Q3 2024 Star Group LP Earnings Call Transcript
Key Points
- Star Group LP (SGU) reported a significant reduction in adjusted EBITDA loss by nearly $19 million for the third quarter of fiscal 2024.
- The company increased its adjusted EBITDA by $13 million through the first nine months of fiscal 2024, despite warmer than normal temperatures.
- Star Group LP (SGU) entered into a definitive agreement to purchase a high-quality fuel dealer, expected to add 19 million gallons of heating oil annually.
- The company achieved a 25% increase in home heating oil and propane volume for the third quarter, driven by acquisitions and other factors.
- Product gross profit increased by $20 million or 37% due to higher volumes and improved per gallon margins.
- Star Group LP (SGU) posted a net loss of $11 million in the third quarter of fiscal 2024.
- Delivery, branch, and G&A expenses increased by $4.7 million year-over-year, partly due to acquisitions and rising insurance costs.
- The company's home heating oil and propane volume declined by 5.5 million gallons or 2% over the first nine months of fiscal 2024.
- The benefit from the weather hedge program decreased by $5 million year-over-year.
- Operating expenses increased by approximately $4 million due to recent acquisitions.
Good day, and welcome to Star Group's fiscal third-quarter 2024 earnings call. (Operator Instructions) Also please be aware that today's call is being recorded.
I would now like to turn the call over to Chris Witty, Investor Relations Adviser. Please go ahead.
Thank you, and good morning. With me on the call today are Jeff Woosnam, President and Chief Executive Officer; and Rich Ambury, Chief Financial Officer.
I would now like to provide a brief Safe Harbor Statement. This conference call may include forward-looking statements that represent the company's expectations and beliefs concerning future events that involve risks and uncertainties and may cause the company's actual performance to be materially different from the performance indicated or implied by such statements. All statements other than statements of historical facts included in this conference call are forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are
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