superior Delivers targeting $50M+ incremental EBITDA by 2027, a 75% dividend cut to fund share buybacks, and improved capital efficiency. Q3 saw flat propane results and strong Certarus growth, with 2024 guidance revised to flat EBITDA growth.
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Q2 EBITDA rose $14M year-over-year to $43.3M, driven by the Certarus acquisition and Canadian propane growth, while US propane and Certarus faced volume and pricing pressures. 2024 EBITDA guidance is maintained at $500M, with a focus on growth, cost efficiency, and diversification.