Star Group, L.P. (NYSE:SGU) Q4 2023 Earnings Conference Call December 7, 2023 11:00 AM ET

Company Participants

Chris Witty - Investor Relations Adviser

Jeffrey Woosnam - President and CEO

Richard Ambury - Chief Financial Officer

Conference Call Participants

Timothy Mullen - Laurelton Management

Operator

Good morning, and welcome to the Star Group Fiscal 2023 Fourth Quarter Results Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Chris Witty, the Investor Relations Advisor. Please go ahead.

Chris Witty

Thank you, and good morning. With me on the call today are Jeff Woosnam, President and Chief Executive Officer; and Rich Ambury, Chief Financial Officer. I would now like to provide a brief safe harbor statement.

This conference call may include forward-looking statements that represent the company's expectations and beliefs concerning future events that involve risks and uncertainties and may cause the company's actual performance to be materially different from the performance indicated or implied by such statements. All statements other than statements of historical facts included in this conference call are forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the company's expectations are disclosed in this conference call, the company's annual report on Form 10-K for the fiscal year ended September 30, 2023, and the company's other filings with the SEC. All subsequent written and oral forward-looking statements attributable to the company or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements. Unless otherwise required by law, the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this conference call.

I would now like to turn the call over to Jeff Woosnam. Jeff?

Jeffrey Woosnam

Thanks, Chris, and good morning, everyone. Thank you for joining our fourth quarter conference call. It's an exciting time for us as we conclude another fiscal year and begin a new heating season. As we turn the corner on fiscal 2023, I would say the year was, in many respects, similar to the one before, as we experienced elevated oil prices and continued market volatility and thus, rather high revenue, but largely due to warmer weather, lower overall product demand. Notably, temperatures for the period were 7.7% more than the prior year and 16.3% warmer than normal. To give that some context, fiscal 2023 was the third warmest in 123 years in the New York City metropolitan area. Despite these significant headwinds, we were able to effectively manage costs and further strengthen our margins, delivering $97 million in adjusted EBITDA as well as slightly improved net customer attrition versus the prior fiscal year. In addition, our acquisition program remained active. And in total, we completed 3 separate transactions during the past 12 months, while recently closing on 2 small heating oil dealers in November after the end of the fiscal year. Each of these companies complement our existing businesses in key geographic areas.