Business
Martin Midstream Partners Reports Third Quarter 2021 Financial Results and Declares Quarterly Cash Distribution
Third quarter 2021 financial performance beats internal projections despite impact from Hurricane Ida Reported net loss of $6.9 million and $11.0 million for
About this update from Martin Midstream Partners L.p.
[{"type":"text","content":"\n\nThird quarter 2021 financial performance beats internal projections despite impact from Hurricane Ida\n\n\nReported net loss of $6.9 million and $11.0 million for the three and nine months ended September 30, 2021, respectively\n\n\nReported adjusted EBITDA of $21.5 million and $74.9 million for the three and nine months ended September 30, 2021, respectively\n\n\nGenerated distributable cash flow of $5.2 and $25.3 million for the three and nine months ended September 30, 2021, 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) (the \"Partnership\") today announced its financial results for the third quarter of 2021.\n\nBob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership stated, “The Partnership’s third quarter performance exceeded our expectations, and we now expect to meet the top end of the range of our 2021 financial guidance for adjusted EBITDA of $95 to $102 million.\n\n“On August 29, 2021, Hurricane Ida made landfall in Louisiana as a Category 4 storm with sustained winds of 150 miles per hour. Despite this extremely dangerous event, I am happy to report there were no injuries to our employees, although some did suffer damage to homes and property. The Partnership sustained minimal damage to assets in and around Port Fourchon. Further, in the days and weeks following the storm we were able to provide alternative storage and terminalling services from our Galveston terminal as needed.\n\n“Turning to our results, in the Terminalling and Storage segment, demand for lubricants and grease products remains strong and our distribution lanes have been able to fulfill customer requirements even as the supply chain has been disordered. Within the Sulfur Services segment, the pure sulfur business continues to improve along with increased refinery utilization. Further downstream fertilizer sales and margins are outperforming as commodity prices remain strong for corn and cotton. In Transportation, our marine equipment utilization continues to increase as fundamentals in the industry improve and demand for trucking services remains elevated resulting in improved economics for the business segment.\n\n“Finally, as is typical, the Natural Gas Li...