Global Partners Reports Q1 EPS Beat, Strong Gasoline Distribution And Station Operations Performance

Author: Lekha Gupta | May 05, 2023 01:20pm

• Global Partners LP (NYSE:GLP) reported Q1 2023 sales of $4.03 billion, missing the consensus of $4.45 billion.
• Total volume declined to 1.4 billion gallons versus 1.5 billion gallons in the prior year. 
• EPS of $0.70 beat the consensus of $0.65. 
• Adjusted EBITDA rose to $76.0 million from $74.9 million a year ago.
• Distributable cash flow declined to $46.3 million from $49.9 million in the prior year.
• Combined product margin (gross profit adjusted for depreciation allocated to cost of sales) came in at $244.8 million in Q1 2023 versus $228.2 million in the prior year.
• The gasoline Distribution and Station Operations segment product margin increased to $183.5 million from $173.0 million in Q1 2022, led by higher fuel margins and volume in the gasoline distribution business and increased convenience store sales in the station operations business.
• The wholesale segment product margin rose to $53.1 million from $47.1 million a year ago, aided by favorable gasoline and gasoline blendstocks conditions.
• In Q1, Global Partners and Exxon Mobil Corp (NYSE:XOM) inked a joint venture deal to acquire 64 Houston-area convenience and fueling facilities.
• GLP announced a quarterly cash distribution of $0.6550 per share, payable on May 15, 2023, to unitholders of record as on May 9, 2023.
• "Continued momentum in our Gasoline Distribution and Station Operations segment helped to more than offset the effects of warmer-than-normal temperatures on our winter-sensitive products. Our performance underscores the strength of our diversified business model, which focuses on creating value for unitholders and delivering quality products and superior service to our customers and guests across our network of liquid energy terminals and convenience markets," said Eric Slifka, President and CEO. 
• Price Action: GLP shares are trading higher by 5.17% to $30.29 on the last check Friday.

Posted In: GLP XOM