Martin Midstream Partners (MMLP) Misses Q4 EPS by 43c, provides guidance

Martin Midstream Partners (NASDAQ: MMLP) reported Q4 EPS of ($0.37), $0.43 worse than the analyst estimate of $0.06. Revenue for the quarter came in at $0 versus the consensus estimate of $194.47 million.

2026 Guidance

“Turning to 2026 full-year guidance, Mr. Bondurant said, “The Partnership anticipates generating Adjusted EBITDA of $96.5 million in 2026, with capital expenditures for growth, maintenance, and plant turnaround activities expected to total $36.5 million, compared to $31.6 million in 2025. Capital spending is elevated in 2026, driven primarily by scheduled refinery turnaround activity. This higher spending is expected to result in adjusted free cash flow of approximately $5.8 million for the fiscal year.”

“The Terminalling and Storage segment Adjusted EBITDA forecast of $31.6 million reflects normalized operating performance.”

“The Transportation segment is projected to generate $31.4 million of Adjusted EBITDA in 2026, similar to 2025 performance. Land transportation results are expected to track relatively flat year over year. The inland marine division is expected to improve versus 2025, while the offshore division is projected to experience reduced utilization due to planned downtime from regulatory inspections.”

“The Sulfur Services segment is projected to deliver Adjusted EBITDA of $30.3 million in 2026, consistent with prior-year results. The fertilizer market is expected to remain compressed due to rising sulfur input costs. Cash flow contributions from ELSA are expected to hold steady with the prior year, reflecting ongoing reservation fee revenue.”

“The Specialty Products segment is projected to generate $17.6 million of Adjusted EBITDA in 2026. The lubricants and NGL businesses are expected to track in line with the prior year, while the grease business is projected to improve modestly in the back half of the year driven by higher sales volumes.”

For earnings history and earnings-related data on Martin Midstream Partners (MMLP) click here.

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