The following is a summary of the Superior Plus Corp. (SUUIF) Q4 2023 Earnings Call Transcript:
Financial Performance:
Superior Plus reported Q4 adjusted EBITDA of $213.6 million, a record for Q4, and a $31 million increase from Q4 2022.
Full-year EBITDA for 2023 increased to $552 million, and net earnings totaled $78 million for Q4.
Earnings per share for Superior was $0.23 in 2023, compared to a loss per share of $0.58 in the previous year.
The company's leverage ratio improved to 3.8 times at the end of December 2023.
Corporate administration costs in Q4 were $8.0 million, decreasing $3.0 million from Q4 2022.
The U.S. propane business posted an adjusted EBITDA of $113.8 million for Q4, while the wholesale propane business saw an adjusted EBITDA of $16.3 million in Q4.
The company expects EBITDA growth of around 5% for 2024 from the 2023 pro forma adjusted EBITDA of $643.3 million.
Business Progress:
The company is shifting towards organic growth through operational excellence, with a focus on increasing its customer base and improving returns on capital investments.
The propane division intends to generate consistent returns and strong cash flow.
Superior has positioned itself well for future growth in multiple high-growth segments, including RNG.
Certarus saw a 21% rise in EBITDA in Q4 2023, reaching a record high of 729 MSUs at the end of the quarter.
Superior plans to switch to reporting results in US dollars from January 1st, 2024, which will reduce foreign exchange volatility.
The company plans to grow Mobile Support Unit (MSU) additions by 15% to 20%
The company is diversifying beyond oil and gas drilling and completions activity, and is planning for more long-term contract commitments in the renewable natural gas space.
More details: SUPERIOR PLUS CORP IR
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