Business
Martin Midstream Partners Reports Third Quarter 2023 Financial Results and Declares Quarterly Cash Distribution
Total adjusted leverage of 3.95 times as of September 30, 2023 Reported net loss of $1.1 million and $5.1 million for the three and nine months ended
About this update from Martin Midstream Partners L.p.
[{"type":"text","content":"\n\nTotal adjusted leverage of 3.95 times as of September 30, 2023\n\n\n\n\nReported net loss of $1.1 million and $5.1 million for the three and nine months ended September 30, 2023, respectively, which includes a $5.1 million impact from the loss on extinguishment of debt for the nine months ended September 30, 2023\n\n\n\n\nReported adjusted EBITDA of $26.2 million and $88.6 million, after giving effect to the May 2023 exit of the butane optimization business, which incurred adjusted EBITDA of zero and negative adjusted EBITDA of $15.1 million, for the three and nine months ended September 30, 2023, respectively\n\n\n\n\nReaffirms 2023 Annual Adjusted EBITDA Guidance of $115.4 million\n\n\n\n\nDeclares quarterly cash distribution of $0.005 per common unit for the quarter ended September 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 third 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’s financial results for the third quarter met guidance as both the Specialty Products and Sulfur Services segments outperformed but were offset by the Transportation segment as certain industrial customers experienced challenges that negatively impacted the ground transportation business. Our full year 2023 adjusted EBITDA outlook, which does not include losses related to the butane optimization business, remains unchanged at $115.4 million, confirming the recent operational restructuring of our refinery services business model to deliver stable and sustainable cash flows. Looking to the future, we anticipate increased earnings related to the joint venture with Samsung C&T America and Dongjin USA, even as delays in the construction of semiconductor manufacturing facilities may result in deferred demand for electronic level sulfuric acid.\n\n\n“During the first nine months of 2023, the Partnership, utilizing free cash flow and a significant reduction in working capital due to the exit from the butane optimization business, reduced total debt by $53.6 million. As a result, adjusted leverage was decreased to 3.95 times at September 30, 2023 compared to 4.53 times at Dec...