Business
Martin Midstream Partners Reports Second Quarter 2022 Financial Results, Increases Annual Guidance and Declares Quarterly Cash Distribution
Announces increased 2022 financial guidance Reported net income of $6.6 million and $18.1 million for the three and six months ended June 30, 2022,
About this update from Martin Midstream Partners L.p.
[{"type":"text","content":"\n\nAnnounces increased 2022 financial guidance\n\n\nReported net income of $6.6 million and $18.1 million for the three and six months ended June 30, 2022, respectively\n\n\nReported adjusted EBITDA of $38.3 million and $78.3 million for the three and six months ended June 30, 2022, respectively\n\n\nDeclares quarterly distribution of $0.005, or $0.02 per unit annually\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 second quarter of 2022.\n\nBob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership stated, “The Partnership experienced another outstanding quarter with elevated demand for our land transportation assets, and robust margins in our lubricants and fertilizer businesses. Overall, each of our four business segments performed above expectations beating the high range of guidance for the quarter by $13 million. We now expect the current refinery utilization levels to remain strong through year end which will bring continued solid demand for our diversified products and services. Based on this expectation, we are raising our 2022 adjusted EBITDA guidance range to $126 - $135 million.\n\n“The current operating environment for our business segments has provided the opportunity for consistent leverage reduction as year over year we have reduced outstanding debt and improved financial results. As a result, on June 30, 2022, the Partnership’s adjusted leverage ratio was 3.46 times compared to 3.87 times at March 31, 2022. While that is an important milestone, our current guidance indicates that the Partnership will exit 2022 with approximately the same adjusted leverage ratio announced today, as higher commodity prices continue to increase our working capital needs specifically within the natural gas liquids segment. Our focus will remain on conservative capital management to meet the goal of a sustained leverage ratio below 3.75 times.”\n\nSECOND QUARTER 2022 OPERATING RESULTS BY BUSINESS SEGMENT\n\nTERMINALLING AND STORAGE (“T&S”)\n\nT&S Operating Income for the three months ended June 30, 2022 and 2021 was $5.2 million and $3.7 million, respectively.\n\nAdjusted segment EBITDA for T&S was $12.9 million and $10.6 million, for the three months ende...