Global Partners (GLP) Reports Q4 EPS of $1.47, Revenues Beat

Global Partners (NYSE: GLP) reported Q4 EPS of $1.47, versus $0.06 reported last year. Revenue for the quarter came in at $3.27 billion versus the consensus estimate of $2.96 billion.

“We capped 2018 with a record fourth quarter in our Gasoline Distribution and Station Operations (GDSO) segment,” said Eric Slifka, the Partnership’s President and Chief Executive Officer. “GDSO product margin increased more than $46 million in the quarter, primarily driven by significantly stronger than expected fuel margins in November and December and a full quarter’s performance of Champlain Oil and Cheshire Oil, which were acquired in July 2018.

“Our full-year results reflect the continued focus on optimizing our assets and expanding the footprint of our business,” Slifka said. “In GDSO, the Champlain and Cheshire acquisitions added 136 sites, including 62 owned properties, to our retail portfolio. These transactions further leverage our terminal assets and drive economies of scale.”

Business Outlook

“We continue to demonstrate our expertise in acquiring, integrating, operating and leveraging high-quality assets,” Slifka said. “Looking ahead, we are well positioned to capitalize on opportunities across our businesses.”

For full-year 2019, Global expects to generate EBITDA of $200 million to $225 million. This EBITDA guidance excludes gains or losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges.

For earnings history and earnings-related data on Global Partners (GLP) click here.

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