Star Group LP (SGU) 2026 Q2 法說會逐字稿

Good day, and welcome to the Star Group Fiscal 2026 second 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 Adviser. Please go ahead.

各位好，歡迎參加 Star Group 2026 會計年度第二季財報電話會議。（接線員指示）請注意，本活動將被錄音。我現在想把會議交給投資人關係顧問 Chris Witty。請開始。

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.

謝謝，各位早安。今天與我一同參與電話會議的有總裁兼執行長 Jeff Woosnam，以及財務長 Rich Ambury。我現在先提供簡短的安全港聲明。本次電話會議可能包含前瞻性陳述，代表公司對未來事件的預期與信念；此類陳述涉及風險與不確定性，可能導致公司實際表現與該等陳述所指示或暗示的表現存在重大差異。除歷史事實陳述外，本次電話會議中所包含的所有陳述均屬前瞻性陳述。

Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it 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, 2025, and the company's other filings with the SEC.

儘管公司相信此等前瞻性陳述所反映的預期屬合理，但公司無法保證該等預期將被證實為正確。可能導致實際結果與公司預期存在重大差異的重要因素，已於本次電話會議、公司截至 2025 年 9 月 30 日止會計年度的 Form 10-K 年報，以及公司向美國證券交易委員會（SEC）提交的其他文件中揭露。

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'd now like to turn the call over to Jeff Woosnam. Jeff?

此後由公司或代表公司行事之人士所作的所有書面與口頭前瞻性陳述，均在其整體範圍內明確受上述警示性聲明之限制。除非法律另有要求，公司不承擔在本次電話會議日期之後，因新資訊、未來事件或其他原因而公開更新或修訂任何前瞻性陳述之義務。現在我想把電話交給 Jeff Woosnam。Jeff？

Thanks, Chris, and good morning, everyone. Thank you for joining us to discuss our second quarter and fiscal year-to-date results. The second quarter was, in many ways, a continuation of conditions experienced in the first.

謝謝，Chris，各位早安。感謝各位加入我們，一同討論第二季以及本會計年度迄今的業績。第二季在許多方面延續了第一季所經歷的情況。

Temperatures across our operating footprint were 6.4% colder than last year and 2.8% colder than normal resulting in slightly higher volumes of products sold. However, the severe weather, including several very large snow events at times impacted our field productivity, thereby raising operating expenses.

我們營運版圖內的氣溫較去年低 6.4%，較常態低 2.8%，使得產品銷售量略有增加。然而，惡劣天候（包括數次非常大的降雪事件）在某些時段影響了我們的現場生產力，進而推升營運費用。

That said, we were still able to post adjusted EBITDA of $139 million, which represents a year-over-year improvement of $10.5 million. At the same time, we kept net customer attrition to 0.6% both of which are meaningful accomplishments for the company.

即便如此，我們仍繳出調整後 EBITDA 1.39 億美元，較去年同期改善 1,050 萬美元。同時，我們將淨客戶流失率維持在 0.6%，這兩項對公司而言都是重要的成果。

Lastly, we closed on one small heating oil acquisition during the quarter and have several other opportunities under various stages of review. I've often talked on this call about the hard work and dedication of our loyal employees. Never has there been a more appropriate time to reflect on their value to our organization.

最後，我們在本季完成一筆小型取暖油收購案，並且還有數個其他機會正處於不同階段的審查中。我在本次電話會議中經常談到忠誠員工的辛勤付出與奉獻；從未有比現在更適合反思他們對我們組織價值的時刻。

With the added demand brought on by periods of near record low temperatures combined with significant snowfall, our team worked tirelessly, often through very difficult conditions to provide our customers with the level of service and responsiveness they have come to expect.

在接近創紀錄低溫期間所帶來的額外需求，加上大量降雪之下，我們的團隊不知疲倦地工作，經常在非常艱困的條件下，仍為客戶提供他們所期待的服務水準與回應速度。

I simply could not be more proud and appreciative of their efforts. We are also working to contain the impact from recent increases in wholesale product costs through the use of effective inventory controls, supply chain initiatives and active margin management.

我對他們的努力感到無比自豪並深表感謝。我們也正透過有效的庫存控管、供應鏈措施以及積極的毛利管理，來抑制近期批發產品成本上升所帶來的影響。

While higher prices can create certain challenges for us, the immediate impact of this current escalation has been somewhat muted by the fact that we are coming out of the heating season. Although there is still much work to be done, I'm very pleased with how Star has performed as we crossed the midpoint of the year.

雖然較高的價格會為我們帶來某些挑戰，但目前這波漲勢的即時影響在某種程度上已被緩和，因為我們正走出取暖季。儘管仍有許多工作要做，但我對 Star 在跨越年度中點時的表現感到非常滿意。

We believe we are well positioned for the remainder of fiscal 2026 and look forward to the opportunities that summer brings to further invest in our people and business development initiatives. With that, I'll turn the call over to Rich to provide additional comments on the quarter's results. Rich?

我們相信，對於 2026 會計年度剩餘期間，我們已具備良好定位，並期待夏季帶來的機會，以進一步投資於我們的人才與業務發展計畫。接下來我把電話交給 Rich，請他就本季業績提供更多評論。Rich？

Thanks, Jeff, and good morning, everyone. In analyzing our results for the three and six month periods of fiscal 2026, please keep in mind that service costs and operating expenses were impacted by extreme weather conditions, including at times temperatures that were 25% colder than expected for a three week period and in some areas, experienced over 60 inches of snow, which obviously negatively affected our overall operational efficiency.

謝謝，Jeff，各位早安。在分析 2026 會計年度三個月及六個月期間的業績時，請記住，服務成本與營運費用受到極端天候影響；其中包括某段為期三週的期間，氣溫比預期低 25%，且部分地區降雪超過 60 英吋，這顯然對我們整體營運效率造成負面影響。

For the second quarter, our home heating oil and propane volume rose by 600,000 gallons or (inaudible) to 144.5 million gallons as the additional volume provided from acquisitions and colder weather more than offset the impact of net customer attrition and other factors.

就第二季而言，我們的家用取暖油與丙烷銷量增加 60 萬加侖或（聽不清）至 1.445 億加侖；收購帶來的額外銷量與較冷天氣所帶來的增量，已足以抵銷淨客戶流失及其他因素的影響。

Temperatures for the fiscal 2026 second quarter were 6.4% colder than last year and 2.8% colder than normal. Our product gross profit increased by $19 million or 7% to $277 million due to a slight increase in home heating oil and propane volumes sold and higher home heating oil and propane per gallon margins.

2026 會計年度第二季的氣溫較去年低 6.4%，較常態低 2.8%。由於家用取暖油與丙烷銷售量小幅增加，以及家用取暖油與丙烷每加侖毛利提高，我們的產品毛利增加 1,900 萬美元或 7%，至 2.77 億美元。

Colder weather conditions and numerous snowstorms increases the demand for service which led to higher service-related expenses, including greater labor and other costs, which increased our service loss by $3.4 million. Delivery, branch and G&A expenses increased by $5.4 million year-over-year.

較冷的天氣狀況以及多次暴風雪提高了對服務的需求，導致服務相關費用增加，包括更高的人工及其他成本，使我們的服務虧損增加了340萬美元。配送、分公司及一般與行政（G&A）費用較去年同期增加了540萬美元。

Delivery-related expenses rose by $4 million, largely due to the extreme weather conditions while insurance expense increased by $4 million as well as claims rose due to the severe weather. During the second quarter of fiscal 2026, the company did not recognize any benefit or expense under its weather hedge versus a $3.1 million expense recorded for the three months ending March 31, 2025. We have previously expensed a cap of about $5 million in the first quarter of fiscal 2026 due to the cold weather.

配送相關費用增加了400萬美元，主要由於極端天氣狀況；同時，保險費用增加了400萬美元，且因嚴重天氣導致理賠增加。在2026會計年度第二季，公司在其天氣避險項下未認列任何收益或費用，而截至2025年3月31日止三個月則記錄了310萬美元費用。我們先前已在2026會計年度第一季因寒冷天氣將約500萬美元的上限費用化。

We posted net income of $108 million in the second quarter of fiscal 2026 or $22 million more than the prior year period reflecting a $10.5 million increase in adjusted EBITDA and the impact of a noncash favorable change in the fair value of derivative instruments of $21 million more than offsetting higher income tax expense of about $10 million and certain other factors. Adjusted EBITDA rose by $10.5 million to $139 million as an increase in home heating oil and propane per gallon margins more than offset higher operating expenses I just discussed.

我們在2026會計年度第二季錄得淨利1.08億美元，較去年同期增加2,200萬美元，反映調整後EBITDA增加1,050萬美元，以及衍生性金融工具公允價值出現非現金的有利變動，較去年同期多出2,100萬美元，足以抵銷約1,000萬美元較高的所得稅費用及其他若干因素的影響。調整後EBITDA增加1,050萬美元至1.39億美元，因家用燃油與丙烷每加侖毛利率的提升，足以抵銷我剛才提到的較高營運費用。

Now turning to the results for the first half of fiscal 2026. Our home heating oil and propane volume increased by 12 million gallons or 5.3% to 238 million gallons, again, reflecting colder temperatures and the additional volume provided from acquisitions, again, more than offsetting net customer attrition and other factors. Temperatures in Star's geographic areas of operations fiscal year-to-date were 11% colder than the prior year comparable period and 4.1% colder than normal.

接著說明2026會計年度上半年業績。我們的家用燃油與丙烷銷量增加1,200萬加侖（或5.3%）至2.38億加侖，再次反映較冷的氣溫以及併購帶來的額外銷量，並再次足以抵銷淨客戶流失及其他因素。截至本會計年度目前為止，Star營運地理區域的氣溫較去年同期低11%，且較常態低4.1%。

Our product gross profit increased by $48 million or 12% to $457 million due to an increase in the volume of home heating oil and propane sold and higher home heating oil and propane per gallon margins. As previously mentioned, colder weather conditions and numerous snow storms in the second quarter of fiscal 2026 increased the demand for service, which led to higher service-related expenses while installation gross profit increased by $1.5 million, the service gross loss rose by $6.1 million, again due to higher expenses and an increased demand for service as well as an increase in propane tank sets. Delivery, branch and G&A expenses rose by a little over $16 million year-over-year, of which $1.9 million was attributable to our weather hedging program.

我們的產品毛利增加4,800萬美元（或12%）至4.57億美元，主要由於家用燃油與丙烷銷售量增加，以及家用燃油與丙烷每加侖毛利率提高。如先前所述，2026會計年度第二季較冷的天氣狀況及多次暴風雪提高了對服務的需求，導致服務相關費用增加；同時，安裝毛利增加150萬美元，而服務毛損增加610萬美元，同樣是由於費用上升與服務需求增加，以及丙烷儲槽安裝（tank sets）增加所致。配送、分公司及一般與行政（G&A）費用較去年同期增加逾1,600萬美元，其中190萬美元歸因於我們的天氣避險計畫。

As I previously mentioned, in fiscal 2026, we recorded an expense of $5 million under our weather hedge compared to $3.1 million recorded in fiscal 2025, again, reflecting weather conditions in both periods. Recent acquisitions accounted for an increase of $3 million to delivery, branch and G&A expenses while costs associated with the base business rose by $11.3 million, reflecting a 2.7% increase in volume and the impact of the severe weather conditions on operating expenses, including insurance claims.

如我先前提到的，在2026會計年度，我們在天氣避險項下記錄了500萬美元費用，相較於2025會計年度記錄的310萬美元，再次反映兩個期間的天氣狀況。近期併購使配送、分公司及一般與行政（G&A）費用增加300萬美元；而基礎業務相關成本增加1,130萬美元，反映銷量增加2.7%，以及嚴重天氣狀況對營運費用的影響，包括保險理賠。

We posted net income of $144 million for the first six months of fiscal 2026 or $25 million in the prior year period as an increase in adjusted EBITDA of $27 million and the impact of a favorable change in the fair value of derivatives of $10 million, more than offset higher income tax expense of $11 million and other factors.

我們在2026會計年度前六個月錄得淨利1.44億美元，而去年同期為2,500萬美元；主要因調整後EBITDA增加2,700萬美元，以及衍生性金融工具公允價值有利變動帶來1,000萬美元影響，足以抵銷1,100萬美元較高的所得稅費用及其他因素。

Adjusted EBITDA rose by $27 million to $207 million due to an increase in home heating oil and propane volumes sold in the base business and increase in adjusted EBITDA from acquisitions and higher home heating oil and propane per gallon margins, which more than offset higher operating expenses. Note that for fiscal 2027, we have put in place a $12.5 million weather hedge. And now I'll turn the call back over to Jeff.

調整後EBITDA增加2,700萬美元至2.07億美元，原因包括基礎業務家用燃油與丙烷銷售量增加、併購帶來的調整後EBITDA增加，以及家用燃油與丙烷每加侖毛利率提高，足以抵銷較高的營運費用。請注意，針對2027會計年度，我們已建立1,250萬美元的天氣避險。接下來我把電話交回給Jeff。

Thanks, Rich. At this time, we're pleased to address any questions you may have. Operator, please open the phone lines for questions.

謝謝你，Rich。此時，我們很樂意回答各位可能有的任何問題。接線員，請開放電話線路供提問。

(Operator instructions) At this point, there appear to be no callers in the queue, so I'll hand it back to Mr. Woosnam for any closing remarks.

（接線員指示）目前看起來隊列中沒有來電者，因此我將把電話交回給Woosnam先生，請他做任何結語。

Okay. Thank you for taking the time to join us today and your ongoing interest in Star Group. We look forward to sharing our 2026 fiscal third quarter results in August. Have a great summer.

好的。感謝各位今天撥冗參與，以及持續關注Star Group。我們期待在8月分享2026會計年度第三季的業績。祝各位夏日愉快。

The conference has now concluded. Thank you for attending today's presentation. You may also disconnect.

本次電話會議到此結束。感謝各位出席今天的簡報。您也可以掛線。