Global Partners Q3 revenue climbs 42% on wholesale boost, net profit up 80%
Overview
US liquid energy operator's Q3 sales rose 42.4% year-over-year, driven by wholesale segment
Q3 net income increased by 80% year-over-year
Wholesale strength offset lower retail fuel volumes amid higher pump prices
Outlook
Company says it is well positioned to invest and pursue new opportunities
Global Partners says credit facility extension provides greater financial flexibility
Company announced quarterly cash distribution of $0.7850 per unit
Result Drivers
WHOLESALE SEGMENT - Wholesale segment revenue rose to $4.7 bln from $3.1 bln, offsetting lower retail fuel volumes
RETAIL FUEL VOLUMES - Co said lower retail fuel volumes weighed on gasoline distribution margins
FAVORABLE MARKET CONDITIONS - Co said improved market conditions in gasoline and distillates boosted wholesale margins
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Sales | Miss | $6.68 bln | $7.41 bln (1 Analyst) |
Q3 Net Income | $52.36 mln | ||
Q3 Pretax Profit | Miss | $53.16 mln | $64.72 mln (1 Analyst) |
Q3 Gross Profit | $295.97 mln | ||
Q3 Operating Income | $83.67 mln |
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)