USD Partners LP (USDP) Reports Q2 Revenues Miss

USD Partners LP (NYSE: USDP) reported Q2 EPS of $, versus $0.00 reported last year. Revenue for the quarter came in at $27.44 million versus the consensus estimate of $34.19 million.

• Generated Net Cash Provided by Operating Activities of $5.4 million, Adjusted EBITDA(1) of $12.8 million and Distributable Cash Flow(1) of $9.7 million
• Reported Net Income of $1.2 million
• Declared a quarterly cash distribution of $0.111 per unit ($0.444 per unit on an annualized basis) with over 3.0x Distributable Cash Flow Coverage

“We are pleased to report another solid quarter for the Partnership,” said Dan Borgen, the Partnership’s Chief Executive Officer. “We continue to execute on our plan to divert some of our free cash flow towards paying down debt. During the second quarter, the Partnership paid down $6 million on our Revolver which is consistent with our intent to de-lever by approximately $20-$25 million on an annual basis.”

“In addition, we continue to be excited about our Sponsor’s previously announced diluent recovery unit (“DRU”) project, which we expect will be placed into service in the second quarter of 2021. The Partnership’s Sponsor has secured the necessary financing, obtained all material permits and entered into fixed-price construction contracts regarding the construction of the project. Upon the successful construction and completion of the DRU, approximately 32% of the Partnership’s Hardisty terminal’s capacity will be automatically extended under a long-term committed agreement through mid-2031,” added Mr. Borgen. “USD and our partner, Gibson, are currently in commercial discussions with other potential producer and refiner customers to secure additional long-term, take-or-pay agreements to support future expansions of capacity at the DRU, and we look forward to keeping the market updated as things continue to develop.”

For earnings history and earnings-related data on USD Partners LP (USDP) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery
• Algorhythm Holdings (RIME) Tops Q2 EPS by 54c