Global Partners LP Announces Strong Third Quarter 2024 Financial Results

Global Partners LP, a leading integrated owner, supplier, and operator of liquid energy terminals and retail locations, revealed its financial performance for the third quarter of 2024 in a recent press release. The company reported notable growth and diversification across its retail, terminal, and wholesale liquid energy portfolio. The quarterly results indicate positive trends in various financial metrics compared to the same period last year.

The company’s net income for the third quarter of 2024 was $45.9 million, with earnings before interest, taxes, depreciation, and amortization (EBITDA) reaching $119.1 million. Adjusted EBITDA was reported at $114.0 million, showing significant improvement over the prior year. Distributable cash flow (DCF) was $71.1 million, and adjusted DCF stood at $71.6 million for the third quarter of 2024.

Global Partners LP stated that their Gasoline Distribution and Station Operations (GDSO) segment showed strong performance, with product margin reaching $237.7 million, up from $206.5 million in the same period of 2023. The Wholesale segment also displayed positive results, with a product margin of $71.1 million, compared to $37.2 million in the previous year.

Total sales for the third quarter of 2024 were $4.4 billion, reflecting an increase from $4.2 billion in the corresponding period in 2023. The company reported total volume of 1.7 billion gallons, up from 1.4 billion gallons in the third quarter of 2023.

Global Partners LP recently completed the acquisition of the ExxonMobil terminal in East Providence, Rhode Island, augmenting their terminal network with additional storage capacity and dock access. This strategic move is expected to enhance the company’s operational capabilities and market position.

In light of the financial results, Global Partners LP announced a cash distribution of $0.7300 per unit ($2.92 per unit on an annualized basis) for all outstanding common units. The distribution is set to be paid on November 14, 2024, to unitholders of record as of November 8, 2024.

Management at Global Partners LP expressed satisfaction with the quarterly performance, emphasizing the positive impact of strategic acquisitions and effective asset optimization strategies. The company remains focused on expanding its market presence and driving long-term growth through its integrated business model.

Investors and analysts had the opportunity to review the details of Global Partners LP’s third-quarter financial results in a conference call on the day of the announcement. The call discussed the company’s financial performance and future outlook.

Global Partners LP, trading under the ticker symbol “GLP” on the New York Stock Exchange, continues to position itself as a key player in the energy sector, embracing progress and innovation to meet evolving market demands.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Global Partners’s 8K filing here.

About Global Partners

Global Partners LP engages in the purchasing, selling, gathering, blending, storing, and logistics of transporting gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, and propane to wholesalers, retailers, and commercial customers. The company operates through three segments: Wholesale, Gasoline Distribution and Station Operations, and Commercial.