Business
Martin Midstream Partners Reports Second Quarter 2023 Financial Results and Declares Quarterly Cash Distribution
Reported net income of $1.1 million for the three months ended June 30, 2023, and a net loss of $4.0 million, which includes a $5.1 million impact from the
About this update from Martin Midstream Partners L.p.
[{"type":"text","content":"\n\nReported net income of $1.1 million for the three months ended June 30, 2023, and a net loss of $4.0 million, which includes a $5.1 million impact from the loss on extinguishment of debt, for the six months ended June 30, 2023\n\n\n\nReported adjusted EBITDA of $31.8 million and $62.4 million, after giving effect to the May 2023 exit of the butane optimization business, which incurred negative adjusted EBITDA of $6.3 million and $15.1 million, for the three and six months ended June 30, 2023, respectively\n\n\n\nTotal adjusted leverage of 4.14 times as of June 30, 2023, compared to 4.25 times as of March 31, 2023\n\n\n\nReaffirms 2023 Annual Adjusted EBITDA Guidance of $115.4 million\n\n\n\nDeclares quarterly cash distribution of $0.005 per common unit for the quarter ended June 30, 2023, or $0.020 per common unit annually\n\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 2023.\n\n\nBob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership, stated, “The Partnership continued to benefit from our diversified business model in the second quarter as strength in our Transportation segment offset challenges in our Sulfur and Specialty Products segments which both have exposure to a currently difficult agricultural market. As of May 1st, 2023, we sold all remaining butane inventory completing our exit from the butane optimization business. This allowed us to further reduce debt by $39.5 million from $500.0 million at March 31, 2023 to $460.5 million at June 30, 2023. While we will utilize our NGL underground storage facility under a fee-based butane logistics model, going forward we have removed the volatility in our Specialty Products segment earnings related to the butane optimization business, which had negative adjusted EBITDA of $15.1 million for the six months ended June 30, 2023.\n\n\n“Considering our ongoing operations, which does not include losses associated with the butane optimization business, the second quarter adjusted EBITDA of $31.8 million, was in line with our forecast and reaffirms our guidance of $115.4 million in adjusted EBITDA for the year 2023.”\n\n\nSECOND QUARTER 2023 OPERATING RESULTS BY BUSINESS SEGMENT\n\n\nTE...