Star Group, L.P. Reports Earnings Results for the Third Quarter and Nine Months of 2021
August 05, 2021 at 11:00 am EDT
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Star Group, L.P. reported earnings results for the third quarter and nine months of 2021. For the quarter, the company reported volume of other petroleum products sold increased by 7 million gallons to 41 million gallons as certain sectors rebounded from COVID-19's impact on economic activity. Net loss increased by $12 million, primarily due to a decrease in adjusted EBITDA.
For the nine months of fiscal 2021, home heating oil and propane volume decreased by 10 million gallons or 3% to 285 million gallons at slightly warmer temperatures, net customer attrition and other factors more than offset the impact from acquisitions. Net income rose by $25 million to $111 million due largely to a favorable change in the fair value of derivative instruments.
Star Group, L.P. is a full-service energy provider that specializes in the sale of home heating oil and propane, as well as air conditioning products and services to residential and commercial customers. The Company conducts its business through an operating subsidiary, Petro Holdings, Inc. The Company also sells diesel fuel, gasoline and home heating oil on a delivery only basis, and in certain of its marketing areas. The Company provides plumbing services primarily to home heating oil and propane customer base. The Companyâs installation and services include equipment installations, equipment maintenance service contracts and billable call services. The Company is a retail distributor of home heating oil operating in northern and eastern states within the Northeast, Central and Southeast of the United States regions, including its propane locations.