SGU
Star Group, L.P.11.72
-0.03-0.26%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q4 '25
Q&A reaffirms script, details attrition
Q&A largely reaffirmed prepared remarks on acquisition-driven volume gains offsetting attrition amid milder weather, adding color without major shifts. Management tied higher net attrition to soft real estate activity and tame weather curbing new customer adds, while loss rates hit historic lows and satisfaction metrics trended up. They dodged specifics on New York fossil fuel regs, deeming impacts unpredictable. Acquisition pipeline stays active with tuck-ins but no large deals imminent. FCF softness chalked up to routine timing in taxes and inventory. Pipeline active, but small deals only. Investors will eye new customer momentum into 2026.
Key Stats
Market Cap
386.48MP/E (TTM)
6.44Basic EPS (TTM)
1.82Dividend Yield
0.06%Recent Filings
10-K
FY2025 results
Star Group delivered FY2025 sales of $1,437.6M and net income of $73.5M, up sharply from FY2024, fueled by 11.5% higher home heating oil and propane volume at 282.6M gallons despite 4.7% net customer attrition—yet colder weather (8.2% vs prior year) and $80.5M in acquisitions drove the surge. Q4 attrition decelerated to 1.6% while gross margins held firm at $1.7022/gallon (up 1.3% y/y), with installations and services adding $346.8M (up 9.3%). Adjusted EBITDA climbed 22.2% to $136.4M. Debt stood at $189M term loan (due 2029) with $165M revolver availability; repurchased 1.3M units for $15.6M. Q4 momentum slowed by seasonal off-peak. Wholesale product price volatility threatens margins.
8-K
FY25 revenue $1.8B, EBITDA +22%
Star Group reported fiscal 2025 revenue up 1.0% to $1.8B, driven by 11.5% higher home heating oil and propane volume at 282.6 million gallons from acquisitions and 8.2% colder weather, yet offset by lower prices. Net income surged to $73.5M, with Adjusted EBITDA rising 22.2% to $136.4M on better margins and services growth. Q4 showed a narrower $28.7M net loss but wider $33.0M Adjusted EBITDA loss, typical off-season. Acquisitions boosted D&A.
8-K
Star declares $0.1850 quarterly distribution
Star Group, L.P. declared a quarterly distribution of $0.1850 per common unit for the fiscal fourth quarter ended September 30, 2025, payable on November 5 to holders of record on October 27. This steady payout underscores the partnership's reliable cash flow from home heating distribution amid seasonal demands. Yet risks like weather volatility and regulatory pressures loom large.
10-Q
Q3 FY2025 results
Star Group posted a Q3 FY2025 net loss of $16.6M, wider than the $11.0M loss last year, as seasonal off-peak pressures hit harder amid warmer weather and softer product margins. Yet YTD through June 30, 2025, net income climbed 45% to $102.2M from $70.3M, fueled by 11.8% higher heating oil and propane volume from colder winter temps and acquisitions adding 23.5M gallons. Revenue edged up 0.8% YTD to $1.54B, with product gross margins improving to $1.71/gallon (up 1.6% y/y, derived), while installations and services grew 9.9% on expansion efforts. Acquisitions closed for $80.5M cash (one heating oil, three propane deals in Oct-Apr), recognizing $17.7M goodwill and $38.7M intangibles; term debt fell to $193.3M from $208.8M, with $167.6M revolver availability and $28.1M cash on hand. Free cash flow stood at $46.2M YTD (derived from $56.5M operating cash minus $10.4M capex), down from $64.8M last year. Diluted EPS reconciles consistently at $2.45 for YTD limited partners on 34,498K shares. Acquisitions drive growth, but customer attrition persists.
8-K
Q3 loss widens on warm weather
Star Group reported a fiscal 2025 third-quarter net loss of $16.6 million, up from $11.0 million last year, as revenue fell 7.8% to $305.6 million amid warmer weather slashing heating oil and propane volumes by 3.8% to 36.2 million gallons. Acquisitions cushioned the blow with positive Adjusted EBITDA contributions, while year-to-date net income surged 45% to $102.2 million on colder early-season temperatures and higher margins. Net attrition stayed flat. Weather volatility persists as a key risk.
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