Business
Martin Midstream Partners Reports Fourth Quarter and Full Year 2021 Financial Results and Releases 2022 Financial Guidance
Full year 2021 financial performance exceeds guidance range Reported net income of $10.8 million and net loss of $0.2 million for the fourth quarter and year
About this update from Martin Midstream Partners L.p.
[{"type":"text","content":"\n\nFull year 2021 financial performance exceeds guidance range\n\n\nReported net income of $10.8 million and net loss of $0.2 million for the fourth quarter and year ended December 31, 2021, respectively\n\n\nGenerated adjusted EBITDA of $39.7 million and $114.5 million for the fourth quarter and year ended December 31, 2021, respectively\n\n\nReduced adjusted leverage from 5.47x at September 30, 2021 to 4.19x at December 31, 2021\n\n\nReleases 2022 financial guidance range\n\n\n KILGORE, Texas--(BUSINESS WIRE)--\nMartin Midstream Partners L.P. (Nasdaq:MMLP) (\"MMLP\" or the \"Partnership\") today announced its financial results for the three months and year ended December 31, 2021.\n\n“The Partnership finished the year with another strong quarter leading to adjusted EBITDA of $114.5 million for 2021, exceeding the high end of our guidance by approximately $12.5 million. These results allowed us to make significant progress towards our leverage goals as adjusted and total leverage were reduced over a full turn from both December 31, 2020 and September 31, 2021,” stated Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership. “The rebound in the global economy and strengthening commodity prices resulted in solid annual results across all segments, and particularly in our fertilizer, land transportation and butane optimization businesses.\n\n“As we focus on 2022, I remain confident in our diversified refinery services asset base which has performed well through the last two years of economic instability. Our priority remains on maximizing investor value through our continued emphasis on capital discipline and niche organic growth projects with our long-term business partners.”\n\nFOURTH QUARTER 2021 OPERATING RESULTS BY BUSINESS SEGMENT\n\nTERMINALLING AND STORAGE (\"T&S\")\n\nT&S operating income was $3.9 million and $12.6 million for the three months ended December 31, 2021 and 2020, respectively. The three months ended December 31, 2020 benefited from a $9.5 million gain on sale of assets from the disposition of the Partnership’s Mega Lubricants division.\n\nAdjusted segment EBITDA for T&S was $11.0 million and $10.6 million for the three months ended December 31, 2021 and 2020, respectively, reflecting increased volumes and margins in our lubricants and specialty...