Star Group, L.P. reported significant financial performance improvements in its latest quarterly filing, with net income for the three months ending March 31, 2025, reaching $85.9 million, a 25.5% increase from $68.4 million in the same period last year. Total sales rose to $743.0 million, up 11.6% from $666.0 million, driven by a 22.9% increase in retail volume of home heating oil and propane sold, which totaled 143.9 million gallons. The company attributed this growth to colder temperatures and strategic acquisitions, which contributed to a 10.2% increase in installation and service revenue.
In comparison to the previous fiscal period, Star Group's financial metrics showed notable changes. The company’s gross profit from product sales increased by 25.4% to $258.2 million, reflecting higher sales volumes and improved margins. The cost of products sold increased by 4.5% to $406.9 million, but this was offset by a decrease in wholesale product costs. Additionally, the company’s Adjusted EBITDA rose by 29.5% to $128.2 million, indicating enhanced operational efficiency and profitability.
Strategically, Star Group made significant acquisitions during the six months ended March 31, 2025, spending approximately $79.6 million to acquire one heating oil and two propane businesses. This acquisition activity is expected to bolster the company’s market position and expand its customer base, which currently includes approximately 419,700 full-service residential and commercial accounts. The company also reported a net customer attrition rate of 1.5% for its home heating oil and propane customer base, consistent with the previous year.
Operationally, Star Group's total current assets increased to $330.8 million as of March 31, 2025, compared to $281.5 million at the end of September 2024. This growth was primarily driven by a significant rise in receivables and inventories. The company’s employee headcount remained stable, with 34.6 million common units outstanding. Looking ahead, Star Group anticipates continued growth, supported by its recent acquisitions and a favorable market environment, although it remains cautious about potential impacts from market volatility and regulatory changes. The company declared a quarterly distribution of $0.1850 per unit, reflecting its commitment to returning value to shareholders.
About STAR GROUP, L.P.
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