Stamford-based Star Group’s quarterly revenues rise
STAMFORD — Home-energy services provider Star Group, whose CEO died unexpectedly in December, reported this week rising returns for the past quarter.
Revenues totaled $535 million, an approximately 23 percent year-over-year increase that was driven by greater sales of home heating oil and propane.
Profits totaled $2.3 million, compared with about $30 million in the same period in 2017. The 2017 results reflected a $11.5 million benefit tied to the U.S. tax reform passed the same year.
“Our first quarter proceeded under relatively normal weather conditions — unlike last year — as we benefited from moderately colder temperatures, along with higher volumes,” interim CEO Dan Donovan said in a statement. “At the same time, we continued to focus on finding attractive acquisitions, expanding our business, and effectively managing working capital, positioning the company for solid operating results in the quarters to come.”
CEO and President Steven Goldman died Dec. 22, at age 58. Star officials have not disclosed the cause of death.
Goldman had served as the chief executive and as a board member since 2013. He was previously the company’s executive vice president and chief operating officer. From 2000 to 2010, he held operating management positions with Star’s Petro unit.
An announcement about Goldman’s permanent successor is set to be made after the heating season. Star serves approximately 450,000 customers, in 18 states, across the country’s northeast, central and southeast regions.
“While it is hard to imagine Star without him here, we have maintained a steadfast commitment to quality and, in his name, continue to provide the best service available to our customers,” Donovan said.
The company is headquartered at 9 W. Broad St., on the edge of downtown Stamford.
email@example.com; 203-964-2236; twitter: @paulschott