Star Gas Partners (SGU) Tops Q3 EPS by 7c, Revenues Beat

Star Gas Partners (NYSE: SGU) reported Q3 EPS of ($0.15), $0.07 better than the analyst estimate of ($0.22). Revenue for the quarter came in at $327.35 million versus the consensus estimate of $236.5 million.

"During the fiscal third quarter, although typically a non-heating period, we experienced 23 percent colder temperatures versus last year – lifting volumes sold and positively impacting overall operating results,” said Steven J. Goldman, Star’s Chief Executive Officer. “At the same time, we continued to actively look at potential acquisition targets and spent approximately $21 million on two transactions that added, in aggregate, nearly 12,000 heating oil and 1,700 motor fuel accounts to our existing footprint in Pennsylvania and New Jersey. In addition, just after the end of the quarter, we completed the refinancing of our credit facility, which we expect to provide Star with adequate resources and liquidity for the next five years. As we approach the end of fiscal 2018, and with higher product prices than we’ve seen in several years, we are positioning the Company – both strategically and financially – for continued sound performance in the quarters to come.”

For earnings history and earnings-related data on Star Gas Partners (SGU) click here.

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