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Star Group L.P. (SGU0.00%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in sales volume of home heating oil and propane by 2.3 million gallons, or 2.8%, compared to the same period in the previous year. The increase is attributed to acquisitions and colder temperatures.
Product sales decreased by $49.1 million, or 10.9%, to $399.5 million, due to a decrease in average selling prices, largely driven by a decrease in wholesale product cost.
Cost of product decreased by $54.6 million, or 18.0%, to $248.7 million, due to a decrease in wholesale product costs.
Net income for the quarter was $32.9 million, up from $12.9 million in the previous year, primarily due to a favorable change in the fair value of derivative instruments and increased Adjusted EBITDA.
Cash used in operating activities was $64.6 million, an increase from $60.3 million in the previous year, driven by changes in working capital and hedge positions.
The company acquired a heating oil business for approximately $0.7 million in cash during the quarter.
Star Group declared a quarterly distribution of $0.1725 per unit, paid on February 5, 2025, to holders of record on January 27, 2025.
The company continues to focus on expanding its customer base and improving operational efficiencies, with recent acquisitions contributing to increased sales and service revenue.
Star Group's management anticipates that cash flows from operating activities and available credit facilities will be sufficient to meet future capital requirements.
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. quarterly 10-Q report dated February 5, 2025. To report an error, please email earnings@qz.com.