04:41 PM EDT, 05/14/2024 (MT Newswires) -- Superior Plus ( SUUIF ) , a distributor of propane and other fuels, on Tuesday said its first-quarter profit fell 22% on lower revenue.

In its first quarter reporting in US dollars, the company said it earned US$85.2 million, or US$0.30, per share, in the period, down from US$109.3 million, or US$0.47 in the year-prior quarter, which Superior said was burnished by large unrealized derivative gains..

Revenue fell 3.4% to US$897.7 million from US$928.8 million.

Among other highlights, it said record first quarter adjusted EBITDA of US$235.6 million represents a 15% increase from the prior year quarter, primarily from performance at Certarus and "resilience" in its propane business "in light of challenging weather patterns".

Certarus achieved a record quarter with Adjusted EBITDA of $51.5 million, a 9% increase from the "exceptionally strong" prior year quarter and in line with management's expectations. U.S. Propane achieved growth of 1% in Q1 2024 compared to the prior year despite warmer weather.

It confirmed 2024 adjusted EBITDA growth expectation of 5% compared to 2023 pro forma adjusted EBITDA.

Effective January 1, Superior began reporting results in U.S. dollars to "improve year over year comparability given foreign exchange rate fluctuations, as the majority of its business activities are denominated in U.S. dollars".

The company's shares closed down C$0.04 to C$9.44 on the Toronto Stock Exchange.