The following is a summary of the Star Group, L.P. (SGU) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Star Group reported a drop in home heating oil and propane volume by 10% due to unfavorable weather conditions and other factors.

• The product gross profit fell by 4% to roughly $145 million, however, the company saw a significant increase in service and installation gross profit, growing by $2.7 million to reach a total of $4.4 million.

• The company reduced its Branch, delivery, and G&A expenses by 3% to $101 million.

• Net income decreased by $600,000 in the quarter, totaling $13 million.

• Adjusted EBITDA remained stable at around $49 million.

Business Progress:

• Despite a fall in customer addition rates from the high levels of 2023, the company experienced improved net customer attrition in January compared to the previous year.

• The company's internal customer satisfaction indicators, especially the Net Promoter Score, have continued to improve.

• Star Group continued its acquisition strategy, acquiring two heating oil businesses in the quarter and closing another two businesses recently.

• Star Group maintained commitment to operational efficiency, cost control, and strong margin management, laying a robust strategic foundation to face future challenges and opportunities.

• The company plans to retain its unit repurchase plan, anticipating no changes in the near future.

More details: Star Group LP IR

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