Business
Martin Midstream Partners Reports Second Quarter 2024 Financial Results and Declares Quarterly Cash Distribution
Net income of $3.8 million and $7.1 million for the three and six months ended June 30, 2024, respectively Adjusted EBITDA of $31.7 million and $62.1 million
About this update from Martin Midstream Partners L.p.
[{"type":"text","content":"\n\nNet income of $3.8 million and $7.1 million for the three and six months ended June 30, 2024, respectively\n\n\n\nAdjusted EBITDA of $31.7 million and $62.1 million for the three and six months ended June 30, 2024, respectively\n\n\n\nTotal adjusted leverage of 3.88 times as of June 30, 2024\n\n\n\nDeclares quarterly cash dividend of $0.005 per common unit\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 2024.\n\n\nBob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership, stated, “For the second quarter of 2024, the Partnership exceeded guidance by $0.5 million with adjusted EBITDA of $31.7 million compared to guidance of $31.2 million. Within our Transportation Services segment the land division continued to outperform projections assisted by higher than forecasted mileage along with lower maintenance expense. The marine division, however, was negatively impacted by a casualty loss reserve of $0.5 million from a bridge allision that occurred in May. The marine division also experienced lower fleet utilization this quarter as a result of both the allision and extended time of equipment in dry dock for regulatory inspection compared to forecasted duration.”\n\n\n“The Sulfur Services segment results were above guidance as the division benefited from strong fertilizer margins and high sulfur production from the Gulf Coast refineries. Results in the Specialty Products segment were in line with guidance as strength in our grease division offset underperformance by the packaged lubricants business. Finally, the Terminalling and Storage segment results were below guidance as a direct result of a $1.5 million casualty loss reserve related to the previously announced crude oil spill from a crude pipeline that connects our Sandyland Terminal to the Smackover refinery.”\n\n\nSECOND QUARTER 2024 OPERATING RESULTS BY BUSINESS SEGMENT\n\n\n\n\n \n\n\n\n\n\n\nOperating Income\n\n\n\n\n(Loss) ($M)\n\n\n\n\n\n\n \n\n\n\n\n\n\nAdjusted EBITDA,\n\n\n\n\nAfter Giving Effect to\n\n\n\n\nthe Exit of the Butane\n\n\n\n\nOptimization\n\n\n\n\nBusiness ($M)\n\n\n\n\n\n\n \n\n\n\n\n\n\nAdjusted EBITDA ($M)\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended ...