Global Partners (GLP) Posts Q3 GAAP Loss of $3.54/Share
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Global Partners (NYSE: GLP) reported Q3 EPS of ($3.54), $3.55 worse than the analyst estimate of $0.01. Revenue for the quarter came in at $2 billion versus the consensus estimate of $2.46 billion.
The net loss attributable to the Partnership for the third-quarter of 2016 was $119.6 million, or $3.54 per limited partner unit, compared with third-quarter 2015 net income of $8.2 million, or $0.16 per diluted limited partner unit. Excluding the net loss on sale and disposition of assets and impairment charges, the net loss attributable to the Partnership for the third quarter of 2016 would have been $82,000.
Based on its results through the first nine months of 2016 Global expects to achieve full-year EBITDA above the mid-point of its guidance of $170 million to $200 million, which guidance excludes the gain or loss on the sale and disposition of assets and any impairment charges. The Partnership’s guidance and future performance are based on assumptions regarding market conditions such as the crude oil market, business cycles, demand for petroleum products and renewable fuels, utilization of assets and facilities, weather, credit markets, the regulatory and permitting environment and the forward product pricing curve, which could influence quarterly financial results. The Partnership believes these assumptions are reasonable given currently available information and its assessment of historical trends. Because Global’s assumptions and future performance are subject to a wide range of business risks and uncertainties, the Partnership can provide no assurance that actual performance will fall within guidance ranges.
For earnings history and earnings-related data on Global Partners (GLP) click here.
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