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Star Group L.P. (SGU-0.34%) has submitted its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing reports total sales of $1,766.1 million for the year, a decrease from $1,952.9 million in the previous year. This decline is attributed to lower average selling prices and a reduction in total volume sold.
Cost of product for the year was $980.8 million, down from $1,204.2 million, reflecting a decrease in wholesale product costs and volume.
The company reported a gross profit of $501.8 million, compared to $470.8 million in the prior year, driven by improved per gallon margins.
Net income for the year was $35.2 million, an increase from $31.9 million in the previous year, with the rise attributed to higher gross profit and lower interest expenses.
Adjusted EBITDA increased by $14.7 million to $111.6 million, reflecting higher margins and service profitability.
Star Group's total assets as of September 30, 2024, were $939.6 million, with liabilities totaling $675.7 million. Partners' capital was reported at $263.9 million.
The company completed acquisitions of one propane and four heating oil businesses during the year, with a total purchase price of $49.4 million.
Star Group declared a quarterly distribution of $0.1725 per unit for the fourth quarter of fiscal 2024.
The filing highlights the company's hedging strategy, which includes the use of derivative instruments to manage exposure to market risk associated with product purchases.
Star Group continues to focus on acquisitions to maintain or grow its customer base in the declining home heating oil industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Star Group L.P. annual 10-K report dated December 4, 2024. To report an error, please email earnings@qz.com.