Business
Martin Midstream Partners Reports Third Quarter 2024 Financial Results and Declares Quarterly Cash Distribution
Reported net loss of $3.3 million and net income of $3.7 million for the three and nine months ended September 30, 2024, respectively Adjusted EBITDA of
About this update from Martin Midstream Partners L.p.
[{"type":"text","content":"\n\nReported net loss of $3.3 million and net income of $3.7 million for the three and nine months ended September 30, 2024, respectively\n\n\nAdjusted EBITDA of $25.1 million and $87.3 million for the three and nine months ended September 30, 2024, respectively\n\n\nDeclares quarterly cash dividend of $0.005 per common unit\n\n\nOn October 3, 2024, entered into a definitive agreement and plan of merger with Martin Resource Management Corporation (“MRMC”) whereby MRMC would acquire all outstanding common units of the Partnership not already owned by MRMC and its subsidiaries\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 2024.\n\nBob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership (the \"General Partner\"), stated, “I am pleased with the Partnership’s third quarter financial results of $25.1 million in adjusted EBITDA despite the slight miss of $1.3 million when compared to guidance targeting $26.4 million in adjusted EBITDA. During the quarter, the Partnership recorded an additional $1.4 million in expense, when compared to guidance, related to our long-term incentive plans which are tied to the fair market value of our common units. With the exception of the Specialty Products division, financial results were above guidance in all remaining segments when allowing for this additional cost.”\n\n“As we look to the coming months leading up to the potential merger with MRMC, our team will remain dedicated to the execution of our long-term strategy; and focused on enhancing the value we provide to our customers, suppliers, and the communities where we live and where our businesses operate.”\n\n\n\nTHIRD QUARTER 2024 OPERATING RESULTS BY BUSINESS SEGMENT\n\n\n\n\n\n\n\n\n\n \n\n\n\n \n\n\n\nOperating Income\n(Loss) ($M)\n\n\n\n \n\n\n\nCredit Adjusted\nEBITDA ($M)\n\n\n\n \n\n\n\nAdjusted EBITDA ($M)\n\n\n\n\n\n \n\n\n\nThree Months Ended September 30,\n\n\n\n\n\n \n\n\n\n2024\n\n\n\n \n\n\n\n2023\n\n\n\n \n\n\n\n2024\n\n\n\n \n\n\n\n2023\n\n\n\n \n\n\n\n2024\n\n\n\n \n\n\n\n2023\n\n\n\n\n\n \n\n\n\n(Amounts may not add or recalculate due to rounding)\n\n\n\n\n\nBusiness Segment:\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n...