Business
Martin Midstream Partners Reports Fourth Quarter and Full Year 2022 Financial Results and Releases 2023 Financial Guidance
Debt refinancing significantly improves maturity profile Reported net loss of $0.4 million and $10.3 million for the fourth quarter and year ended December
About this update from Martin Midstream Partners L.p.
[{"type":"text","content":"\n\nDebt refinancing significantly improves maturity profile\n\n\nReported net loss of $0.4 million and $10.3 million for the fourth quarter and year ended December 31, 2022, respectively\n\n\nReported adjusted EBITDA of $17.8 million and $114.9 million for the fourth quarter and year ended December 31, 2022\n\n\nExiting butane optimization business, which reported net loss of $4.7 million and $20.0 million for the fourth quarter and year ended December 31, 2022, respectively, and negative adjusted EBITDA of $10.7 million and $7.2 million, for the same respective periods\n\n\nIn January 2023, S&P Global Ratings upgraded its issuer credit ratings of Martin Midstream Partners L.P. from CCC to B- with a stable outlook. Additionally, in January 2023, Fitch Ratings assigned an initial issuer rating of B- with a stable outlook. In February 2023, Moody’s Investor Services upgraded its issuer credit rating from Caa1 to B3 with a stable outlook.\n\n\nExpects full year 2023 Adjusted EBITDA of approximately $115.3 million after giving effect to the exit of the butane optimization business, growth capital expenditures of approximately $17.5 million with $12.5 million dedicated to the DSM Semichem joint venture, and maintenance capital expenditures of $26.6 million\n\n\nAdditional 2023 Financial Guidance assumptions include debt reduction of approximately $55 million as the Partnership liquidates the remaining inventory attributable to the butane optimization business resulting in projected year-end leverage of 4.0x\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 fourth quarter and year ended December 31, 2022.\n\nBob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership, stated, \"Despite the challenges we faced in the second half of 2022 due to fluctuating commodity prices, the Partnership had another solid year. While results were slightly lower than our guidance range, all of our business segments, with the exception of the NGL segment, outperformed compared to our internal forecast; with the Transportation segment leading the way. During the last month we announced our intent to exit the butane optimization business which will substantially lower our working c...