A Closer Look At Suburban Propane Partners' Q3 FY14 Distributable Cash Flow
- Gross margins as a percent of revenues declined for the 3 recent consecutive quarters and latest 12 months.
- Adjusted EBITDA per unit, net cash from operations and DCF also declined in the latest 12-month period.
- Cash reserves have been used to fund distributions.
- Despite its lower valuation multiple and significantly higher current distribution yield, SPH has underperformed its peers.