USD Partners LP (USDP) Reports Q1 Revenues Miss

USD Partners LP (NYSE: USDP) reported Q1 revenue for the quarter came in at $30.6 million versus the consensus estimate of $34.19 million.

Financial highlights with respect to the first quarter of 2021 include the following:

• Generated Net Cash Provided by Operating Activities of $12.6 million, Adjusted EBITDA(1) of $14.6 million and Distributable Cash Flow(1) of $12.5 million
• Reported Net Income of $7.3 million
• Increased quarterly cash distribution to $0.1135 per unit ($0.454 per unit on an annualized basis) with approximately 4.0x Distributable Cash Flow Coverage(2)
• Announced that Management intends to recommend to the Board of Directors of the Partnership’s general partner to increase the quarterly cash distribution per unit by an additional $0.0025 per quarter for each of the second, third and fourth quarters in 2021 as compared to the preceding quarter

“We are pleased to report a strong start to 2021 at the Partnership as well as our intent to resume growing our quarterly distribution during 2021,” said Dan Borgen, the Partnership’s Chief Executive Officer. “Our strategically located terminals continue to perform well, and our recommendation to the Board to increase our quarterly distribution by 2.25% relative to the fourth quarter of 2020 was reinforced by our improved outlook for our business along with our enhanced liquidity position.”

“We continue to be very excited about our Sponsor’s previously announced diluent recovery unit (“DRU”) project and destination terminal in Port Arthur, Texas (“PAT”) and look forward to announcing their in-service dates next quarter. We expect that construction of the DRU will reach substantial completion in July, ramping to its full capacity in August,” added Mr. Borgen.

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

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