Sunoco LP · Q4 2022 earnings

Briefing

Reported fourth quarter results with increased fuel gallons sold and adjusted EBITDA, while net income decreased compared to the previous year.

Sunoco LP reported Q4 2022 results with a net income of $55 million and Adjusted EBITDA of $238 million. The Partnership sold approximately 2.0 billion gallons of fuel, up 5% from the previous year, with a fuel margin of 12.8 cents per gallon. The company reaffirms its full-year 2023 Adjusted EBITDA guidance of $850 to $900 million.

• Net income was $55 million, compared to $100 million in Q4 2021.
• Adjusted EBITDA was $238 million, compared to $198 million in Q4 2021.
• Distributable Cash Flow, as adjusted, was $153 million, compared to $143 million a year ago.
• Approximately 2.0 billion gallons of fuel were sold, up approximately 5% from the fourth quarter of 2021.

Headline financials

Revenue & EPS history

The Partnership expects full year 2023 Adjusted EBITDA to be between $850 and $900 million. SUN expects 2023 fuel volumes to be approximately 7.8 billion gallons, fuel margins to be approximately 12.0 cents per gallon, operating expenses in a range of $525 to $535 million, growth capital expenditures of at least $150 million, and maintenance capital expenditures of approximately $60 million.