Martin Midstream Partners reports 3Q24 financial results
Published by Alfred Hamer,
Editorial Assistant
World Pipelines,
Martin Midstream Partners has reported a net loss of US$3.3 million and net income of US$3.7 million for the three and nine months ended 30 September 2024, respectively, and an adjusted EBITDA of US$25.1 million and US$87.3 million for the three and nine months ended 30 September 2024, respectively, as well as quarterly cash dividend of US$0.005 per common unit.
Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the General Partner of the Partnership, stated, “I am pleased with the Partnership’s third quarter financial results of US$25.1 million in adjusted EBITDA despite the slight miss of US$1.3 million when compared to guidance targeting US$26.4 million in adjusted EBITDA. During the quarter, the Partnership recorded an additional US$1.4 million in expense, when compared to guidance, related to our long-term incentive plans which are tied to the fair market value of our common units. With the exception of the Specialty Products division, financial results were above guidance in all remaining segments when allowing for this additional cost.”
“As we look to the coming months leading up to the potential merger with MRMC, our team will remain dedicated to the execution of our long-term strategy; and focused on enhancing the value we provide to our customers, suppliers, and the communities where we live and where our businesses operate.”
Read the article online at: https://www.worldpipelines.com/business-news/17102024/martin-midstream-partners-reports-3q24-financial-results-and-loss-of-us33-million/
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