The following is a summary of the Star Group, L.P. (SGU) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Star Group saw a decline in home heating oil and propane volume by 4 million gallons, or around 3%, in Q2 2024 due to factors like customer attrition.

• Product gross profit grew by $3 million, to $206 million, despite the volume decline. Net income increased by $6 million from the prior year to $68 million.

• Adjusted EBITDA fell by $6 million to $96 million due to decreased volume and diminishing weather hedge benefit.

• For the first half of 2024, there was a net income rise of $6 million to $81 million, while adjusted EBITDA fell by $6 million.

Business Progress:

• Star Group has completed two strategic acquisitions in Long Island, making a total of four for the fiscal year.

• Improvement was noted in service and equipment installation profitability due to targeted efforts.

• There are plans for significant human capital and business development investments in the upcoming summer.

• Additionally, $15 million has been committed to weather hedges for 2025 to control the impacts of warmer temperatures.

More details: Star Group LP IR

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